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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


New Income Tax Bill 2025: Streamlining India’s Tax System for Modern Times

Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...

February 12, 2025 198 Views 0 comment Print

Flat Taxes in India: Oversimplification or need of the hour?

Income Tax : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...

February 12, 2025 66 Views 0 comment Print

Nil Tax Up To Rs. 12 Lakhs Income (FY 2025-26); Tax Computation With Illustrations & FAQs

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...

February 11, 2025 7437 Views 0 comment Print

Section 194H Applicability on Commission of E-Commerce Operators

Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...

February 11, 2025 198 Views 0 comment Print

Budget 2025 Amendments to Section 72A: Impact on Tax Loss Carry-Forward

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...

February 11, 2025 162 Views 0 comment Print


Latest News


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 10467 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 13287 Views 1 comment Print

CBI Files Case Against 3 Tax Officials, 5 CAs for Sabotaging Faceless Tax Scheme

Income Tax : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...

February 7, 2025 12402 Views 0 comment Print

India’s Tax Arrears Reach ₹42.64 Lakh Crore

Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...

February 6, 2025 42 Views 0 comment Print

Decriminalization of Minor Direct Tax Offenses in India

Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...

February 6, 2025 66 Views 0 comment Print


Latest Judiciary


It is unfair to confirm penalty u/s. 271B before finalization of quantum assessment: ITAT Agra

Income Tax : ITAT Agra held that confirming penalty under section 271B of the Income Tax Act before finalization of quantum assessment is unjus...

February 12, 2025 30 Views 0 comment Print

Provision of section 68 or 69A not invocable as cash deposit during demonetization duly explained

Income Tax : ITAT Delhi held that provisions of section 68 or 69A of the Income Tax Act for cash deposit during demonetization period unjustifi...

February 12, 2025 27 Views 0 comment Print

Revision u/s. 264 accepted to rectify suo moto disallowance with belief that amount is taxable

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...

February 12, 2025 33 Views 0 comment Print

Compounding of Income Tax Offences for belated Return filings: SC Ruling

Income Tax : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....

February 11, 2025 4308 Views 0 comment Print

Section 269SS Not Applicable to Broker Acting as Agent or Facilitator of Payment

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...

February 11, 2025 4422 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 10893 Views 0 comment 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 159 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 270 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 282 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 2580 Views 0 comment Print


Budget 2024: Exemption from TCS for Specific Entities from Oct 2024

July 26, 2024 1707 Views 0 comment Print

Budget 2024 introduces provisions for exempting or reducing TCS on certain transactions. Effective from October 2024.

Budget 2024: Revised Penalty Timeline for TDS/TCS Statements

July 26, 2024 2352 Views 0 comment Print

Budget 2024 reduces penalty relief period for TDS/TCS statement filing from one year to one month. Changes effective April 2025.

Section 271GC: Penalty for Liaison Offices’ Failure to Submit Statements for Non-Residents in India

July 26, 2024 687 Views 0 comment Print

Budget 2024 introduces new deadlines and penalties for non-resident liaison offices in India. Amendments effective April 2025.

Budget 2024: New TDS/TCS Correction Statement Deadline

July 26, 2024 5607 Views 0 comment Print

Budget 2024 introduces a six-year limit for filing TDS/TCS correction statements. Amendments to sections 200 and 206C will be effective from April 2025.

Rates of income-tax for assessment year 2024-25 & 2025-26

July 26, 2024 57546 Views 0 comment Print

For AY 2024-25, income tax rates remain unchanged across various categories, including individuals, companies, and co-operative societies. Surcharge and cess details included.

Budget 2024: TPO can evaluate SDTs not reported by taxpayers

July 26, 2024 462 Views 0 comment Print

From April 2025, TPOs can determine ALP for SDTs not initially referred or reported. This ensures accurate adjustments and compliance with new regulations.

Aadhaar Enrolment ID Quoting in PAN Application to End from October 2024

July 26, 2024 564 Views 0 comment Print

Starting October 2024, Aadhaar Enrolment ID can no longer be used for PAN applications or income returns. Quoting Aadhaar numbers becomes mandatory to prevent misuse.

Budget 2024: Advance Ruling Applications withdrawal allowed by October 31, 2024

July 26, 2024 759 Views 0 comment Print

From October 2024, applicants can withdraw advance ruling requests pending with the Board for Advance Rulings by October 31. Final decisions due by December 31, 2024.

Budget 2024: CIT(A) can Refer Section 144 Best Judgment Assessments Back to AO

July 26, 2024 6708 Views 0 comment Print

Starting October 1, 2024, Commissioners (Appeals) will gain new powers to set aside and refer best judgment assessments back to Assessing Officers.

Rationalization and simplification of capital gains: Union budget 2024

July 25, 2024 1326 Views 0 comment Print

Union Budget 2024 proposes revised holding periods, increased short-term capital gains tax rates, and uniform long-term capital gains tax rates.

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