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New Tax Code – Favouring the Millionaires and Bullying the Others

Notification No. 78/2009 – Income Tax Dated 12/10/2009

Critical Areas on Direct Tax Code for Detailed Examination Identified: FM

Provision of Limitation Act, 1963 not applicable to Limitation Period specified for filing appeal under Section 260A (2) of the Income Tax Act, 1961

Applicability of MAT on Revaluation Reserve credited to profit and loss account

The depreciation cannot be taken as ‘notionally allowed’, but only as ‘actually allowed’

Allowability of deduction U/s. 10B to company engaged in business of contract research and in providing of laboratory facility to its parent company in USA

Taxability of Sale Proceed of Assets Purchased before introduction of block concept and sale thereafter

Losses could not be ignored in determining the applicability of exception clause of Explanation to section 73

Government will soon empowered to incorporate in the Companies Act any changes in accounting standards

Section 117(1) and (2) of the Income-tax Act, 1961 – Appointment of income-tax authorities – Notified officer

Announcement for Students appearing for the Professional Competence Examination (PCE) for November, 2009

Section 120(1) and (2) of the Income-tax Act, 1961 – Jurisdiction of income-tax authorities

High Court has no power to condone delay in filing the appeal
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.
