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.
Income Tax : Did you know that failing to disclose your foreign assets in your Income Tax Return (ITR) can lead to penalties of up to ₹10 lak...
Income Tax : Learn about HRA claims, TDS obligations on rent, and why taxpayers are receiving tax notices. Understand compliance steps to avoid...
Income Tax : Article seeks to explore the contents of New Direct Tax Code, which will be finalised in the coming weeks. Additionally, it aims t...
Income Tax : Learn about Income Tax Department alerts regarding non-deduction of tax on rent under Section 194IB of the Income Tax Act, 1961....
Income Tax : Discover tax planning strategies for managerial decisions with insights on Finance Act 2025 changes. Learn simplified versions of ...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
Income Tax : ITAT Mumbai allows 80P(2)(a)(i) deduction for cooperative credit society, including interest from cooperative banks, reversing low...
Income Tax : ITAT Mumbai allows tax exemption on capital gains for NRI under India-Singapore DTAA, rejecting AO's classification of mutual fund...
Income Tax : Karnataka High Court dismisses writ petition challenging a tax liability order under Section 179 of the IT Act, citing an altern...
Income Tax : Gujarat High Court rules write-back of provisions isn't 'turnover' or 'gross receipts' under Sec 44AB, quashing tax return invali...
Income Tax : 8% deemed profit rate as specified u/s 44AD is not a fixed standard & may vary depending on nature of business - Reduces profit ma...
Income Tax : Changes in TDS deductions under Finance Act 2025 include revised thresholds for Sections 194A, 194H, and 80CCA. Effective from Apr...
Income Tax : CBDT mandates Aadhaar intimation for PAN holders who applied before October 1, 2024. Deadline set for December 31, 2025. Know co...
Income Tax : CBDT mandates Aadhaar intimation for PAN holders who applied before October 1, 2024. Know the latest Income Tax Rule amendments ef...
Income Tax : On 29 March 2025, the President of India granted assent to the Finance Act 2025, marking a significant milestone in the country’...
Income Tax : The Karnataka Urban Water Supply & Drainage Board receives tax exemption for specified income from FY 2023-24 to 2027-28 under Sec...
Rudraksh Detergent & Chemicals Pvt Ltd. Vs ACIT (ITAT Rajkot) Controversy before us relates whether the expenses incurred by the assessee on the road construction amounts to capital expenditure in the given facts and circumstances. There is no ambiguity that the assessee shall gain the benefit out of the road expenses incurred by it. But […]
Where notices were issued to assessee under Section 263 after his death notice could not have been validly served upon assessee, therefore, said notices are invalid and liable to quash. Assessment order framed under dead person is also liable to be quashed.
Galaxy Construction and Contractors Pvt. Ltd. Vs DCIT (ITAT Pune) The issue in the present appeal relates to levy of penalty under the provisions of section 271(1)(c) of the Act. The penalty was levied by the Assessing Officer in respect of addition made under the provisions of section 36(1)(iii) of the Act. It is an […]
Petitioner was surprised that jurisdiction had been shifted from Bhubaneswar to Balasore and he accordingly filed an objection on 10th March, 2016.
Krishna Goyal Vs ACIT (ITAT Delhi) In course of assessment proceedings, the assessee has explained the source of deposits in the bank account to be out of the withdrawals made from the very same bank account. However, the Assessing Officer as well as learned Commissioner (Appeals) have partly accepted the explanation of the assessee only […]
Assessee has established on record that it had receipts from sale of agricultural produce, only because some invoices relating to sale are not available, assessee’s claim cannot be More so, considering reasonable quantum of sale proceeds.
Shri Altaf Hussain Laskar Vs DCIT (ITAT Guwahati) The case of the assessee is that he has committed certain mistakes in computing the income originally, whereby certain exempt income was included as taxable and certain perquisites were claimed as exempt in the revised return. In other words, earlier assessee has included the value of LIC […]
DCIT (Exemptions) Vs Nabajuga Educational And Charitable Trust (ITAT Cuttack) At the outset, if the return filed on 31.10.2018 was not accompanied by the audit report, then it was incumbent upon the revenue to issue notice u/s.139(9) of the Act to treat the return filed by the assessee as defective. Admittedly, this has not been […]
ITAT held that deduction under Section 54B/54F of Act is available in cases where investments are made in property purchased in name of wife.
The ambit of a contract of agency and its resultant effect on the classification of difference between the Actual Fare and Net Fare as being a Commission liable to deduction of TDS.
