For Practical Guide

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For Practical Guide- Income Tax


Income Tax Advisory for Validation of Bank Account for Income Tax Refund
The Income Tax department has issued an advisory for validation of Bank account for INCOME TAX REFUND It may be …
Income Tax Notification No. 43/2023: CBDT Notifies New Form 10IEA
Income Tax Notification No. 43/2023: The Central Board of Direct Taxes (CBDT) has notified new form 10IEA for opting and …
To Curb Black Money: CG in consultation with the Chief Justice of the High Court of Jharkhand designates special economic offense court
Central Government in consultation with the Chief Justice of the High Court of Jharkhand designates the special economic offence court …
Income Tax Notification No. 39/2023: Cost Inflation Index for the financial year 2023-24/Assessment Year 2024-25
Income Tax Notification No. 39/2023: Central Board of Direct Taxes (CBDT) has notified the Cost Inflation Index for the financial …
Income Tax Notification No. 38/2023: e-advance rulings (Amendment) Scheme, 2023
Income Tax Notification No. 38/2023: Central Board of Direct Taxes (CBDT) has notified the e-advance rulings (Amendment) Scheme, 2023. This …
Income Tax Notification No. 36/2023: CBDT notifies sec 10(23FE) exemptions for foreign pension fund – 2743298 Ontario Ltd.
Income Tax Notification No. 36/2023: The Central Board of Direct Taxes (CBDT) has issued Income Tax notification no. 36/2023 dated …
Income Tax Notification No. 35/2023: CBDT amend Rule 11UAC of Income-tax Rules 1962
Income Tax Notification No. 35/2023: Central Board of Direct Taxes (CBDT) issued notification no. 35/2023 to introduce Income-tax (Eighth Amendment) …
Income Tax Notification No. 33/2023: CBDT Notifies Income Tax e-Appeals Scheme
Income Tax Notification No. 33/2023: The Central Board of Direct Taxes (CBDT) notifies the Income Tax e-Appeals Scheme. This e-Appeals …
Income Tax Circular No. 07/2023: Condonation of Delay in Filing of Refund & Claim of Carry Forward of Losses
Income tax Circular No. 07/2023: The Central Board of Direct Taxes (CBDT) Revises monetary limits for condonation applications for claiming …
Income Tax Notification no. 32/2023: Income Tax (Sixth Amendment) Rules, 2023
Income Tax Notification no. 32/2023: The Central Board of Direct Taxes (CBDT) has issued notification no. 32/2023 dated 29th May, …
Income Tax Notification no. 31/2023: CBDT Raises Exemption Limit of Leave Encashment to Rs. 25 Lakhs
Income Tax Notification no. 31/2023: The Central Board of Direct Taxes (CBDT) has issued notification no. 31/2023 for increasing the …
Income Tax Notification no. 30/2023: Section 56 Exemption on consideration for issue of shares exceeding face value
Income Tax Notification No. 30/2023: The Central Board of Direct Taxes (CBDT) has issued notification no. 30/2023, it states that …
Income Tax Notification No. 29/2023: CBDT Notifies Classes of Persons for Income Tax Purposes under Section 56
Income Tax Notification No. 29/2023: The Central Board of Direct Taxes (CBDT) notifies the classes of persons for Income Tax …
CBDT Issues Guidelines for removal of difficulties under sub-section (3) of section 194BA of the Income-tax Act, 1961
CBDT issues guidelines for removal of difficulties in case of winnings from any online game via Circular no. 05/2023 dated …
No TDS on Interest from Mahila Samman Saving Certificate Scheme: notification no. 27/2023 
No TDS on Interest from Mahila Samman Saving Certificate Scheme: CBDT issued notification no. 27/2023 – Income Tax | Dated: …
Compliance Calendar for FY 2023-24 | Due Dates 2023-24
Compliance calendar for FY 2023-24: Important due dates for Income Tax Filing, GST (GSTR1, GSTR3B), TDS Payments, Preparation, and Filing, ROC, and general accounting from June …
CBDT notifies Food Safety and Standards Authority of India – Section 10(46)-Notification no. 26/2023
CBDT notifies the FOOD Safety and Standards Authority of India under section 10(46) of the Income Tax Act, 1961 vide …
Income Tax: Republic of India & Republic of Chile Double Taxation Avoidance Agreement
The Income Tax Department has issued the agreement between The Republic Of India And The Republic Of Chile For The …
CBDT Issues Clarification regarding provisions relating to charitable and religious trusts – reg.
The Central Board of Direct Taxes (CBDT) has recently issued a clarification regarding the provisions related to charitable and religious …
ITR 1, 4 filing started offline AY 2023 -24: CBDT enabled Excel Offline Utility for ITR-1, 4 for FY 2022-23
SYNOPSIS: ITR 1, 4 filing started offline for assessment year 2023-24. Now the taxpayers can file their income tax return …

Here you will find the practical aspects of Income Tax Act, 1961.

For Practical Guide- Income Tax

The study of case laws is an important and unavoidable part of the study of Income-tax law. It is not possible for Parliament to conceive and provide for all possible issues that may arise in the implementation of any Act. Hence the judiciary will hear the disputes between the assessees and the department and give decisions on various issues.

The Supreme Court is the Apex Court of the Country and the law laid down by the Supreme Court is the law of the land. The decisions given by various High Courts will apply in the respective states in which such High Courts have jurisdiction.

Rules of Interpretation are principles that have evolved over the years, on account of interpretation of provisions of law by various Courts. These rules help in interpretation of law. The object behind use of these rules is to ascertain the intention of the lawmakers. These rules are not static and keep on evolving. At times, there may be more than one rule of interpretation which appear to applicable to a given situation. The Courts then decide the most appropriate one in the given situation considering the facts of the case.

The Golden rule – It allows a judge to depart from a word’s normal meaning in order to avoid an absurd result. It is a compromise between the literal rule and the mischief rule. Like the literal rule, it gives the words of a statute their plain, ordinary meaning. However, if this leads to an irrational result which is unlikely to be the legislature’s intention, the court can depart from this meaning.

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