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 : The new Income Tax Bill consolidates provisions for non-profits, covering registration, taxation, compliance, and capital gains ru...
Income Tax : The Income-Tax Bill 2025 simplifies house property income taxation, reducing complexity while maintaining key provisions for bette...
Income Tax : India's Income Tax Department shifts to a taxpayer-friendly approach, prioritizing silent recoveries, refund adjustments, and redu...
Income Tax : Explore why Cost Accountants (CMAs) should be included in the definition of "Accountant" under the Income Tax Bill 2025 for a comp...
Income Tax : Understand the New Tax Regime 2025 with updated slabs, deductions, and exemptions. Learn how to save tax and choose the best regim...
Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...
Income Tax : ICMAI addresses the non-inclusion of 'Cost Accountant' in the Income Tax Bill 2025. The Council is engaging with policymakers to e...
Income Tax : Lok Sabha issues corrigenda for the Income-tax Bill, 2025, correcting references, formatting, and legal citations. Read the key am...
Income Tax : KSCAA's representation to CBDT highlights challenges in the Vivad Se Vishwas Scheme 2024, focusing on delayed appeals and suggesti...
Income Tax : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
Income Tax : Karnataka High Court dismisses Revenue’s appeal in PCIT Vs Ennoble Construction, ruling on transport creditors' tax liability ...
Income Tax : Supreme Court emphasizes reasonable cause for TDS non-deduction under Section 271C. Highlights interplay of Sections 4, 5, 9, and ...
Income Tax : Delhi HC directs Nil TDS for SFDC Ireland citing no Permanent Establishment in India. Clarifies taxation under DTAA and Rule 28AA ...
Income Tax : Claim of the assessee for deduction for education cess was on a bonafide belief that it was allowable expenditure u/s. 37(1) and h...
Income Tax : Delhi High Court held that Freight Logistic Support Service provided by appellant are not in the nature of Fee for Technical Servi...
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...
Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
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 ...
Names of chronic income tax defaulters would be made public as part of government’s crackdown on tax evasion and black money. Finance Minister Pranab Mukherjee disclosed Sunday that the government was working on a number of strategic initiatives to curb generation of black money and for its detection, including the feasibility and methodology of putting the names of chronic tax defaulters in public domain.
A special court here has awarded four years of rigorous imprisonment(RI) and a fine of Rs 35 lakh to the former Income Tax officer B S Banthia for amassing wealth disproportionate to his known sources of income. The sentence was awarded by the Special Judge (CBI) Shailendra Shukla against Banthia yesterday. The court also awarded two years sentence to his companion, Sushma Shukla and slapped a fine of Rs 1 lakh against her as Banthia had purchased a huge property in her name.
Details of assets and payments received by Indian citizens in several countries have ‘started flowing in’ and are being investigated, Finance Minister Pranab Mukherjee disclosed on Saturday. Information about wealth stashed away in Swiss banks by Indians is expected by the government before the end of the year, he indicated after pointing out that India had signed a Double Taxation Avoidance Treaty with Switzerland.
Institute of Charted Accountants of India, ICAI appeal ed the government to amend the Income Tax Act in order to empower Accountants to examine foreign bank accounts closely in black money cases. Briefing reporters in New Delhi on Friday G Ramaswamy, President of ICAI said that an empowered group has been setup to address the case of illegal money stashed in foreign banks and to accelerate the investigation. ICAI president also said that the newly constituted group will submit its report by next month.
Transpek Si-lox Industry Ltd Vs Dy. CIT (ITAT Ahemdabad)- Mistake apparent from record must be obviously and patent and not something which can be established by a long drawn process of reasoning on points on which there may conceivably be two opinions. A decision on a debatable point of law is not a mistake apparent from the record as held by Honourable Supreme Court in the case of T.S. Balaram, ITO Vs. Volkart Brothers, 82 ITR 50 (SC).
Mother son Jones Limited Vs ITO (ITAT Delhi)- Since the assessee has already surrendered Rs.30 lacs in the four assessment years, three of which are preceding assessment years and during relevant assessment year, the assessee has disclosed Rs. 6,30,000/-.
ACIT Vs Hiren Jaswantrai Shah (ITAT Ahmedabad)- Derivative transactions carried out through stock exchanges from 1 April 2005 to 25 January 2006, which are recognised by the notification issued by the CBDT on 25 January 2006, would be eligible for being treated as non-speculative transactions within the meaning of clause (d) of proviso to s 43(5) and, accordingly, are available for set-off against regular business income.
It is the purpose or the proximity to the purpose, which would determine the character of the asset and, thus, that of the income arising there-from and, consequently, its assessability under the Act, going on to hold that where the amount was deposited in the bank to obtain a letter of credit for purchase of a capital asset (machinery), the interest thereon would only be a capital receipt, which shall go to reduce the cost of the relevant capital asset. The said decisions, in our view, full govern the present case, and the Revenue has misapplied the decisions by the hon’ble jurisdictional high court.
Weizmann Capital Ltd. Vs ACIT (ITAT Mumbai)- The income, which the Assessing Officer initially formed a reason to believe had escaped assessment, has as a matter of fact, not escaped assessment, it is not open to the Assessing Officer independently to assess some other income.
Innovative Steals Pvt. Ltd. Vs ITO (ITAT Delhi)- The word “construction” though mainly connected to the building but it includes within its ambit a bridge under construction building, erection, elevation, establishment, assembly, manufacture, fabrication. It also includes an impressive construction structure, building, edifice, assembly, framework. Therefore, its ambit has not been restricted to only to construction of building.
