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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


Understanding Section 44ADA: Myths and Realities

Income Tax : Section 44ADA of Income Tax Act, 1961 offers a presumptive taxation scheme for professionals, simplifying tax compliance by allowi...

February 22, 2025 66 Views 0 comment Print

Tax on ₹12 Lakh Income: FY 2024-25 vs FY 2025-26 for individual taxpayers

Income Tax : Compare tax on ₹12 lakh income in FY 2024-25 and FY 2025-26. See new tax slabs, rebates, and savings introduced in Budget 2025 f...

February 22, 2025 150 Views 0 comment Print

Section 115BBE: Sword Against Unexplained Income

Income Tax : Section 115BBE imposes a high tax rate on unexplained income to prevent tax evasion. Learn about tax rates, penalties, and complia...

February 22, 2025 132 Views 0 comment Print

Budget 2025 (Finance Bill 2025): Income Tax Proposed Amendments

Income Tax : Budget 2025 introduces new income tax amendments, including changes in tax slabs, TDS limits, and rebates under sections 115BAC an...

February 22, 2025 93 Views 0 comment Print

Faceless Tax Assessment: JAO vs. FAO Jurisdiction – Clash of Authorities or Administrative Reform?

Income Tax : The faceless tax assessment scheme in India faces legal disputes over jurisdiction between JAO and FAO. Learn about key court ruli...

February 22, 2025 645 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 7329 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 9693 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 19779 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 1107 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 156 Views 0 comment Print


Latest Judiciary


No retrospective cancellation of Section 12A registration of Trust: ITAT Pune

Income Tax : M.M. Patel Charitable Trust Vs PCIT (Central) (ITAT Pune) In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Pune h...

February 22, 2025 87 Views 0 comment Print

Excessive disallowance u/s 14A was restricted as AO failed to record dissatisfaction

Income Tax : ITAT, by going through established precedents, held that AO had not recorded any dissatisfaction with assessee’s voluntary disal...

February 22, 2025 39 Views 0 comment Print

Profit Enhancement After Book Rejection Must Be Fair & Backed by Evidence: ITAT Delhi

Income Tax : ITAT Delhi modifies the net profit addition after book rejection, limiting the increase to ₹1 lakh instead of ₹4 lakh for AY 2...

February 22, 2025 54 Views 0 comment Print

No Addition for Bogus Entity/Accommodation Entries Without Issuing SCN: Delhi HC

Income Tax : Delhi HC rules AO functus officio post-assessment, quashing reassessment notice against Vivo India for lack of due process and vio...

February 22, 2025 93 Views 0 comment Print

Mere presumption cannot be Grounds for Section 68 Addition: ITAT Ahmedabad

Income Tax : ITAT Ahmedabad ruled that mere suspicion cannot justify tax additions, deleting an Rs. 18 lakh addition in a property investment d...

February 22, 2025 270 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 6573 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 7191 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 873 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 139605 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


TDS on Service Tax on Professional Fees if same is paid separately as per contract terms

July 1, 2013 16856 Views 0 comment Print

We have considered the provisions of Section 194J of the Income Tax Act, in the light of Circulars dated 28.04.2008 and 30.06.2008. The words, “any sum paid”, used in Section 194J of the Act, relate to fees for professional services, or fees for technical services.

Order No. 119 of 2013 (Transfer & Posting in the grade of CITs/DITs)

July 1, 2013 967 Views 0 comment Print

ORDER NO. 119 of 2013 Consequent upon Orders No. 106 & 109 of 2013, the following transfers/postings in the grade of Commissioner / Director of Income Tax are hereby ordered with immediate effect and until further orders:

Receiving of Income tax returns in Aayakar Sewa Kendras (ASKs) – regarding

July 1, 2013 1694 Views 0 comment Print

Receiving of Income tax returns in Aayakar Sewa Kendras (ASKs) – regarding. As you are aware Ayakar Sewa Kendras (ASKs) are functional at 132 stations all over India. Return receipt facility through Sevottam Software is also available at all these ASK Centres. In view of these you are requested to ensure the following;

HC expresses ‘Shock & Anguish’ at Mal-Administration by Tax Dept.

June 30, 2013 1472 Views 0 comment Print

The income tax authorities are required to administer the Act. The right to administer, cannot obviously include the right to mal-administer. Thus, we find no words to express anguish as what kind of governance it had been.

CBDT Withdraws / Amends Circulars on Transfer Pricing

June 30, 2013 839 Views 0 comment Print

Chapter X of the Income-tax Act, 1961 contains special provisions relating to avoidance of tax. Terms such as ‘associated enterprise’, ‘international transaction’, ‘intangible property’, and ‘specified domestic transaction’ are defined in different sections of the Chapter.

e-TDS/TCS RPU (version 3.5) for statements from FY 2007-08 onwards

June 30, 2013 5547 Views 0 comment Print

e-TDS/TCS RPU (version 3.5) for statements from FY 2007-08 onwards released (28/06/2013) Key features of RPU 3.5 Addition/ deactivation of fields Change in quarterly TDS/TCS statement pertaining to FY 2013-14 onwards as below: Alternate contact details like e-mail and contact no. of the deductor and responsible person may be provided. Quoting of TAN registration no. […]

File validation utility (FVU) version 3.8 for FY 2010-11 and onwards released (28/06/2013)

June 30, 2013 3051 Views 0 comment Print

Key feature of FVU version 3.8 – Change in data structure of quarterly TDS/TCS statement pertaining to FY 2013-14 onwards as below: Alternate contact details like e-mail and contact no. of the deductor and responsible person may be provided. Quoting of TAN registration no. (if any) as provided by TIN. Minor head code is to be provided in challan details.

Key features of FUV version 2.134 applicable wef 01.07.2013

June 30, 2013 2248 Views 0 comment Print

Key features of FVU 2.134 is as follows: 1. Addition of filler fields in: Deductor details (BH record) Challan details (CD record) Deductee details (DD record) Salary details (SD record). Applicable in case of 24Q, Q4.

Bonafide claim of assessee for an expenditure to be revenue in nature which in itself is debatable, do not attracts provision of S. 271(1)(c)

June 30, 2013 1267 Views 0 comment Print

Issue raised by the assessee was debatable and capable of two views. The assessee had an arguable case or had taken a bonafide plea. The assessee had given his explanation and categorically and clearly stated the true and full facts in the return itself. He did not try to camouflage

No addition during reassessment of a particular expense which has been duly examined by the AO during Original Assessment proceedings

June 30, 2013 648 Views 0 comment Print

Whether notice u/s 148 can be issued for disallowance of a particular expense which has been duly examined by the AO during the Assessment proceedings by asking for specific details but not mentioned in Assessment Order.

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