For Practical Guide

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For Practical Guide- 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 …
PAN will become inoperative as per new rule 114AAA
SYNOPSIS: Pan will become inoperative if not linked with Aadhar. Consequences of inoperative pan – No Income Tax Refund will …
Employer should ask from employee which tax regime they want to opt: TDS on Salary
SYNOPSIS: Employee needs to intimate his employer, which regime they want to opt. If intimation not made to employer, then …
Direct Tax collection rises to ₹ 16.61 lakh Cr in FY 23: exceeds budgeted estimate by 17%
SYNOPSIS: of the total gross Direct tax collection , corporate tax collection in FY 22-23 is at Rs.10,04,118 crore, rising …
PAN and Aadhar Linking Date Extended to 30th June 2023
Synopsis: The Government has extended the date of PAN and Aadhar linking to 30th June 2023. PAN and Aadhar Linking …
Now View TDS or TCS Online on Mobile: AIS for Taxpayers Mobile App
The Income Tax Department (ITD has Launched a new mobile app namely "AIS for Taxpayers". It will help the taxpayers …
How to Link Aadhar With PAN With Penalty Rs. 1000
SYNOPSIS: Link Aadhar with Pan by Paying penalty of Rs. 1,000. Pan and Aadhar linking date extended. Linking Aadhar with …
Section 192 TDS on Salary
Section 192: Section 192 of the Income Tax Act, 1962 pertains to the tax deduction at source (TDS) for salaried …
Budget 2023: ICAI Suggestion to Increase section 80C limit to Rs 2.5 lakh, raise PPF investment limit to Rs 3 lakh
Budget 2023: The Institute of Chartered Accountants of India (ICAI) has submitted the "PRE-BUDGET MEMORANDUM – 2023 for DIRECT TAXES …
Income Tax Rates for Financial Year 2022-23/ AY 2023-24
Income Tax Rates for Financial Year (FY) 2022-23/ Assessment Year (AY) 2023-24: In this section, you will learn about the …
Cash Deposit or Cash Withdrawal Limit in Saving or Current Account
Nowadays many people getting notices from the Income Tax Department regarding cash deposit or cash withdrawal limit in saving or …
List of Banks for Income Tax Payments on e-filing Portal & NSDL
List of Banks for Income Tax Payments: The e-filing portal has issued the updated list of banks for Income Tax …
CBDT Notifies Income Tax Exemption to FIFA
CBDT Notifies Income Tax Exemption to FIFA: The Central Board of Direct Taxes (CBDT) has notified Federation Internationale de Football …
Income Taxpayers can now use the co-browsing feature: e-filing
co-browsing feature Income taxpayers can now use the co-browsing feature: As per the latest news on Income Tax Portal that …

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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