# income tax act
22 posts in `income tax act` tag
CBDT Exemption Section 10(46) Income Tax Press Council India
The Central Board of Direct Taxes (CBDT) has officially exempted the Press Council of India from income tax under Section 10(46) of the Income Tax Act of 1961 through the issuance of a notification.
-
By Krishna
Section 54F Income Tax Exemption Capital Gains
When it comes to taxes and selling property, the words "capital gains" might sound intimidating. But fear not! There's a bright side to this story. It's called Section 54F of the Income Tax Act.
-
By Krishna
Income Tax Act 1961 Section 144 Tax Assessments
Section 144 of the Income Tax Act, 1961 holds substantial importance as it grants tax authorities the authority to conduct assessments in specific scenarios, especially when a taxpayer neglects to file their income tax return or furnish essential information.
-
By Krishna
Fundamentals Advance Tax Income Tax Act 1961 Basic Particulars
The Income Tax Act of 1961, which forms the cornerstone of India's tax framework, incorporates numerous provisions designed to ensure a consistent source of government revenue. Among these provisions, the concept of advance tax stands out.
-
By Krishna
Comprehensive Guide Section 194n Income Tax Act 1961
Section 194N, part of the Income Tax Act of 1961, was implemented to deter the flow of undisclosed funds and encourage digital transactions within India.
-
By Krishna
Form 10A Income Tax Act Maximizing Tax Benefits Guide
Form 10A is a critical document under the Income Tax Act of India, 1961, which organizations, particularly non-profit entities, use to apply to get the tax exemption.
-
By Krishna
Section 44ADA Income Tax Act Objectives Benefits
Section 44ADA of the income tax laws in India offers a simplified tax regime for professionals and freelancers. It allows them to calculate their taxable income as half of their gross annual earnings, provided their total income falls below a specific threshold.
-
By Krishna
Taxation On Gifts Under Section 56(2)(x)(b) Income Tax Act 1961
First of all, before receiving any gift from anyone, just ensure that the gift is from a real or genuine person or source. It must not be related to proceeds of crime, black money, or scammers.
-
By Krishna
Section 133(6) Income Tax Act Detailed Guide
The tax department is sending notices to the taxpayers under sections 133(6) & 148 of the Income Tax Act, 1961. These notices are only being sent to those taxpayers who have not filed their tax returns.
-
By Krishna
Understanding Section 269ss-269t Income Tax Act 1961
In this article, We will break down what they mean, why they matter, and when they apply. By the end, you'll have a better understanding of how these rules help make money dealings more honest and accountable.
-
By Krishna
Demystifying Section 54F of Income Tax Act: Capital Gains Tax, Indexation, and Benefits Explained
Indexation is a method that accounts for inflation from the time of asset purchase to its sale. It adjusts the purchase price of the investment, thereby reducing the overall taxable capital gain amount.
-
By Krishna
ITAT Rules: Short Deduction of TDS Excludes Application of Section 40(a)(ia) of Income Tax Act
The case of the assessee underwent limited scrutiny to verify if the payments were made while deducting the TDS (Tax Deducted at Source) under section 194C of the Act.
-
By Krishna
CBDT Notifies Scope of e-Appeals Scheme, 2023 u/s 246(6) of Income Tax Act
The Central Board of Direct Taxes (CBDT) notified on June 16, 2023, the scope of the e-Appeals Scheme, 2023, under Section 246(6) of the Income Tax Act, 1961.
-
By Krishna
Extension of ITR due date not applicable to assessees subject to audit under other acts
The Income Tax Appellate Tribunal (ITAT) has ruled that the extension of the income tax return (ITR) due date for cases requiring tax audit cannot be applied to assesses who are liable for audit under any other Act.
-
By Krishna
Form 10a Filing Online guide
The Income Tax Department implemented changes to the registration, verification, and approval process for trusts and charities under the Income Tax Act of 1961.
-
By Krishna
Educational Institution is Eligible for Exemption u/s 10(23C) (iiiab) of Income Tax Act
The Income Tax Act of India provides certain exemptions and benefits for various entities, including educational institutions. According to section 10(23C)(iiiab) of the Income Tax Act, educational institutions meeting specific criteria are eligible for exemption from income tax.
-
By Krishna
Understanding Sections 90, 90A, and 91 of the Income Tax Act
The Income Tax Act is a vital legislation that governs the taxation system in many countries, providing the framework for determining tax liabilities and obligations. For individuals or entities involved in international transactions or earning income from foreign sources, it becomes crucial to comprehend the provisions related to cross-border taxation. Sections 90, 90A, and 91 of the Income Tax Act play a significant role in addressing international taxation's complexities and providing relief measures to prevent double taxation.
-
By Krishna
Supreme Court Ruling On Income Tax Searches To Provide Relief To Taxpayers
The Supreme Court made this ruling in response to several appeals filed by the revenue department, all of which were ultimately dismissed by the apex court...
-
By Krishna
Section 115BAC of The Income Tax Act
Individuals are able to pay income tax at a reduced rate thanks to Section 115BAC. However, anyone who choose the new tax system under Section 115BAC must forgo almost 70 tax exemptions and deductions.
-
By Krishna
CBDT NOTIFIES COST INFLATION INDEX OF FY 2023-24
Central Board of Direct Taxes (CBDT) in the exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), has notified the Cost Inflation index of Financial Year (FY) 2023-24.
-
By Krishna
Section 24 of the Income Tax Act - Things You Must Know
Section 24 of the Income Tax Act of 1961 takes into account the amount of interest paid on house loans. This is frequently referred to as...
-
By Krishna
Deduction 80EEA in respect of Interest paid on Loan for Residential House Property
Deduction 80EEA In Respect Of Interest Paid On Loan Taken For Acquisition Of Residential House Property (Affordable Housing).
-
By Krishna