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.
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Income Tax : Learn the difference between Sections 80TTA and 80TTB, including eligibility, deduction limits, and the types of interest income c...
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Income Tax : The Calcutta High Court held that refund adjustment against a disputed tax demand was unsustainable when both a stay application a...
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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...
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Income Tax : Notification 102/2024 designates Auroville Foundation as an approved institution for social science research under the Income Tax ...
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
There is no reason or justification for the Court on the basis of the plain language used in sub-section (4) of section 234B to exclude the cases, where no interest has been levied on the assessee in the original order of assessment, from the liability to pay interest.
It has been held by various judicial pronouncements that unless proper method is followed, comparables are chosen and selected after doing a proper FAR study as well as adjustments are made to the extent possible it would be unfair to summarily reject the transfer pricing analysis made by the assessee
Notification No. 92/2010-Income Tax It is hereby notified for general information that the organization Indira Gandhi National Centre of the Arts, New Delhi has been approved by the Central Government for the purpose of clause (iii) 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 onwards in the category of ‘Other Institution’, partly engaged in research activities subject to the following conditions
