The Income Tax Act was enacted in the year 1961 and is the statute under which everything related to taxation is listed. This includes levy, collection, administration and recovery of income tax.

Section 44AB of the Income-tax Act of 1961 sets the rules for conducting a company or entity's tax audit. The purpose of the tax audit is to verify that the taxpayer has disclosed all relevant ...

ITAT Bangalore directed CIT (A) to condone delay of 484 days in filing of an appeal and consider the issue on merits as it is alleged that the addition is made due to incorrect reporting by auditor.

Repealing the subsidy, a signature measure of Democratic President Joe Biden's Inflation Reduction Act (IRA), is being ...

Read all the latest news headline updates on tax notice issue. Get all the tax notice issue breaking news updates, videos, photostories and more at Business Standard.

By building on the reforms initiated through the CREATE Act, we have enhanced our tax regime [and] incentive framework, making it more inviting for investment — while remaining steadfast in the ...

ITAT Bangalore held that payments made by [Google Ireland Limited] GIL towards Adwords program is not in the nature of royalty or FTS [Fees for Technical Service] and hence the same is not taxable in ...

President-elect Donald Trump’s transition team is planning to kill the $7,500 consumer tax credit for electric-vehicle ...

Plus, Volkswagen and Rivian kick off their $5.8 billion partnership, and Nissan is running out of time to deal with its ...

Sotheby's will pay $6.25 million and adopt reforms to settle New York Attorney General Letitia James' lawsuit accusing the ...

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Lea Uradu, J.D. is a Maryland State Registered Tax Preparer, State Certified Notary ...

A new revelation has been made in the Income Tax department of the government during the financial year 2023-24. It has been noticed that the tax burden on people earning less than Rs 20 lakh ...