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Income Tax

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.

Latest Articles


Section 44AD: Presumptive Taxation for Small Businesses

Income Tax : Simplify taxes with Section 44AD's presumptive taxation for small businesses. Learn eligibility, rates, and conditions for maintai...

February 13, 2025 60 Views 0 comment Print

New Income Tax Bill, 2025: Important Key Points

Income Tax : Learn key updates in the New Income Tax Bill, 2025, effective April 2026. Covers tax year, compliance, deductions, international t...

February 12, 2025 1077 Views 0 comment Print

Overview of The Income Tax Bill 2025

Income Tax : The Income Tax Bill 2025 aims to simplify tax laws by replacing the 1961 Act. It includes 23 chapters, 16 schedules, and 536 secti...

February 12, 2025 615 Views 0 comment Print

What is Perquisites and profits in lieu of salary?

Income Tax : Perquisites and Profits in Lieu of Salary are important components of taxable income under the Income Tax Act of 1961. These refer...

February 12, 2025 363 Views 0 comment Print

Union Budget 2025-26: Economic Growth & Direct Tax Reforms

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...

February 12, 2025 339 Views 0 comment Print


Latest News


Income Tax Return Filings in India: Trends and Government Measures

Income Tax : Analysis of income tax return filings in India over five years, including trends, zero-tax cases, and government initiatives to en...

February 12, 2025 51 Views 0 comment Print

Impact of Supreme Court Judgement On HUF Tax Benefits

Income Tax : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...

February 12, 2025 33 Views 0 comment Print

Corporate Tax Collections & Incentives for Global Firms

Income Tax : Corporate tax collections rose post rate cuts from AY 2020-21, except during COVID. Budget 2025 proposes presumptive tax for elect...

February 12, 2025 33 Views 0 comment Print

Reminder for Filing TDS Statement 26Q for Q2 FY 2024-25

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...

February 8, 2025 10611 Views 2 comments Print

Union Cabinet Approves New Income Tax Bill 2025 to Replace 1961 Act

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...

February 8, 2025 13911 Views 1 comment Print


Latest Judiciary


Section 148 Notice Procedure Must Be Completed Within Section 149 Timeframe: Delhi HC

Income Tax : Therefore, the procedure that is required to be completed for issuance of notice under Section 148 of the Act is required to be co...

February 12, 2025 111 Views 0 comment Print

No Addition Based on mere Loose Papers, WhatsApp Chats: ITAT Pune

Income Tax : ITAT Pune deletes additions against Ganraj Homes LLP based on extrapolated on-money allegations, citing lack of corroborative evid...

February 12, 2025 3531 Views 0 comment Print

ITAT Chennai Sets Aside addition for Unaccounted Jewellery per CBDT Instruction

Income Tax : ITAT Chennai held that addition under section 69 towards unaccounted gold and silver jewellery set aside relying on CBDT instructi...

February 12, 2025 36 Views 0 comment Print

Recovery of Income Tax Arrears from Auctioned Property Untenable: Kerala HC

Income Tax : Kerala High Court held that recovery of tax arrears by income tax department from property that was already auctioned by Kerala Ge...

February 12, 2025 108 Views 0 comment Print

License Fees for Goodwill acquisition Allowed as Expense U/S 37: Delhi HC

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...

February 12, 2025 75 Views 0 comment Print


Latest Notifications


Govt released Income-Tax Bill, 2025 (Download)

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...

February 12, 2025 74202 Views 3 comments Print

Income Tax Act: Bhaikaka University Approved for Research

Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...

February 11, 2025 177 Views 0 comment Print

Income Tax Act: Section 285 Notification for Liaison Office Statement Filing

Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...

February 10, 2025 309 Views 0 comment Print

Income-Tax Rule 2F Amended for Infrastructure Debt Funds

Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...

February 7, 2025 318 Views 0 comment Print

CBDT Shares Taxpayer Data for PMGKAY Eligibility

Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...

February 4, 2025 2592 Views 0 comment Print


PAN Aadhaar linking & section 148 notice issue date extended (Read Notification)

March 31, 2021 27804 Views 1 comment Print

Central Government extends the last date for linking of Aadhaar number with PAN from 31st March, 2021 to 30th June, 2021, in view of the difficulties arising out of the COVID-19 pandemic. Date for issue of notice under section 148 of Income-tax Act,1961, passing of consequential order for direction issued by the Dispute Resolution Panel […]

No Section 271(1)(b) penalty if Assessment was completed U/s. 143(3)

March 31, 2021 27990 Views 0 comment Print

Shiv Kumar Nayyar Vs ACIT (ITAT New Delhi) lthough the assessee in the instant case has not complied to the statutory notice issued by the AO on 5th October, 2016 fixing the case for hearing on 25th October, 2018 which is the basis for levy of penalty u/s 271(1)(b) of the Act, however, ultimately the […]

Assessee has option to choose initial from which it may desire to claim Section 80IA deduction for ten consecutive years

March 31, 2021 1110 Views 0 comment Print

CIT Vs Tamil Nadu Newsprint and Papers Limited (Madras High court) It is abundantly clear from Sub-Section (2) of Section 80IA that an assessee who is eligible to claim deduction u/s 80IA has the option to choose the initial/first year from which it may desire the claim of deduction for ten consecutive years, out of […]

Compensation for refraining from carrying on competitive business is capital receipt till AY 2003-04

March 31, 2021 1257 Views 0 comment Print

CIT Vs M. Ranjan Rao (Madras High Court)  The Supreme Court in Gillanders Arbuthnot & Co. Ltd vs. CIT [ 1964] 53 ITR 283 has brought out a dichotomy between receipt of compensation by an assessee for loss of agency and receipt of compensation attributable to the negative/restrictive covenant. If the compensation is received for […]

No Section 148 reopening when Time limit for picking the return for scrutiny is pending u/s 143 (2)

March 31, 2021 8886 Views 0 comment Print

ITO Vs Momentum Technologies Pvt Ltd (ITAT Delhi) Reopening invalid When Time Limit for Scrutiny Pending from date of Revised Return Filed under Section 139(5) The first contention raised by assessee invoking rule 27 of the income tax appellate tribunal rules 1963, the contention raised that when the return of income is pending before the […]

Demand due to denial of Section 80P deduction- Stayed by HC till disposal of Appeal by CIT(A)

March 31, 2021 1614 Views 0 comment Print

Poothrikka Service Co-Operative Bank Ltd. Vs ITO (Kerala High Court) The question which is pending for adjudication before the appellate authority is whether the petitioners who are co-operative Societies are entitled for deduction under Section 80 (P) of the Income Tax Act. The Assessing Officer has denied the benefit of Section 80 (P) of the […]

Section 80G Registration– Latest Process & Compliances

March 31, 2021 118575 Views 14 comments Print

Registration U/s – 80G of Income Tax Act, 1961 – Latest Process & Compliances Dear friends, as we all know, NGOs are integral part of our society. There are many NGO in India which are working for the social welfare of society. During lockdown period they have played a very important role in serving the […]

CBDT re-designated posts due to change in nomenclature of NeAC & ReACs

March 31, 2021 3771 Views 0 comment Print

With the change in the nomenclature of National e-Assessment Centre (NeAC) and Regional e-Assessment Centres (ReACs) to National Faceless Assessment Centre (NaFAC) and Regional Faceless Assessment Centres (ReFACs), the following posts in the various grades of India Revenue Service are hereby re-designated as detailed below, with effect from 01.04.2021 and until further orders:

CBDT set-up National Faceless Assessment Centre (NaFAC)

March 31, 2021 33633 Views 1 comment Print

Central Board of Direct Taxes hereby sets up the National Faceless Assessment Centre (hereinafter referred to as the NaFAC), which shall have its headquarters at Delhi and shall comprise of the following Income-tax Authorities: –

Faceless Assessment Scheme applies mutatis mutandis to Section 144B Assessment

March 31, 2021 2040 Views 0 comment Print

Faceless Assessment Scheme, 2019 shall henceforth mutatis mutandis be applicable to the Faceless Assessment under Section 144B of the Act, except those specifically modified by issue of fresh Orders / Circulars etc.

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