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...
Joseph K. Zachariah Vs ACIT (ITAT Bangalore) Section 54(2) of the Act has two conditions for availing deduction u/s 54(1) of the Act. Firstly, the assessee has to utilize the capital gain in purchase of new property before the due date of furnishing the return of income u/s 139 of the Act, which encompasses sub-section […]
Trust For Reaching The Unreached Through Trustee Vs CIT (Exemptions) (Gujarat High Court) The writ-applicant is a public charitable trust. The writ-applicant seeks to challenge the order passed by the respondent dated 26th August 2019 under Section 119(2)(b) of the Income Tax Act, 1961, rejecting the application filed by the writ-applicant for condonation of delay […]
Interesting Income Tax Issues: Deduction of Health and Education Cess from Taxable Income : AY 2020-21 Background Sec. 40(a)(ii) of the Income –tax Act provides that ‘any sum paid on account of any rate or tax levied on the profits or gains of any business or profession or assessed at a proportion of, or otherwise […]
Delhi High Court has upheld the deletion of the penalty on the ground i.e. the fact that appeals were admitted proved that the issue was debatable.
Nirmala Devi Vs ITO (ITAT Delhi) Learned Counsel for the Assessee contended that assessee has uploaded the demand notice as well as paid the fees for filing of the appeal which have not been taken into consideration and that only one notice was issued for which date assessee sought adjournment which was also rejected. Therefore, […]
Taxation on Sale of Shares or any other Securities Securities includes Listed Equity Shares, equity oriented units or units of business trust. Taxation of Securities are depends on the following- 1. Period of Holding of Security 12 Months or less- Tax as per Section 111A More than 12 Months- Tax as per Section 112 2. […]
Many a times, profitable companies end up in a situation of generating more cash than they can reasonably reinvest in their business at attractive returns on capital. As cash holdings on a company’s balance sheet increases, there is increased pressure from shareholders to return some of this excess cash to them. There are two ways […]
Addition made by AO against Educational Trust on account ofdonations were found to be bogus was justified as assessee failed to discharge the onus of proof cast upon it and no attempt was made to produce credible material to corroborate the transactions or to explain the contradictory evidence that it was confronted with.
ACIT Vs Kishangarh Hi Tech Textile Park Ltd. (ITAT Jaipur) Since the assessee has disclosed entire facts in the Balance Sheet with regard to the subsidy of Rs. 36.00 crores received by it and the depreciation at 80% on the entire windmill as a whole has been claimed on the basis of various decisions of […]
GVK Jaipur Expressway Private Limited Vs. DCIT (ITAT Jaipur) It was submitted that the assessee on review of the appeal documentation noticed that it has suo-moto disallowed the interest receipts while computing book profits for the purposes of deduction u/s 80IA of the Act and the said fact has inadvertently escaped its attention at the […]
