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Income Tax

Get all latest income tax news, act, article, notification, circulars, instructions, slab on Taxguru.in. Check out excel calculators budget 2017 ITR, black money, tax saving tips, deductions, tax audit on income tax.

Latest Articles


Recalling the Clubbing Provisions in Income Tax

Income Tax : Learn about the clubbing provisions under the Income Tax Act, covering income transfers, revocable transfers, and taxation of inco...

August 26, 2024 171 Views 0 comment Print

Summary of Section 269SS, 269ST and 269T & reporting in Tax Audit Form 3CD

Income Tax : Understand the provisions of Sections 269SS, 269ST, and 269T under Indian tax law, their implications, and reporting requirements ...

August 26, 2024 189 Views 0 comment Print

Taxability of Sovereign Gold Bonds w.e.f. FY 2024-25

Income Tax : Learn about Sovereign Gold Bonds (SGBs), including eligibility, investment limits, interest rates, redemption, and tax implication...

August 26, 2024 543 Views 0 comment Print

FAQs on Income from house property

Income Tax : Rental income from sub-letting is taxed as "Income from other sources," not "Income from house property." Deemed ownership rules a...

August 26, 2024 538990 Views 67 comments Print

Presumptive Taxation Scheme: Meaning, Eligibility & Implications – Explained

Income Tax : Understand presumptive taxation schemes under sections 44AD, 44ADA, and 44AE, including eligibility, computation, and maintenance ...

August 26, 2024 147222 Views 18 comments Print


Latest News


Join 5-Day Live & Online Income Tax Audit Course with Practical Examples

Income Tax : Join our 5-day live course from Sept 8-12, 2024, for an in-depth understanding of tax audits under Section 44AB, with practical in...

August 23, 2024 1065 Views 0 comment Print

Live Course: Handling Faceless Income Tax Assessment with AI Tools like ChatGPT

Income Tax : Learn to handle faceless income tax assessments using AI tools like ChatGPT in a 2-hour live course on Sept 1, 2024. Enhance effic...

August 23, 2024 1635 Views 0 comment Print

CBDT Central Action Plan 2024-2025

Income Tax : The Central Action Plan 2024-2025 by CBDT aims to optimize India's direct tax system, focusing on revenue, litigation, taxpayer se...

August 22, 2024 1263 Views 0 comment Print

Tax Audit Under Income Tax Act: Detailed Live Course with Practical Insights – Starting Today

Income Tax : Join our live course from Aug 23-25, 2024, to master tax audits, including Form 3CD, financial statements, and GST, with practical...

August 19, 2024 3318 Views 0 comment Print

Direct Tax Collections FY 2024-25 Reach Rs. 6.93 Lakh Crores as on 11.08.2024

Income Tax : As of August 11, 2024, net direct tax collections for FY 2024-25 stand at Rs. 6.93 lakh crores, marking a 22.48% growth compared t...

August 13, 2024 303 Views 0 comment Print


Latest Judiciary


ITAT Mumbai Deletes Section 11(1A) Disallowance on Sale Consideration Investment

Income Tax : ITAT Mumbai deletes disallowance of capital gains by DCIT after confirming investment in property with Charity Commissioner approv...

August 26, 2024 60 Views 0 comment Print

Addition u/s. 69A and 68 without finding any fault with evidence is unlawful: ITAT Mumbai

Income Tax : ITAT Mumbai held that confirmation of addition u/s. 69A and 68 of the Income Tax Act without finding any fault with the evidence s...

August 26, 2024 42 Views 0 comment Print

Compensation paid to ESOP holders qualifies as perquisite hence taxable as salary income: Madras HC

Income Tax : Madras High Court held that compensation paid to ESOP holders qualifies as perquisite and hence taxable under the head ‘salary�...

August 26, 2024 45 Views 0 comment Print

Section 263 Invocation Unjustified if No Evidence of Erroneous Order

Income Tax : ITAT Ahmedabad held that invocation of section 263 by PCIT unjustified due lack of sufficient evidence to support claim that the o...

August 26, 2024 63 Views 0 comment Print

Deduction u/s. 54 admissible even when return is filed belatedly: ITAT Ahmedabad

Income Tax : ITAT Ahmedabad held that deduction under section 54 of the Income Tax Act towards Long Term Capital Gains admissible even when ret...

August 26, 2024 153 Views 0 comment Print


Latest Notifications


Income Tax: New Guidelines for Filing application under section 10(46A)

Income Tax : Finance Act 2023 updates the process for filing applications under Section 10(46A) of the Income-tax Act. Standardized procedures ...

August 20, 2024 3603 Views 0 comment Print

President Assents Finance (No 2) Bill, 2024 i.e. Finance (No. 2) Act, 2024

Income Tax : On August 16, 2024, President Droupadi Murmu officially granted her assent to the Finance (No 2) Bill, 2024. With this move, the b...

August 18, 2024 2181 Views 0 comment Print

Finance (No. 2) Bill, 2024 – As Passed by Lok Sabha on 7.8.2024

Income Tax : Explore the Finance Bill 2024, detailing income tax rates, surcharges, and provisions for various taxpayers, including individuals...

August 13, 2024 3975 Views 0 comment Print

Guidelines for Handling High-Risk PAN Cases in Insight Portal

Income Tax : Insight Instruction No. 79 details procedures for managing high-risk PAN cases in the Insight portal, guiding tax officers through...

August 12, 2024 13323 Views 0 comment Print

Income Tax Exemption for UIDAI’s Specified Income 2024-2029

Income Tax : UIDAI's specified income receives tax exemption for AY 2024-2025 to 2028-2029 under Income-tax Act, 1961, as per the latest CBDT n...

August 12, 2024 333 Views 0 comment Print


Expenditure disallowed as necessary conditions of revenue expenditure not satisfied

July 10, 2022 915 Views 0 comment Print

Held that assessee had failed to satisfy the conditions precedent to claim as revenue expenditure, as the expenditure was incurred during the previous year relevant to the assessment year under consideration. Therefore, the claim cannot be allowed as deduction

No addition for loss treated as non-genuine if same is not been claimed by Assessee in his computation of Income

July 10, 2022 885 Views 0 comment Print

Dhaval R Ajmera Vs ITO (ITAT Mumbai) Though the assessee has raised several grounds, the only effective issue involved in the impugned appeal is as to whether the ld. CIT(A) was justified in confirming the disallowance of Rs.7,89,745/- on account of alleged purchase of shares through M/s. Alliance Intermediates and Network Private Limited and alleged […]

Loss in value of Investment in another company cannot be claimed as deduction u/s. 37(1)

July 10, 2022 4767 Views 0 comment Print

Investment made by the assessee in another company is on capital account and further, when loss incurred on account of diminishing in value of said investment is capital in nature and thus, same cannot be claimed as deduction u/s.37(1) of the Act.

Income Tax Appeal not maintainable after declaration of moratorium under IBC

July 10, 2022 2046 Views 0 comment Print

Twinkle Enviro Tech Pvt. Ltd. Vs ITO (ITAT Mumbai) At the outset, we find that assessee’s case has been referred to Hon’ble National Company Law Tribunal (NCLT) for Insolvency Resolution Process and an Interim Resolution Professional (IRP) has been appointed in the assessee company. In view of the order passed by the Hon’ble NCLT, we […]

Section 56(2)(vii) cannot be invoked if no difference between agreement & Stamp Duty Value

July 10, 2022 9708 Views 0 comment Print

If guideline value of the property as on date of agreement of sale is considered, then there is no difference between consideration paid by the assessee for purpose of purchase of property and value assessed by stamp duty valuation authority and thus, provisions of section 56(2)(vii) of the Act, cannot be invoked.

Ex-parte order – addition For unexplained cash – ITAT restore matter to CIT(A)

July 10, 2022 738 Views 0 comment Print

Satyabhama Avadhanula Karimnagar Vs ACIT (ITAT Hyderabad) I find the Assessing Officer on the basis of inquiry conducted u/s 131(1)(d) made addition of Rs.22.00 lakhs being unexplained cash found from the possession of the assessee and made addition of the same u/s 69A rws 115BBE of the I.T. Act. I find the learned CIT (A) […]

Delay cannot be condoned if delay in filing condonation of delay was deliberate

July 10, 2022 462 Views 0 comment Print

Vedika Realty Pvt. Ltd Vs ITO (ITAT Delhi) It is well settled law, the mere filing of appeal is not sufficient until and unless, it is effectively pursued and prosecuted. From the record, orders passed by the authorities below specifically by the Ld. Commissioners and the facts of the case, the conduct of the Assessee […]

Section 271(1)(c) Penalty not Applicable if Income Computed on Estimated Basis

July 10, 2022 1347 Views 0 comment Print

NBK Infrastructure P. Ltd Vs JCIT (ITAT Delhi) The Hon’ble Punjab & Haryana High Court in the case of Hari Gopal Singh Vs. CIT 258 ITR 85 held that when the additions are made on estimate basis that by itself does not lead to the conclusion that the assessee either concealed the particulars of his […]

Second arbitration application not maintainable when order of arbitrator terminating arbitral proceedings was not challenged

July 10, 2022 1059 Views 0 comment Print

Vimlesh Bansal Vs Ashok Kumar (Rajasthan High Court) The legal maxim ‘Vigilantibus Non Dormientibus Jura Subveniunt’ literally translates to ‘the law assists only those who are vigilant and not those who sleep over their rights’. The said legal maxim applies squarely to the present case where applicants did not take recourse of law available to […]

No addition for mere registration of property in Assessees name without actual transfer of money

July 10, 2022 1515 Views 0 comment Print

Adilakshmi Srungavarapu Vs ITO (ITAT Visakhapatnam) Admitted facts are that the husband of the assessee in order to retain the property got the property registered in the assessee’s name and has repaid the loans borrowed by him by sale of gold jewellery and personal savings of the assessee. We also find merit in the argument […]

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