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 : Understand the new capital gains tax rules for Gold ETFs & MFs effective April 2025. Learn about holding periods, tax rates, and e...
Income Tax : CBDT’s shift to electronic Form 10F filing poses compliance challenges for resident payers and non-residents, raising concerns o...
Income Tax : Learn about Income Tax Audit Form 10B & 10BB for charitable trusts, recent changes, filing deadlines, and compliance under Section...
Income Tax : Updated TDS & TCS rates from April 1, 2025. Check applicable thresholds, deductions, and compliance requirements for various payme...
Income Tax : Understand Section 43B(h) of the Income Tax Act, MSME classification, payment timelines, tax disallowance, interest on delays, and...
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 : IT officials can access digital records during searches under IT Act, 1961, but personal emails and social media access is not all...
Income Tax : The updated return facility encourages voluntary tax compliance, allowing taxpayers to correct income omissions. Proposal to exten...
Income Tax : ITAT Jaipur quashes tax addition and penalty against 82-year-old senior citizen, finding no fault in her investment claims and sup...
Income Tax : Kerala High Court rules a Section 263 order is not a closed remand, allowing challenge to subsequent assessments without separate ...
Income Tax : ITAT Surat condones appeal delay due to non-service of assessment order, remands case for fresh adjudication, ensuring fair hearin...
Income Tax : ITAT Cochin mandates disclosure of 3rd party evidence to assessee for valid assessment, remanding cases for fresh adjudication....
Income Tax : Bombay HC condones delay in electronic filing of Form 10B for Borivli Education Society, ruling that manual submission within time...
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...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
Income Tax : The Government of India keeps Small Savings Schemes interest rates unchanged for Q1 FY 2025-26 (April–June 2025), as per the Min...
Income Tax : CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and...
ITAT Pune held that it is an admitted fact that assessee has fully and truly disclosed all the material facts and hence initiation of re-assessment proceedings merely on the change of opinion by AO is impermissible in law.
ITAT Delhi held that locker being in joint names and first name was indicative of real ownership and hence the assessment of the contents of the locker should be rightly done in the hands of the first owner of the locker.
ITAT Delhi held that management fees paid to AE is not chargeable to tax in India in terms with Article 12(4) of India-USA DTAA and hence disallowance of the same u/s 40(a)(i) of the Income Tax Act for non-deduction of TDS is unsustainable in law.
Gujarat High Court held that details relating to share application money from the four entities was supplied by the assessee during regular assessment and AO was satisfied with the genuineness of the same Hence reopening the assessment doubting the same entries on the basis of change of opinion is unsustainable.
It was held that there can be two initial assessment years and the year in which there was substantial expansion that year is the initial assessment year within the period of 10 years for the purpose of claiming deduction under section 80-IC of the Act.
ITAT Mumbai held that appellant is recognizing the revenue on the basis of percentage completion method since inception of the firm as per the Accounting Standards There is no change or modification in the accounting method hence addition unsustainable.
CBDT instructions dated 09/08/2019 speaks about the comparative analysis of cash deposits, cash sales, month wise cash sales and cash deposits. It also provides that whether in such cases the books of accounts have been rejected or not where substantial evidences of vide variation be found between these statistical analyses.
ITAT Chennai held that it is fact that under Direct Tax Vivad Se Vishwas Act 2020 declarant cannot challenge sum payable before any appellate forum however once the declarant violates condition of DTVSVS Act 2020 the same can be revived by the Department.
ITAT Ahmedabad held that genuineness of source of purchase and sale of shares thereof remained unexplained and hence concluded that the sale of such shares were only accommodation entry and accordingly addition of entire sale consideration upheld.
Supertex Industries Ltd Vs DCIT (ITAT Mumbai) Undoubtedly, the assessee was referred to the board of industrial and financial Reconstruction Under the provisions of the sick industrial Companies act. Assessee was declared a sick company u/s 3 [1] [o] of the SICA. Rehabilitation scheme of the assessee was approved by the board of industrial and […]
