The income tax act defines Income tax and laws related to income tax. It covers income tax levy, collection, administration, and recovery. Income tax acts and income tax laws get changed/updated from time to time. Read our Latest News and Updated on the Income-tax act and Articles on the income tax act to understand the income tax act and its sections. Read our articles to understand income tax act section 10, income tax act section 24, income tax act section 54, income tax act section 80c, income tax act 44ad, income tax bare act, etc.
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Income Tax : Notification 102/2024 designates Auroville Foundation as an approved institution for social science research under the Income Tax ...
In present facts of the case, the Hon’ble High Court have upheld the Judgment of ITAT wherein it was observed that the tax residency certificate is sufficient to determine the proof of residency and the income-tax authorities cannot ignore the valid tax residency certificate issued by the Government authority of the other contracting state, that is, Singapore.
Dive into the world of Indian taxation with insights into direct and indirect taxes. Explore the nuances of Income Tax, Gift Tax, Wealth Tax, and more under direct taxes. Uncover the impact of Service Tax, Value Added Tax (VAT), Customs Tax, and others as part of indirect taxes. Stay informed on the ever-evolving tax landscape.
Delhi High Court held that notice u/s 148 and order thereon issued and passed against a non-extant entity cannot be complied with and hence liable to be set aside.
ITAT Delhi held that the deduction u/s 36(1)(va) of the Income Tax Act can be allowed only if the employees’ share in the relevant funds is deposited by the employer before the due date stipulated in respective Acts.
ITAT Kolkata held that amount meant to be transferred to reserve fund, as per section 45-IC of the RBI Act, very well falls in the definition of income of the assessee and accordingly, such amount is to be included for the purpose of computation of income under the Income Tax Act.
ITAT Delhi held that penalty under section 271B of the Income Tax Act not leviable as assessee is a local authority and it cannot be considered to be one engaged in ‘business’ or to be earning profit.
ITAT Ahmedabad held that income is not taxable in India merely because the overseas employer paid salary into NRE account of the assessee in India.
ITAT Delhi held that post amendment by Finance Act, 2012 which is effective from 1st April 2013, the exemption u/s 54B of the Income Tax Act is also available to HUF.
Demystify complex taxation terms under the Income Tax Act in India with simplified explanations. Understand key concepts like income, taxable income, deductions, exemptions, assessment year, advance tax, TDS, tax return, tax credit, penalties, tax residency, capital gain, tax audit, tax evasion, tax planning, APA, tax deductible, and GST. Gain insights into the layman’s language definitions to navigate the tax landscape effectively. For personalized advice on tax matters, consult with a Chartered Accountant with over 5 years of experience.
ITAT Delhi held that benefit of deduction under section 80IA of the Income Tax Act eligible for interest income earned on fixed deposit.
