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 : CBDT Notification 36/2025 requires sellers to collect TCS on luxury goods like watches, art over ₹10 lakh from April 22, 2025. L...
Income Tax : Your ITR refund for FY 2024-25 may be delayed due to pending tax issues. Learn why and how to handle notices from the Income Tax D...
Income Tax : Learn about the revised Section 44ADA, eligibility, new ₹75L threshold, benefits, and compliance rules for professionals under p...
Income Tax : Check TDS and TCS rates for FY 2025-26 (AY 2026-27) for residents and non-residents. Includes thresholds, rates, and key sections ...
Income Tax : Mumbai ITAT clarifies LTCG on property: Allotment date, not registration, determines holding period. Impact on tax, Sec 54/54F cla...
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
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 : ITAT Bangalore rules Section 115JB (MAT) not applicable to Canara Bank (erstwhile Syndicate Bank), citing prior judicial precedent...
Income Tax : Tribunal also took note of the fact that AO had merely reproduced identical reasons for multiple years without verifying facts or ...
Income Tax : ITAT Ahmedabad held that addition u/s. 68 of the Income Tax Act towards capital contribution deleted since assessee furnished adeq...
Income Tax : The case of assessee was selected through compulsory manual Statutory notices u/s 143(2) was issued on 21.09.2017. Further, notice...
Income Tax : ITAT Ahmedabad held that addition under section 68 of the Income Tax Act unsustainable since revenue/ department failed to establi...
Income Tax : The Central Government notifies the National Mission for Clean Ganga as exempt from income tax under Section 10(46A), effective AY...
Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ｹ10 lakh, effectiv...
Income Tax : Latest income tax rule changes effective April 2025. Form 27EQ updated with new categories for tax collection at source on various...
Income Tax : CBDT notifies HUDCO’s 10-Year Zero Coupon Bond worth ₹5,000 Cr under Section 2(48) of Income-tax Act for infrastructure projec...
Income Tax : CBDT approves KIMS Foundation, Hyderabad for scientific research under Section 35 of Income-tax Act, effective FY 2025–26 to AY ...
Kalpesh Synthetics Pvt Ltd Vs DCIT (ITAT Mumbai) Grievance of the assessee, as requiring our adjudication in this appeal, is that the learned CIT(A) was not justified in upholding the adjustment, made by the Centralized Processing Centre Bengaluru while processing income tax returns under section 143(1) based on certain inputs from the tax audit reports […]
A.O. had rightly endorsed the corroborated claim of the assessee in this regard, the PCIT, in our view, has attempted to substitute his wisdom by views of the A.O. without any definite basis. If the view of the PCIT towards the banakhat allegedly hollow or unenforceable is accepted, no income can be recognised at all.
The impugned notice under Section 148 of the Act, 1961 was also issued at Cuttack. The return of income for the A. Y. 2015-16 was also filed at Cuttack. The final assessment order dated 29th December 2017 for the A. Y. 2015-16 was also passed at Cuttack. We are of the view that we should not entertain this writ application and relegate the writ applicant to file an appropriate writ application before the High Court of Orrissa at Cuttack.
CBDT inserts new Rule 2DCA Computation of minimum investment & exempt income for Section 10(23FE) vide Notification No. 50/2022-Income Tax Dated 6th May, 2022 and also – -Substituted Form No. 10BBB [See rule 2DB] – Intimation by Pension Fund of investment under clause (23FE) of section 10 of the Income-tax Act, 1961 -Substituted Form No 10BBC […]
SC rules that Section148 Notices issued under old law remain valid. Taxpayers cannot use change in law as an excuse to escape proceedings.
HC held that we are not inclined to entertain this writ petition and the same is accordingly dismissed without going into the merit of the assessment only on the ground of availability of the alternative remedy. This writ petition is dismissed with costs of Rs. 10,000/- upon Mr. Somak Basu, learned Advocate because of his rude behavior in Court and addressing to the chair in highly disrespectful manner.
PCIT Vs Universal Music India Pvt. Ltd. (Bombay High Court) Notice under Section 263 was issued by CIT on two issues, namely, (a) disallowance of Fringe Benefit Tax (FBT) paid of Rs.10,72,532/- included in miscellaneous expenses and not allowed by the Assessing Officer and (b) provision of Rs.1,40,98,685/- in respect of slow moving and absolete […]
Multinational entities (MNEs) have actively contributed to the global value chain. These MNEs that have established affiliates or subsidiary companies transacting cross-borders and have always been a matter of discourse. Such related party transactions if ungoverned, tend to create a hassle for their respective jurisdictions in allocating taxing rights and could lead to an administrative tax tangle.
Saifee Burhani Upliftment Trust Vs CIT (Exemptions) (ITAT Mumbai) In the present case, it has not been disputed that the assessee trust was duly registered under section 12AA of the Act. Thus, the only provision applicable to the assessee trust for the purpose of applying for registration is section 12A(1)(ac)(i) of the Act. Further, section […]
Plutus Industries Pvt. Ltd. Vs ITO (ITAT Delhi) We find the Assessing Officer in the instant case made addition of Rs.1,36,39,191/- u/s 68 of the Act in respect of unsecured loan obtained by the assessee from three directors on the ground that the assessee failed to substantiate with evidences to his satisfaction regarding creditworthiness of […]
