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Section 10(39) of the Income-tax Act, 1961 Exemptions Notified persons, notified sporting events and Specified income

Advance Ruling on taxability of profits from international operations of ships

Disallowance u/s 14A is to be made even when exempt income is not earned or received during the year

Profit element on sale of DEPB, i.e., the amount in excess of sale proceeds over the face value is covered u/s 28(iiid)

Write back of provision of bad debts, not previously allowed as deduction, is not taxable

Section 50C of the Income tax Act — a tool to tackle menace of black money

Carry forward & set off of MAT credit u/s.115JAA & Allowability in the hands of amalgamated company

Cost accountants may not be treated at par with chartered Accountants

Interest on central excise duty refund is taxable under the Income Tax Provisions

Central excise refund is taxable and distinct from profit derived from industrial activity

All overseas payments are subject to withholding tax, whether or not the income is taxable : Karnataka High Court

Assocham asked to raise the tax exemption limit for Individuals to 4 lakh and for senior citizens to 5 lakh

Dispute Resolution Panel (DRP) to resolve tax disputes of the foreign companies expeditiously

Sec. 195 of Income-tax Act – Remittances of Consular receipts
Explore the latest income tax act updates on TaxGuru, including relevant Income-tax Act provisions, rules, notifications, circulars, judicial decisions and compliance guidance. The coverage highlights important tax positions, procedural requirements, assessments, deductions, penalties and litigation developments to help taxpayers and professionals understand the practical implications of changes in income-tax law.
