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Income Tax Act 1961

Budget 2024 - Direct tax - Income Tax Changes - Budget Speech - FM - taxscan

Budget 2024-25: Major Direct and Income Tax Changes announced in Budget Speech by FM [Read Bill]

Manu Sharma

Union Finance Minister Nirmala Sitharaman has unveiled the Union Budget for the fiscal year 2024-25, detailing the financial roadmap and allocations...

Expense on Business Promotion under The Income Tax Act,1961

Payment to Pollution Control Board for Environmental Norms Violation does not amount to Penalty, No...

Tax Exemptions - Tax savings - TAXSCAN 360 - Tax Exemptions and Deductions - Taxscan update - Taxscan

[TAXSCAN 360] How to Pay Less Taxes: Tax Exemptions and Deductions Available for the Salaried Class

Appeal Pending against Assessment order passed under Income Tax Act: Kerala HC directs to consider...

Opening and Closing Stock is to be valued using same Methodology: Kerala HC [Read Order]

A Single Bench of the Kerala High Court has ruled that Clause 16 of the Income Computation and Disclosure Standards ( ICDS ), which mandates the use of the first-in, first-out ( FIFO ) or weighted...

kerala high court - Kerala hc - kerala hc news - Opening stock - closing stock - TAXSCAN

Assessee can adopt one or the other method for income computation if a particular method has not been made mandatory: Kerala HC [Read Order]

A Single Bench of the Kerala High Court has directed the Department to either accept the LIFO-based valuation for both opening and closing stock for the 2017-18 assessment year or allow the...

Kerala high court - kerala hc news income computation - Income computation methods - LIFO - FIFO - TAXSCAN

ITAT allows Exemption to Charitable Trust Considering Activity: Supreme Court denies Delayed SLP Filing by Income Tax Dept. citing Insufficient Cause [Read Judgement]

The Supreme Court refused to condone the delay of the income tax department in filing a Special Leave Petition ( SLP ) due to insufficient cause. The SLP arose from the impugned final judgment and...

Income Assessed Exempt under Income Tax Act being Agricultural Income: Kerala HC directs to pass Orders on Stay Petitions [Read Order]

The Kerala High Court directed to pass orders on stay petitions as the income assessed was exempt from tax under the Income Tax Act, 1961 being agricultural income. The petitioner suffered orders...

AO Fails to Probe Evidence, Relies Solely on Non-Production of Directors of Subscribing Companies: ITAT Deletes Section 68 Addition [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the Section 68 addition under Income Tax Act, 1961, noting that the Assessing Officer ( AO ) failed to investigate the evidence...

Assessing Officer - ITAT kolkata - tax updates - Income Tax - taxscan

Imposing Penalty beyond time period prescribed by u/s 275(1) (c) of Income Tax Act: ITAT deletes Penalty on cash receipt of loans

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the penalty on cash receipt of loans, citing the imposition of the penalty beyond the time period prescribed by under section...

Failure to grant opportunity of hearing against draft assessment order is violation of Natural Justice principles: Kerala HC sets aside Assessment Order

The Kerala High Court has set aside an assessment order, declaring that the failure to grant an opportunity for a hearing against the draft assessment order constitutes a violation of principles of...

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