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Intimation under subsection (1) of section 143 deemed to be a notice of demand

Provision for assessment in the case of annulment of the proceeding under section 153A/153C

If an income has escaped assessment and which has not been subject matter of an appeal, reference or revision, notice U/s 148 can be issued for assessment or reassessment of that income

TDS provisions are not applicable on Corporate Bonds issued in dematerialised form and listed on a recognised stock exchange

Correction of arithmetical mistakes and adjustment of incorrect claim in Income Tax Return filed can now be done

Requirement to mention Permanent Account Number (PAN) will bring Small service providers under tax net

Advance Ruling on entitlement of a non-resident company inter alia to benefits of section 55(2)(b)(i) of IT Act in respect of bonus shares allotted to it by an Indian company

Advance Ruling on taxability of an Australian company for providing basic engineering services to an Indian company under an agreement

Notional advantage will not form part of actual rent received

Major amendment in Fringe Benefit Tax applicable from A.Y. 2009-2010

Deemed payment of tax by the employee where FBT on securities (ESOPs) allotted to him is recovered by the employer

Changes in TDS Payment Challan & TDS return Applicable from 01.04.2009

Five year tax holiday for hotels located in specified districts having a world Heritage Site U/s Section 80-ID of the Income Tax Act, 1961

Sunset provision for deduction for refining of mineral oil under subsection (9) of section 80-IB
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.
