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.
Income Tax : The issue was the complex and scattered TDS/TCS provisions under the old law. The new Act consolidates multiple sections into a si...
CA, CS, CMA : The update discusses GST rulings on ITC and refunds, income tax relief interpretations, and insolvency reforms. It also covers dis...
Income Tax : The ruling confirms that in matters of undisclosed foreign assets, the Black Money Act prevails over general tax provisions. This ...
Company Law : The Court held that anonymous political donations infringe voters’ right to information. The ruling mandates full disclosure of ...
Income Tax : This covers how business income is computed under the Income-tax Act, including normal and presumptive methods. It explains deduct...
Income Tax : The issue was complexity in the existing tax law. It was clarified that the new Act simplifies structure by reducing sections and ...
Income Tax : The exemption for disability pension has been preserved under the Income-tax Act, 2025 to maintain the relief previously available...
Income Tax : The Government clarified that the new income tax search provision does not expand powers or permit AI-based digital surveillance, ...
Income Tax : Govt. confirms no changes to the process of tax exemptions for STs in Meghalaya, clarifying no certificates are needed to claim ex...
Income Tax : Explore Income Tax Day 2024s history, significance, and key updates from Budget 2024-25, including enhanced deductions and revised...
Income Tax : The High Court held that only 30 days of limitation survived after applying TOLA and Supreme Court rulings. Notices issued after e...
Income Tax : The High Court held that courts must intimate the Income Tax Department when suits involve cash transactions exceeding Rs.2 lakh. ...
Income Tax : ITAT Delhi held that for an unabated year, additions under section 153A require incriminating material. A seized loose sheet and r...
Income Tax : The issue was whether reassessment could be initiated by a jurisdictional officer after faceless schemes became mandatory. The Tri...
Income Tax : The Tribunal found that the AO had examined land records, crop sale documents, and other evidence before making the assessment. Si...
Income Tax : The Finance Act, 2026 prescribes income-tax rates, surcharge, and cess for the assessment year 2026–27. It establishes the legal...
Income Tax : The official copy of the Income Tax Act, 2025, is now available. Download the full text to review new tax rates, compliance rules,...
Income Tax : Summary of the Taxation Laws (Amendment) Act, 2025, covering new tax exemptions for pension funds and foreign investors, and chang...
Income Tax : Learn about the latest changes in Income Tax Rules, 2025. Key amendments include updates to ITR forms and provisions for capital g...
Income Tax : Notification 102/2024 designates Auroville Foundation as an approved institution for social science research under the Income Tax ...
Under the Smallcase concept, since rebalancing happens weekly or monthly, stocks in your basket are bought and sold in a short term period (i.e. within one year). Therefore, you pay 15% tax under section 111A on the net gain made during the year. Read on to understand more with a practical situation. For Example: You […]
To attract foreign investment so to have boost in recovering economy from COVID-19 slowdown, to provide tax certainty to foreign investors, and to provide a positive message to foreign investors to invest in India by assuring tax certainty the Government of India on 04th August 2021 introduced a Bill in the Parliament to amend Explanation […]
In 2012, after the adversarial decision of Supreme Court decision in the case of Vodafone, Indian Government had introduced slew of retrospective amendments in the Income Tax Act. This led to severe criticism from the International community and investors and damaged India’s image as investment hub. It further augmented litigation and huge taxes were blocked.
Provisions of section 208 make payment of advance tax mandatory for the taxpayer liable to pay a tax of INR 10,000 or more. Additionally, the income tax law also mandates the taxpayer to pay the advance tax in specified proportion (instalments). In case the taxpayer misses to pay the advance tax in specified proportion, he […]
The Economy of our country is at a point when quick recovery is necessary and foreign Investment can play one of the most important roles in this. Foreign Investment is necessary for faster economic growth and employment. We all are pretty much aware of the fact that how China has grown in these past years […]
Real estate sector is one of the most globally recognized sectors. It comprises of four sub sectors – housing, retail, hospitality, and commercial. Corporate environment and the demand for office space are few of the factors for the growth. This growth in the sector plays a substantial role in the increased prices of the lands […]
Komal, a renowned fashion designer, is famous across Pune city for designing stylish and elegant ladies wear. She designs suits, dresses, and other clothing & accessories for the middle-to-rich class of society. Once, Namrata, wife of a leading diamond merchant of the city, hired Komal to design a nightgown for a family function. Komal designed […]
Taxability of Compensation and interest on compensation received from Govt or Insurance companies Generally compensation is paid by insurance company or Govt on account of any damage to property or human being on an accident or similar incidents. Example of compensation paid by Govt: On compulsory acquisition of land for development of infrastructure or other […]
The present article covers interest provisions as prescribed under section 234B of the Income Tax Act. Notably, section 234B is applicable when the taxpayer defaults in payment of advance tax. Advance tax vis-à-vis interest payable thereon- In terms of section 208, the taxpayer is liable to pay advance tax during the financial year in which […]
Overview of Section 9B Section 9B of the Income Tax Act, 1961 has been inserted vide Finance Act, 2021. It provides for taxation of Income on receipt of capital asset or stock in trade by the specified person from the specified entity. The section creates a deeming fiction that whenever there is a transfer by a specified entity to […]
