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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


TDS Rates Chart for FY 2025-26 (AY 2026-27)

Income Tax : Understand the updated TDS rates for FY 2025-26 (AY 2026-27). Comprehensive chart covering salary, interest, dividends, rent, and ...

February 21, 2025 3501 Views 0 comment Print

Provisions related to Revised Tax Slab in Budget 2025 for Individuals

Income Tax : Budget 2025 revises income tax slabs, making ₹4,00,000 tax-free. New rates range up to 30% for income above ₹24,00,000. Key de...

February 21, 2025 507 Views 0 comment Print

Will Income Tax Bill, 2025 AID Economic Growth Momentum of India?

Income Tax : Income tax bill, 2025 aims to replace Income Tax Act, 1961, simplifying tax laws. Questions arise about its impact on revenue, lit...

February 21, 2025 72 Views 0 comment Print

Income Tax Bill 2025: Provisions Relating to TDS & TCS

Income Tax : Income Tax Bill 2025 introduces changes to TDS, TCS, and LRS provisions, raising threshold limits and reducing compliance burdens....

February 21, 2025 5286 Views 0 comment Print

Delhi High Court Rules on Technical Services in International Logistics

Income Tax : CIT International Tax- 1 Vs Expeditors International of Washington INC (Delhi High Court); ITA 202/2022; Dated: 13/02/2025 In a si...

February 21, 2025 144 Views 0 comment Print


Latest News


Include ‘Cost Accountant’ in definition of ‘Accountant’ under Income Tax Bill 2025: ICMAI

Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...

February 21, 2025 4275 Views 0 comment Print

Key Highlights of Finance Bill 2025: Income Tax Changes

Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...

February 19, 2025 9318 Views 0 comment Print

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 19674 Views 3 comments 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 1092 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 153 Views 0 comment Print


Latest Judiciary


Before 01.04.2014 Agricultural Land Distance to Be Measured by Road: Bombay HC

Income Tax : Bombay HC rules in CIT vs. Nitish Chordia that agricultural land distance must be measured by road, not aerial view, impacting cap...

February 21, 2025 30 Views 0 comment Print

Agricultural Land Capital Gains: Municipal Limits as per notification on Sale date

Income Tax : ITAT Surat rules that for capital gains tax on agricultural land, municipal limits are determined by notification in force at the...

February 21, 2025 48 Views 0 comment Print

Taxability of Pre-Commencement Interest: ITAT Delhi restores case to CIT(A)

Income Tax : ITAT remands case regarding taxability of interest income earned before business commencement, citing need for fresh adjudication ...

February 21, 2025 57 Views 0 comment Print

Reassessment Notice U/s 148 Post Company’s IBC Resolution Plan legally untenable

Income Tax : Bombay High Court rules reassessment proceedings against Alok Industries invalid post-resolution plan approval under IBC, citing S...

February 21, 2025 33 Views 0 comment Print

ITAT Upholds Unexplained Cash Deposit Addition for Taxpayer’s Failure to discharge Burden of Proof

Income Tax : ITAT Jaipur dismisses Bansi Lal's appeal, upholding additions for unexplained bank deposits and interest income. Tribunal cites l...

February 21, 2025 33 Views 0 comment Print


Latest Notifications


All about Income Tax / TDS Deduction from Salaries for FY 2024-25

Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...

February 21, 2025 5049 Views 0 comment Print

CBDT extends Due Date for Filing Form 56F for AY 2024-25

Income Tax : CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for...

February 19, 2025 6801 Views 0 comment Print

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 870 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 139440 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 255 Views 0 comment Print


New appeal filing monetary limit applies to pending appeals also

February 17, 2016 1162 Views 0 comment Print

ITAT Mumbai held in the case ITO vs. Smt. Sudha Brijratan Damani that in the case of CIT v. P.S. Jain & Co. (2011) 335 ITR 591, Hon’ble Delhi High Court held that by passage of time, money value has gone down, the cost of litigation expenses has gone up, the assessees on the file of the Departments

S. 153A Assessment in absence of incriminating docs not valid

February 17, 2016 1225 Views 0 comment Print

Ideal Appliances Co. Pvt. Ltd vs. DCIT (ITAT Mumbai) Although Section 153A does not say that additions should be strictly made on the basis of evidence found in the course of the search, or other post-search material or information available with the AO which can be related to the evidence found

Amends Safe Harbour Rules for Specified Domestic Transactions

February 17, 2016 5105 Views 0 comment Print

Provided further that in respect of eligible specified domestic transactions, other than the transaction referred to in clause (iv) of rule 10 THB, undertaken during the previous year relevant to the assessment year beginning on the 1st day of April, 2013 or beginning on the 1st day of April, 2014 or beginning on the 1st day of April, 2015, Form 3CEFB may be furnished by the assessee on or before the 31st day of March, 2016

6 Expectation of Salaried Class from Union Budget 2016

February 16, 2016 4728 Views 1 comment Print

The reimbursement of medical expenses upto Rs.15000/- in a F. Y. is exempted since F. Y.1997-98. Although the cost of medical treatment is increasing day by day, the Govt .has not increased the limit in 18 years.

S. 80IC: 100% deduction allowed on every substantial expansion

February 16, 2016 13964 Views 1 comment Print

ITAT Delhi held in the case of M/s Tirupati LPG Industries Ltd. vs. JCIT that a plain reading of Sec.80-IC (8)(v) which defines the term initial assessment year read with Sec.80-IC(8)(ix) which defines the term substantial expansion makes it clear that there is no restriction on more than one substantial expansion being undertaken by an assessee.

Penalty u/s 271AAA not tenable where no search conducted

February 16, 2016 951 Views 0 comment Print

ITAT Delhi held in the case DCIT vs. M/s. Sam India Abhimanyu Housing that the AO initiated the penalty proceedings u/s 271AAA when the present assessee is not covered u/s 132 i.e. search conducted on the Assessee.

CBDT resolves disputes to the tune of Rs 5000 crore

February 16, 2016 774 Views 0 comment Print

Since 1st April, 2014 till date, the Central Board of Direct Taxes has resolved 180 cases under MAP. The total amount of income locked up in dispute in these cases is approximately Rs. 5,000 crore. The resolved cases pertain to various sectors of the economy like software services, IT enabled services, manufacturing, consultancy services, etc.

Guidelines for seeking info from Financial Intelligence Unit-India

February 15, 2016 2846 Views 0 comment Print

As you are aware , FIU-IND is an intelligence organization under Ministry of Finance and provides information to designated agencies as per the established protocol of sharing of information. Information is provided by FIU-IND under section 66 of the Prevention of Money Laundering Act, 2002.

Dispose Rectification Application U/s. 154 in writing : CBDT

February 15, 2016 2652 Views 0 comment Print

Instruction No. 02/2016 Section 154 of the Act mandates that rectification order shall be passed in writing by the Income Tax authorities. Therefore, on consideration of the matter, the Board hereby directs that all rectification applications must be disposed of after passing an order in writing, to be duly served upon the taxpayers concerned and not by merely marking necessary rectification on the AST System.

Pass Rectification Order U/s 154 within 6 Months: CBDT

February 15, 2016 6075 Views 1 comment Print

Instruction No. 01/2016 section 154 stipulates that where application for amendment is made by assessee/deductor/collector with a view to rectify any mistake apparent from record, the income-tax authority concerned shall pass an order, within a period of six months from the end of the month in which such an application is received, by either making amendment or refusing to allow the claim.

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