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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


Simplifying Tax Laws: New Income Tax Bill 2025

Income Tax : This Valentine’s, Fall in Love with Simpler Tax Laws! The proposed Income Tax Bill 2025 aims to overhaul the existing Income Tax...

February 17, 2025 333 Views 0 comment Print

How to Apply for a Lower Tax Deduction Certificate (LTDC)

Income Tax : Learn how to apply for a Lower Tax Deduction Certificate (LTDC) under Section 197 to reduce TDS, improve cash flow, and optimize t...

February 17, 2025 522 Views 2 comments Print

Income Tax Bill 2025: Analysis of Sections 3 & 4

Income Tax : Understand new Tax Bill 2025's Sections 3 & 4. Learn about tax year definition and simplified income tax charge structure starting...

February 16, 2025 2142 Views 0 comment Print

Redundancy of Minimum Alternate Tax: A Missed Step towards Simplification

Income Tax : Redundancy of Minimum Alternate Tax (MAT) in India's evolving tax landscape, focusing on its history, challenges & potential simpl...

February 16, 2025 351 Views 0 comment Print

Types of Income Tax Notices/ Letters/ Orders issued to Individual Taxpayers

Income Tax : Learn about different types of income tax notices, letters, and orders issued by the Income Tax Department to individual taxpayers...

February 16, 2025 4800 Views 2 comments Print


Latest News


ICMAI on Non-inclusion of ‘Cost Accountant’ in Income Tax Bill 2025

Income Tax : ICMAI addresses the non-inclusion of 'Cost Accountant' in the Income Tax Bill 2025. The Council is engaging with policymakers to e...

February 17, 2025 4659 Views 0 comment Print

50 Corrections in Income-tax Bill, 2025: Lok Sabha Update

Income Tax : Lok Sabha issues corrigenda for the Income-tax Bill, 2025, correcting references, formatting, and legal citations. Read the key am...

February 15, 2025 840 Views 0 comment Print

KSCAA Seeks Clarity on Eligibility of Appeals with Delay Condonation under VSVS

Income Tax : KSCAA's representation to CBDT highlights challenges in the Vivad Se Vishwas Scheme 2024, focusing on delayed appeals and suggesti...

February 15, 2025 102 Views 0 comment Print

Webinar on Critical Issues in Faceless Assessments under Income Tax Act, 1961

Income Tax : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...

February 14, 2025 6492 Views 0 comment Print

Income Tax Bill 2025: Executive Summary on Income Tax Act Simplification

Income Tax : Income-Tax Bill 2025 simplifies tax laws by reducing sections, chapters, and words while ensuring no policy or tax rate changes. K...

February 13, 2025 2388 Views 0 comment Print


Latest Judiciary


Foreign Tax Deduction Not Allowed as Business Expense: ITAT Chennai Rejects Zoho’s Claim

Income Tax : Zoho Corporation's attempt to deduct foreign taxes as business expenses under Section 37 of the Income Tax Act was rejected by the...

February 17, 2025 60 Views 0 comment Print

Notional cost adjustment while computing PLI set aside as no such adjustment made in earlier years

Income Tax : The TPO, however, was not satisfied with the process of computation of PLI made by the Assessee. Accordingly, the TPO has treated ...

February 17, 2025 33 Views 0 comment Print

Department Cannot Selectively Rely on Seized Documents: ITAT Pune

Income Tax : A search and seizure action u/s.132 of the Act was conducted in the assessee's case on 14.11.2019. AO observed that during the cou...

February 17, 2025 63 Views 0 comment Print

Encapsulation qualifies for Section 80IB deduction due to significant transformation: Madras HC

Income Tax : Madras HC rules on DXN Herbal's tax deduction claims under Section 80IB & 43B. Key issues include manufacturing status, excise dut...

February 17, 2025 48 Views 0 comment Print

Unsecured Loan Addition Deleted as Loans Accepted & Repaid in Same Year: ITAT Jaipur

Income Tax : ITAT Jaipur held that addition under section 68 of the Income Tax Act towards unsecured loan is untenable since loans accepted wer...

February 17, 2025 144 Views 0 comment Print


Latest Notifications


Punjab RERA Notified for Income Tax Exemption under Section 10(46A)(b)

Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...

February 13, 2025 810 Views 0 comment Print

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 137025 Views 5 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 213 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 369 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 378 Views 0 comment Print


HC quashed prosecution against P. Chidambaram’s son & daughter-in-law for alleged non-disclosure of cash

December 11, 2020 2361 Views 0 comment Print

Prosecution launched by the Deputy Director for alleged non disclosure of cash by assessee and his wife was not maintainable and premature one. Merely because the power vested to lodge a complaint by the Deputy Director every case the prosecution could not be launched merely on the conferment of such power without any material. If AO came to the conclusion in a proceedings under Section 153 of the Income Tax Act, it was open to the Department to initiate penal action as per law.

Capital Loss cannot be treated as Bogus merely for unusual rise/ fall in price of Shares

December 11, 2020 1683 Views 0 comment Print

DCIT Vs Ganesh Plantation Ltd. (ITAT Ahmadabad) AO on one hand has recorded his finding with respect to the shares of certain companies that its face value stands at ₹10 but the assessee has purchased the same at a higher value. The basis of arriving at the conclusion that the assessee has purchased the shares […]

Tribunal cannot reject Miscellaneous Application, without examining the merits

December 11, 2020 2529 Views 0 comment Print

Application and affidavits filed in support thereof discloses sufficient cause for non-appearance. The Tribunal, has inappropriately rejected the Miscellaneous Application, without examining the merits of the said submissions. Paras 5 and 6 of the Impugned Order, as reproduced above, reveal that the Tribunal dismissed the Miscellaneous Application merely on the ground that the Petitioner had sought frequent adjournments

Determine existence of international transaction between Assessee & its AE involving AMP expenses: HC to TPO

December 10, 2020 777 Views 0 comment Print

PCIT Vs Yum Restaurants India Pvt. Ltd (Delhi High Court) The Court sets aside the impugned order and the corresponding orders of the AO/TPO and the DRP as regards the issue of AMP expenses and remands the issue concerning the determination of the existence of an international transaction between the Assessee and its AE involving […]

Share Transfer by assessee to its wholly owned subsidiary cannot be considered as a Gift

December 10, 2020 3714 Views 0 comment Print

PCIT Vs Redington (India) Limited (Madras High Court) These appeals have been filed by the Revenue under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as “the Act”) challenging the common order dated 07.07.2014 passed by the Income Tax Appellate Tribunal ‘D’ Bench, Chennai (for brevity “the Tribunal”) in I.T.A.No.513/Mds/2014 (filed by […]

Normal Depreciation allowable in computing real income under Section 11(1)(a)

December 10, 2020 705 Views 0 comment Print

Indian Institute of Engineering Technology Vs DCIT (Madras High Court) With regard to disallowance of depreciation, it is not disputed by the learned Senior Standing Counsel for the Revenue that the issue is clearly covered in favour of the assessee by the decision of the Hon’ble Supreme Court in the case of CIT Vs. Rajasthan […]

Society or trust not registered in India cannot be granted section 12A registration

December 10, 2020 6819 Views 0 comment Print

Evangelical Missionary Society Vs CIT (Exemptions) (ITAT Cuttack) Sec. 12A of the Income Tax Act lays down the provisions of Sec,11 & 12 shall not apply in relation to the income of any trust or institution unless the condition stated therein are fulfilled. The first condition for allowing the exemption u/s.11 is that the person […]

Penalty for failure to furnish Income Tax Return

December 10, 2020 69633 Views 4 comments Print

Understand the penalty for failure to furnish income tax return. Learn about the increased late fees and provisions under Section 234F of the Income Tax Act.

Section 14A Disallowance cannot exceed exempt income: ITAT Pune

December 9, 2020 1857 Views 0 comment Print

Santosh Mohanlal Rathi Vs DCIT (ITAT Pune) ITAT followed Hon’ble Bombay High Court decision in the case of M/s. Nirved Traders Pvt. Ltd., Vs. DCIT (ITA No.149/2017 dated 23.04.2019) wherein the Jurisdictional High Court held that the disallowance under Section 14A of the Act read with Rule 8D(2) of the Rules cannot exceed the Assessee’s […]

CBDT issues FAQs on UDIN

December 9, 2020 56733 Views 4 comments Print

Q.1 What is Unique Document Identification Number (UDIN)? The Institute of Chartered Accountants of India, on noticing about the fake certifications by Non-CAs misrepresenting themselves as Chartered Accountants which misled the authorities and stakeholders, pioneered in conceptualizing a unique concept which is called “Unique Document Identification Number (UDIN) “. Unique Document Identification Number (UDIN) is […]

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