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 : Budget 2025-26 focuses on growth, tax relief, and investment. GDP projected at 6.3-6.8%, new tax slabs ease burden on middle class...
Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
Income Tax : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...
Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...
Income Tax : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : ITAT Pune deletes additions against Ganraj Homes LLP based on extrapolated on-money allegations, citing lack of corroborative evid...
Income Tax : Kerala High Court held that recovery of tax arrears by income tax department from property that was already auctioned by Kerala Ge...
Income Tax : Delhi High Court held that license fees paid to M/s. Remfry & Sagar for use goodwill vested in the company is allowable as deducti...
Income Tax : ITAT Delhi held that Long Term Capital Gain [LTCG] earned from transaction in penny stock is liable for addition. Accordingly, app...
Income Tax : ITAT Mumbai held that adjustment of disallowance of deduction u/s 80P(2)(d) is not permissible adjustment under section 143(1) of ...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
Sagar Uttam Murhe Vs DCIT (ITAT Pune) Case law (2020) 120 com 187 CIT vs. Padmavati (Mad) (HC) holds that such an assessment could not exceed the scope of the prescribed ‘limited‘ scrutiny except as per the due process of law. This is indeed coupled with various coordinate benches decisions reiterating the very legal proposition. […]
Atlantic Bio Medical Pvt. Ltd Vs DCIT (ITAT Mumbai) Assessee had undisputedly filed the return of income electronically but under bonafide belief that the Form 10CCB was to be filed manually with the AO as and when required thus failed to file the same electronically along with the return of income. No doubt ignorance of […]
ACIT Vs Indian Drugs & Pharmaceuticals Limited (ITAT Delhi) The penalty order reveals that the impugned penalty has been imposed by the Ld. AO for the solitary reason that the assessee made claim for deduction of expenses which were not allowable. The assessee furnished explanation for claiming higher deduction of expenses in the revised computation. […]
Interest on TDS is not interest paid on income tax per se and the disallowance thereof, is unwarranted and interest paid for delayed deposit of TDS cannot be equated to penalty or breach of law.
Kalyani Seetharaman Vs ACIT (ITAT Chennai) ITAT noted that the PCIT has not at all given a finding that the order of the AO i.e., the assessment order is erroneous or prejudicial to the interest of revenue and how. We have already noted the finding of PCIT in above para 4 and noted that simple […]
Shri Gopinathan Vs ITO (ITAT Chennai) It is not the case of the Department that the Assessing Officer has omitted to consider the claim of expenses and thereby passed the rectification order under section 154 of the Act. In this case assessment was reopened under section 147 of the Act and during the course of […]
AO further held that to write off a debt it necessary that the debt becomes bad and irrecoverable after making effort for recovery. In the case of the assessee, from the ledger copies furnished by it, it was found that amounts form the debtor were received regularly.
Disallowance u/s 40(a)(ia) cannot be made if recipient has offered payment made by assessee as income in their hands. The Assessing Officer is directed to verify above facts and if it is found that payee has already offered above amount as income in their return of income, disallowance u/s.40(a)(ia) made by Assessing Officer would not survive.
ITAT Delhi held that cloud services merely facilitates the flow of user data from the front end user through internet to the provider’s system and back. Accordingly, subscription received towards cloud services is not royalty income.
Notice could be issued under section 148 in relation to search and seizure as assessee was one of the investor/partner along with the others to acquire the land for TDR generation which could not be disputed and was admitted in the post search statement by the director and the assessee was provided the benefit of cross examination of the director to test check the authenticity of the transactions.
