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 : New Income Tax Bill 2025, replacing the 1961 act, focuses on simplification and clarity. Learn about the key changes and retained...
Income Tax : Understand key changes in proposed Income Tax Bill 2025. This FAQ covers definitions, tax year, non-profits, exemptions, salary, h...
Income Tax : Learn about the simplification, stakeholder consultation, and structural reforms in the new Income-Tax Bill aimed at reducing redu...
Income Tax : Explore the key takeaways of the New Income Tax Bill 2025, including structural changes, simplified provisions, and updates in tax...
Income Tax : Learn about unexplained cash credits under Section 68, tax implications, key legal cases, and compliance requirements to avoid pen...
Income Tax : Income-Tax Bill 2025 simplifies tax laws by reducing sections, chapters, and words while ensuring no policy or tax rate changes. K...
Income Tax : Explore the section mapping of the New Income-Tax Bill 2025, comparing provisions with the Income-Tax Act, 1961. See key changes, ...
Income Tax : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
Income Tax : Analysis of income tax return filings in India over five years, including trends, zero-tax cases, and government initiatives to en...
Income Tax : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...
Income Tax : Allahabad HC quashes two Section 154 tax orders, citing laconic reasoning and violation of natural justice. Fresh hearing ordered....
Income Tax : Supreme Court dismisses Bihar Police Building Construction Corporation's tax appeal due to significant delay....
Income Tax : Patna High Court rules interest earned on government grants for construction is taxable income, not capital receipt....
Income Tax : Supreme Court dismisses tax case due to delay and lack of merit. Bombay High Court quashes reassessment notice against Teleperfor...
Income Tax : Bombay High Court quashes reassessment notice in Teleperformance case due to lack of application of mind in granting approval unde...
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 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
Fixed deposit holders will not be allowed to avail any credit against taxes paid on their interest earnings if banks do not quote their PAN numbers. Many fixed deposit holders could be left in lurch as income tax department has tightened rules on TDS or tax deducted at source. Banks are supposed to cut tax at source for interest income above Rs 10,000. But in 2005-06 less than half of non-salaried income had PAN numbers and in future these will not be eligible for refunds.
1. These appeals under Section 260A of the Income Tax Act, 1961 (“the Act” hereinafter referred to as), are filed against the common order dated December 31, 2001, passed by the Income Tax Appellate Tribunal, Bangalore Bench, in three batches of appeals relating to orders under Sections 201(1), 201(1A) and 271C relating to the assessment years 1992-93 to 1996-97.
The court ruled that a duty may be enjoined on the taxpayer to make correct disclosure of income but if such a disclosure is based on opinion of an expert, (a registered valuer in this case) only because his opinion is not accepted or another expert gives a contrary opinion, same by itself may not be sufficient for arriving at conclusion that the taxpayer has furnished inaccurate information warranting penalty.
Notification No. 233 – Income Tax In exercise of the powers conferred by section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following further amendment to the Notification of the Government of India, Ministry of Finance, (Department of Revenue), Central Board of Direct Taxes, number S.O. 888(E) dated the 17th September, 2001, namely
Notification No. 232 – Income Tax In exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following further amendment to the Notification of the Government of India, Ministry of Finance and Company Affairs (Department of Revenue), number SO. 279(E) dated the 12th March, 2003, namely
The approved organization shall maintain a separate statement of donations received and amounts applied for scientific research and a copy of such statement duly certified by the auditor shall accompany the report of audit referred to above.
The approved organization shall maintain a separate statement of donations received and amounts applied for scientific research and a copy of such statement duly certified by the auditor shall accompany the report of audit referred to above.
Notification No. 229 – Income Tax It is hereby notified for general information that the organization Matrivani Institute of Experimental Research and Education, Kolkata has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), with effect from 1.4.2004
Notification No. 228 – Income Tax It is hereby notified for general information that the organization Mudra Foundation for Communication, Research & Education, Ahmedabad has been approved by the Central Government for the purpose of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5E of the Income-tax Rules, 1962 (said Rules) with effect from
Court noted that basic requirement of Sec.53A of TPA is a written agreement and Sec.2(47)(v) can be invoked only if conditions laid out in Sec.53A are fulfilled. In the instant case there was neither any written agreement between the Assessee and builder nor any consideration received by her thus 53A of TPA can’t come into play as a result of which 2(47)(v) can’t be invoked. Thus it held that there was no transfer in the instant case within the meaning of Sec.2(47)(v) of the Act and since there is no transfer, question of resulting profit and capital gain doesn’t arise.
