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 : 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 : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...
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 Agra held that confirming penalty under section 271B of the Income Tax Act before finalization of quantum assessment is unjus...
Income Tax : ITAT Delhi held that provisions of section 68 or 69A of the Income Tax Act for cash deposit during demonetization period unjustifi...
Income Tax : Delhi High Court held that suo moto disallowance with bona fide yet mistaken belief that amount is liable to be offered for taxati...
Income Tax : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
Income Tax : ITAT Chennai ruled that brokers facilitating land deals are not liable under Section 269SS as they act on behalf of clients and do...
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...
Ajay Verma Vs ITO (ITAT Lucknow) Asessing Officer made the additions on account of 50% share of profit and partner’s salary as the Assessing Officer has held that no ITR/balance sheet/P&L account of Partnership Firm was filed to substantiate the claim. Before CIT(A) assessee filed detailed ITR of the firm and also filed the copy […]
An assessee can purchase an asset or a part thereof in the name of his wife but he would not be entitled then to the benefit of Section 54B.
Where a number of persons combine together and contribute to a common fund for the financing of some venture or object and in this respect have no dealings or relations with any outside body, then any surplus returned to those persons cannot be regarded in any sense as profit.
ACIT Vs PNB Housing Finance Ltd. (ITAT Delhi) Income Tax Appellate Tribunal (ITAT), New Delhi bench consisting of Anil Chaturvedi, Accountant Member and Narender Kumar Choudhary, Judicial Member granted relief to Punjab National Bank Housing Finance Limited and Confirmed the order of Commissioner of Income Tax of computing rebate under Section 36(1)(viii). The assessee, Punjab […]
DCIT Vs Envair Electrodyne Ltd. (ITAT Pune) ITAT find no merit in the Revenue’s argument in principle that section 50C gets attracted even in case of transfer of leasehold rights which does not come within the nature and ambit of specified asset(s) of ‘land or building or both’ in the statutory provision. We thus, conclude […]
Sara Investments Vs ACIT (ITAT Delhi) The contentions of the assessee are that the assessee firm was holding less than 10% of shares in SSPL. It had paid for 9.38% of the shares only which are held in the name of partner Mr. V.K. Dhawan and the partners are holding the shares in their personal […]
Mayank Kumar Garg Vs ITO (ITAT Delhi) It was submitted by the ld Counsel for the Assessee that the addition of Rs. 16,82,836/- has been made without giving any opportunity of hearing for enhancement of the income. The ld DR could not controvert this arguments. In the light of the aforesaid irregularity and violation of […]
Sopan Developers Vs PCIT (ITAT Rajkot) Amendment for charging the tax on the notional rent with respect to the properties held as stock in trade was applicable from the assessment year 2018-19 and subsequent assessment year. As such, the amended provision is not applicable for the year under consideration. Thus the question of calculating the […]
ITO admits that principle of judicial discipline mandates that the lower authorities are bound to follow the orders passed by the higher authorities. He expresses his unconditional apology and regret for the aforesaid observations/findings and prays that the said observations in the impugned order be expunged/deleted.
Held that reopening of assessment on the basis of the approval given in mechanical manner without application of mind is bad in law and liable to be quashed.
