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 faceless tax assessment scheme in India faces legal disputes over jurisdiction between JAO and FAO. Learn about key court ruli...
Income Tax : Budget 2025 raised the Section 87A rebate limit to ₹12 lakh but restricted its use on special rate income. Learn about key chang...
Income Tax : Understand the updated TDS rates for FY 2025-26 (AY 2026-27). Comprehensive chart covering salary, interest, dividends, rent, and ...
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...
Income Tax : Income tax bill, 2025 aims to replace Income Tax Act, 1961, simplifying tax laws. Questions arise about its impact on revenue, lit...
Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...
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 : ITAT Ahmedabad ruled that mere suspicion cannot justify tax additions, deleting an Rs. 18 lakh addition in a property investment d...
Income Tax : Karnataka High Court held that TDS is not deductible on payment to non-residents for advertisements in several social medias like ...
Income Tax : ITAT Mumbai removes addition in Kamal Clearing & Forwarding case, ruling that income was already declared and no evidence of money...
Income Tax : ITAT Lucknow held that cash deposits out of the past savings during demonetization being reasonable and as per social standing of ...
Income Tax : ITAT Bangalore held that delay in cash deposits, during demonetization, due to unforeseen circumstances like laxmi pooja and staff...
Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
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...
Recently CBDT instructed vide Instruction No. 5/2011 dated 30 March, 2011 to Assessing Officers (AO) and the Transfer Pricing Officers (TPO) to look into technical evidence involved in a tax or transfer pricing case by seeking assistance in the form of opinion from technical experts in the relevant subject matter for expeditious disposition of such cases especially where there are substantial amounts of taxes at stake. This instruction follows from the directions provided by the Supreme Court in its ruling in the case of CIT v.Bharati Cellular Ltd. [2010-TI1-05-SC-INTL] wherein the Supreme Court emphasised on the need to rely upon the opinion from technical experts in cases involving complex technical matters so that Appellate forums are able to “decide the legal issues based on the factual foundation” of a case. The CBDT Instruction seeks to set out a broad framework on how technical experts can be consulted to provide their opinion on technical matters involved in a tax or transfer pricing case.
Mohan Meakin Limited vs. CIT (Delhi High Court) – Merely because the claim was not made out under one particular provision of the Act, but was so made out under another provision of law, the assessee could not be debarred to raise such legal question. It is legally permissible to raise question of deduction under Section 37 of the Act even if it was not raised before the authorities below.
Competition watchdog CCI has issued a show cause notice to the National Stock Exchange (NSE) asking why a penalty should not be imposed for its unfair trade practices in connection with currency derivatives trading . The commission has found NSE guilty of violating Section 4 of the Competition Act, which is abuse of dominant position, according to a source in the CCI.
India today signed a Double Taxation Avoidance Agreement (DTAA) with the Republic of Colombia for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. The Agreement was signed by Shri Sudhir Chandra, Chairman, Central Board of Direct Taxes on behalf of the Government of India and by Mr. Juan Alfredo Pinto Saavedra, Ambassador of the Republic of Colombia to India, on behalf of the Republic of Colombia.
Haryana Governor Jagnnath Pahadia today urged the officers of Indian Revenue Service (IRS) to curb the menace of hoarding and pilferage of taxes, according to an official release. The Governor was speaking at a function to give away completion certificates of the On-the-Job-Training Course to the 64th Batch of Probationer Officers of Indian Revenue Service (IRS) at Haryana Raj Bhavan here today, said the release.
Notification No. 26/2011 – Income Tax Whereas, an Agreement between the Government of Republic of India and the Government of the Isle of Man for the Exchange of Information with respect to taxes was signed at London on the 4th day of February, 2011; And whereas, the date of entry into force of the said Agreement is the 17th day of March, 2011, being the date of later of the notifications of completion of the procedures as required by the respective laws for entry into force of the said Agreement, in accordance with paragraph 2 of article 13 of the said Agreement;
Notification No. 25/2011 – Income Tax Whereas, an Agreement between the Government of the Republic of India and the Government of the Commonwealth of The Bahamas for the Exchange of Information with respect to taxes was signed at Nassau, Bahamas on the 11th day of February, 2011 (hereinafter referred to as the said Agreement);
The government has collected an unprecedented Rs. 7.90 lakh crore in taxes in 2010-11 while refunds worth Rs. 74,000 crore have been issued during the fiscal, Finance Minister Pranab Mukherjee said on Wednesday. There has been an unprecedented collection of tax revenues in the financial year 2010-11. Against an initial aggregate target of Rs. 7,45,000 crore that we revised to Rs. 7,82,000 crore, the total collections stand at nearly Rs. 7,90,000 crore, Mukherjee said in a commendation letter to CBDT Chairman Sudhir Chandra.
Transfer pricing cases will now be subject to audit by the Comptroller and Auditor General (CAG) of India, Director General of Income Tax (DGIT) RN Dash said while addressing a seminar organised by Assocham. Multinational corporations often use transfer pricing as a tool to shift cost of input from one country to another to avoid payment of taxes in nations with high incidence of taxes. India has been trying to tighten the transfer pricing regulations to prevent tax evasion.
Notification No. 24/2011 – Income Tax In exercise of the powers conferred by clause (b) of rule 6 of Part A of the Fourth Schedule to the Income-tax Act, 1961 (43 of 1961), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2091(E), dated the 26th August, 2010, the Central Government hereby fixes, with effect from the 1st day of September, 2010, 9.5 per cent., as the rate referred to in the said clause.
