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 ...
Phool Chand Bajrang Lal Vs. ITO (Supreme Court) The Hon’ble Supreme Court judgement in favour of the department makes it clear that when an information which is specific, relevant and reliable reassessment proceedings u/s 147 are valid, otherwise not. One of the purposes of Section 147, appears to us to be, to ensure that a […]
WHETHER LOOSE SHEETS FOUND IN SEARCH WITH THIRD PARTY WILL CONSIDERED AS BOOKS OF ACCOUNTS. Dear friends, we know that where any sum is found credited in the books of an assessee, maintained for any previous year and the assessee offers no explanation about the nature and source thereof or the explanation offered by him […]
What Is Substantive Law ? What Is Procedural Law ? And Which Of The Two Is Superior Law ? Substantive law refers to how facts of each case are handled and how to penalize or ascertain damages in each case. Whereas, Procedural law refers to the different processes through which a case proceeds. Substantive laws […]
With promises to simplify the Income Tax Act, the Finance Ministry has, from the AY 2021-22, brought a ‘New Taxation Regime’ – something which has only complicated the law. There is widespread confusion as to ‘which tax regime is better?’ and the only answer that’s truly correct is ‘it depends!!’ On one hand, the new […]
Equalisation Levy under Income Tax Act of 1961 The continuous growth and expansion of Information and Technology sector has directly led to a rapid increase in procurement of digital goods and/ services, and the same is now availed in almost each and every home, and now more and more companies are involving themselves into the […]
The Income Tax Department is going to launch its new E-filing portal www.incometax.gov.in on June 7th, 2021. In preparation for this launch and for migration activities, the existing portal of the Department at www.incometaxindiaefiling.gov.in would not be available for a brief period of 6 days from 1st June to 6th June 2021. Launch of new […]
1. Tax on sum/property received without consideration Section 56(2)(x) provides that following receipts shall be taxed in hands of any person where received from any person or persons on or after 01.04.2017 during any previous year. (a) Any sum of money exceeding Rs. 50000 in aggregate without consideration. (b) Any immovable property received without consideration, […]
Case Analysis on Cairn v. India: International Commercial Arbitration with special reference to United Kingdom-India Bilateral Investment Treaty Background On January 20th 2012, the Supreme Court of India gave its verdict in the Vodafone case. The case was regarding tax invasion in regards to capital gains in lieu of sale of shares. The court held […]
Article explains What is Cryptocurrency like Bitcoin, Legality of Cryptocurrency, Income From Cryptocurrency, Taxability of Income From Cryptocurrency, Whether Income Covers Under Profit and Gains of Business & profession or Capital Gain or Other Source, MCA Regulations applicable to Cryptocurrency like Bitcoins and Statements From Finance Ministry on Bitcoins. What Is Cryptocurrency? A crypto currency […]
SECTION 115BAC – CONCESSIONAL TAX SLAB RATES APPLICABLE W.E.F. AY 2021-22 As per section 115BAC, individuals or HUFs have an option to pay tax in respect of their total income (other than income chargeable to tax at special rates under Chapter XII such as section 111A, 112, 112A, 115BB etc.) at the following concessional rates, […]
