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 : Learn about the income tax benefits available to resident senior and very senior citizens, including higher exemption limits, dedu...
Income Tax : This guide explains the applicability of TDS under Section 194Q and TCS under Section 206C(1H), including thresholds, rates, and c...
Income Tax : Learn the difference between Sections 80TTA and 80TTB, including eligibility, deduction limits, and the types of interest income c...
Income Tax : This article explains depreciation provisions under the Income-tax Act and Companies Act, including WDV, SLM, additional depreciat...
Income Tax : Learn what TAN is, who must obtain it, how to apply, and where it must be quoted under the Income-tax Act. The guide also explains...
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 Calcutta High Court held that refund adjustment against a disputed tax demand was unsustainable when both a stay application a...
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 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 ...
VARIOUS TAXATION ASPECTS- NRI IN INDIA Hello everyone today’s article is about taxation impact in India from all corners of law in case of people who are living in India and are working for Foreign Entity. In the light of this pandemic, we are experiencing work from home (WFH) concept where people are employed with […]
Income tax updates Newly Inserted Section 194Q Section 194Q of the Income Tax Act is introduced vide the Finance Act, 2021, has come into effect from 01-07-2021. The new section 194Q applies to any buyer who is responsible to pay for purchase of goods of the value or aggregate of value exceeding INR 50 Lakh in the […]
‘Income tax’ is of a comparatively recent origin, first introduced as a ‘War Tax’ in England in the year 1798, by William Pitt. In the following year a 10 per cent, duty was imposed on all incomes above a basic limit. Under the 1799 Act of England, the taxpayer was ‘required to give a return of his income from every-source. In the year 1816 the tax was entirely withdrawn. An Act was introduced by Sir Robert Peel in 1842 formulating a code which to a large extent remains in force in England till date.
Every purchaser of goods, whose total sales, gross receipt or turnover from the business exceeds Rs. 10 crores in immediate preceding financial year. In such case, he is liable to deduct TDS under section 194Q @ 0.1% on the amount booked or paid (whichever is earlier) as consideration for the purchase of goods to a […]
Taxability on transfer of Capital Assets/Stock-in-trade from specified entity to specified person The Finance Act 2021, has inserted Section 9B, Section 48(iii) and substituted section 45(4) of the Income Tax Act. The deeming provisions shall be applicable from Assessment Year 2021-22. For the purpose of this article, the term specified person and specified entity is […]
Summary of the judgement About the assessee The assessee is a limited liability company engaged in the business of manufacture and sale of paints. It contended before the authorities that it had been its consistent practice to value the goods in process and finished products exclusively at cost of raw materials and totally excluding overhead […]
FAQs on Income Tax Electronic Verification code (EVC) Q.1 What is EVC? Ans. Ans. An Electronic Verification code (EVC) is a 10-digit alphanumeric code which is sent on your registered mobile to verify an item electronically, login to the e-Filing portal or used to reset password. You can use the EVC to verify an item […]
Dashboard and Worklist (Taxpayer) on Income Tax Website- FAQs Q.1 I am a salaried employee registered with e-Filing. Where do I access all my tax-related information on the e-Filing portal? Ans. You can access all your tax-related information and to-do items on your e-Filing Dashboard. The Dashboard contains links to important services that you would […]
The entries in the account books of the vendor and the vendee are not relevant for the purpose of determining whether a sale of immovable property had taken place. Its was too well settled that the litle to lands and buildings could not pass till a conveyance deed was executed and duly registered. The assessee […]
Applicability and Analysis Section 206AB and 206CCA of Income Tax Act, 1961 Introduction: Section 206AB and 206CCA are newly inserted sections in the Income Tax Act,1961 vide Finance Act, 2021. These sections are special provision for deduction/collection of tax at source at a higher rate for certain non-filers (specified person) of Income Tax Return. Section 206AB deals with […]
