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 ...
What a chartered accountant does exactly is something unknown, which is of course if you’re not an accountant yourself. For many people, an accountant is something that they feel they only need once a year when they are doing their taxes returns. But business and CA are more than just taxes. If you are only using your CA for your tax return you are not using them wisely and missing out on a valuable and informative resource. The truth of the matter is that a chartered accountant is an individual who can help you out in a great many financial areas. Chartered Accountants can deal with a multitude of services and are great source of advice and assistance.
Calculate Long term capital gain on sale of capital Assets other then shares with the help of Indexation.- We have given below the Cost Inflation (CII) Index calculator which automatically calculates Indexed cost of your asset. In the calculator You just have to fill the Year of Sale, Year of Purchase , Cost of Purchase/Acquisition/Improvement and Index if sale is made in financial year 2011-12 or later. Cost Inflation Index for financial Year 2011-12 is 785 and for financial year 2012-13 the Index will be announced somewhere in August 2012.
The Supreme Court is likely to start the final hearing on the high profile Rs 11,000 crore tax dispute between telecom major Vodafone and the I-T Department tomorrow– a development that corporate India has been keenly watching. A three-judge bench headed by Chief Justice S H Kapadia is expected to start hearing the case immediately after concluding its hearing on a petition over right to education.
The assessee, hired Millers and Rollers, for the purpose of carrying out his road contract works. According to the revenue, since in the case on hand, the hire charges in respect of both the Millers and Rollers hired by the assessee contained a portion of labour charges incurred by the respective owners of the concerned vehicles/machineries towards operation of the respective vehicles/machineries along with labour and consequently, the relevant provision applicable for effecting TDS was section 194C and not 194-I of the Income Tax Act.
INSTRUCTION NO. 2/2011 The issue of processing of returns for Asst. year 2010-11 and giving credit for TDS has been considered by the Board. In order to clear the backlog of returns, the following decisions have been taken: (i) In all returns (ITR-1 to ITR-6), where the difference between the TDS claim and matching TDS amount reported in AS-26 data does not exceed Rs. 1 lac, the TDS claim may be accepted without verification.
Notification No. 8/2011- Income Tax It is hereby notified for general information that the organization Kelkar Education Trust, Mumbai has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from assessment year 2010-11 and onwards in the category of ‘Other Institution’, partly engaged in research activities subject to the following conditions namely:—
Notification No. 1/2011 – Income Tax Section 35AC of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified National Committee constituted for Promotion of Social and Economic Welfare – Appointment of new Chairman and members of said Committee
Notification No. 3/2011 – Income Tax WHEREAS the annexed Agreement among the Governments of SAARC (South Asian Association for Regional Cooperation) Member States comprising the People’s Republic of Bangladesh, the Kingdom of Bhutan, the Republic of India, the Republic of Maldives, the Kingdom of Nepal, the Islamic Republic of Pakistan and the Democratic Socialist Republic of Sri Lanka for the avoidance of double
Notification No. 2/2011 – Income Tax In the notification of the Government of India in the Ministry of Finance, Department of Revenue, (Central Board of Direct Taxes) number S.O. 1898(E), dated the 3rd August, 2010, published in the Gazette of India, Extraordinary, Part-II, section 3, sub-section (ii), dated the 3rd August, 2010, in paragraph 2 for “This notification shall come into force with effect from the date of its publication
Notification No. 01/2011- Income Tax In exercise of the powers conferred by clauses (a) and (b) of sub-section (10) of section 80-IB of the Income-tax Act, 1961 (43 of 1961), the Board hereby notifies, the Scheme for slum redevelopment prepared by the Maharashtra Government under sub-section (2) of section 37 of the Maharashtra Regional Town Planning Act, 1966 (Mah.XXXVII of 1966) and published vide notification No
