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.
CA, CS, CMA : Summary of income tax, GST, customs, SEBI, RBI, and IBC updates for the week ending March 2, 2025. Includes regulatory changes, co...
Income Tax : Understand tax obligations for freelancers in India, including GST, deductions, advance tax, and compliance strategies to manage t...
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CA, CS, CMA : A concise summary of notifications and circulars for the week ending 16th Feb 2025, covering Income Tax, GST, SEBI, RBI, and more....
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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...
CA, CS, CMA : KSCAA addresses glitches in the Income Tax portal, highlighting challenges faced by taxpayers and professionals, in a representati...
Goods and Services Tax : CBI arrests a CGST Superintendent for accepting a bribe of Rs. 10,000, while designated courts in Ahmedabad and Madurai sentence f...
Income Tax : Live webinar – Taxation Critical Issues & Solution Did you know our Indian Tax System is extremely vulnerable? Let me te...
Income Tax : It was held that considering the provisions of CBDT Circular No. 1916 and the explanation provided by the assessee, the seized gol...
Income Tax : The Petitioner, through this Writ Petition challenges the actions of the Opposite Parties in depriving the Petitioner of access to...
Income Tax : ITAT Jaipur held that amount of sundry debtor recorded in books of account are not any money, bullion, jewellery or other valuable...
Income Tax : ITAT Delhi held that accumulation under section 11(1)(a) of the Income Tax Act is to be allowed at 15% of gross receipts. Accordin...
Income Tax : ITAT Mumbai held that passing of assessment order u/s 147 r.w.s. 144B of the Act without disposing the objections raised by the as...
Income Tax : Notification 102/2024 designates Auroville Foundation as an approved institution for social science research under the Income Tax ...
Income Tax : UIDAI's specified income receives tax exemption for AY 2024-2025 to 2028-2029 under Income-tax Act, 1961, as per the latest CBDT n...
Income Tax : CBDT issues guidelines for IT verification under Section 144B(5), detailing circumstances for digital and physical checks, effecti...
Income Tax : Explore Notification No. 96/2024 by the Ministry of Finance, detailing income specifics for SAMEER Mumbai under Income Tax Act Cla...
Income Tax : Explore Income Tax Notification No. 94/2024 dated 24th July, 2024, detailing tax exemptions for Punjab Skill Development Mission S...
A Hindu Undivided Family can be created by following ways: 1. Blending of individual property with the family Hotchpot 2. Receipts of Gifts 3. Doing Joint labour for the benefit of HUF 4. Inheritance through a specific bequest under a Will 5. Partition of a larger Hindu Undivided Family 6. Reunion of separated coparceners
Section 54 of the Income Tax Act provides exemption towards ‘Long Term Capital Gain’ arising on sale of residential property. Under the current article, we would try to thoroughly understand the exemption available under section 54 of the Income Tax Act along with relevant frequently asked questions. Understanding the basis of ‘Capital Assets’ and ‘Capital […]
Partition is the severance of the status of Joint Hindu Family, known as Hindu Undivided Family under tax laws.Under Hindu Law once the status of Hindu Family is put to an end, there is notional division of properties among the members and the joint ownership of property comes to an end. However, for an effective partition, it is not necessary to divide the properties in metes and bounds. But under tax laws for an effective partition division by metes and bounds is necessary.
Whether a newly formed trust is entitled for registration under Section 12AA of the IT Act, 1961 even if any activity has not been undertaken as yet?
1. Under the Income Tax Act, an HUF is a separate entity for the purpose of income tax return. 2. The same tax slabs are applicable to HUF as to individual assessee. 3. You can not transfer your own assets/money into HUF. 4. If you have ancestral property and earning some income from this property, then it is better to transfer this asset to HUF and save tax up to exemption limit applicable to individual.
Original Income-Tax Act, 1961 was well drafted by learned officials in Finance Ministry and it was capable of meeting the expectation of the Government. in all future events, except requiring amendments for events and changes taking place in this 21st Century.One side Income-Tax Departments. says that only assesses e-mail address should be provided to enable […]
Trust, Society and Section 8 Company can seek registration u/s 12A to claim exemption under Income Tax Act’ 1961, if certain conditions are satisfied. Section 12A deals with registration of trust and section 12AA deals with procedure for registration of trust.
Following are the details which is required to be updated: New Registration process to facilitate effective communication between the taxpayer and department is enabled. The existing e-Filing users are required to update their profile by logging into e-Filing account.
Where the gross total income of an assessee includes any profits and gains derived from the business of developing and building housing projects, there shall, subject to the provisions of this section, be allowed, a deduction of an amount equal to hundred per cent (100%) of the profits and gains derived from such business.
Explore Section 80C Deduction for tuition fees in India. Learn eligibility criteria, maximum limits, and FAQs to optimize tax benefits for education expenses.
