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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


Bombay HC Cracks Down on Tax Evasion Scheme in Buniyad Chemicals Case

Income Tax : Bombay High Court rules on tax evasion by Buniyad Chemicals, addressing unexplained credits, money laundering, and regulatory acti...

March 20, 2025 2739 Views 0 comment Print

New Income Tax Bill, 2025 – How one should Read & Interpret a Law

Income Tax : Understand the New Income Tax Bill 2025, key policy changes, structural revisions, and interpretation methods. Learn how these upd...

March 20, 2025 279 Views 0 comment Print

Analysis of Impact & Effectiveness of Bilateral Investment Treaties

Income Tax : Article explores effectiveness and influence of Bilateral Investment Treaties (BITs) on FDI flows with particular emphasis within ...

March 20, 2025 165 Views 0 comment Print

Deductions Under Section 57 of Income Tax Act, 1961

Income Tax : Learn about deductions allowed under Section 57 of the Income Tax Act, 1961, for income from other sources, including family pensi...

March 19, 2025 924 Views 0 comment Print

Taxation On Online Gambling in India: A Win or Lose for Industry?

Income Tax : This blog explores the implications of this tax policy, the distinction between games of skill and chance, the applicability of Ta...

March 19, 2025 522 Views 0 comment Print


Latest News


CBDT Seeks Input on Draft Income Tax Rules & Forms

Income Tax : CBDT invites stakeholder suggestions on simplifying Income Tax Rules and Forms under the Income Tax Bill, 2025. Submit feedback vi...

March 19, 2025 282 Views 0 comment Print

Direct Tax & Advance Tax Collections for F.Y. 2024-25 as on 16.03.2025

Income Tax : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...

March 17, 2025 606 Views 0 comment Print

CBDT Clarifies Guidance on Principal Purpose Test (PPT)

Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...

March 17, 2025 822 Views 0 comment Print

Corporate Tax Collection Trends & Foreign Investment Policies

Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...

March 16, 2025 111 Views 0 comment Print

Impact of New Income Tax Bill 2025 on Compliance & Revenue

Income Tax : The Income Tax Bill 2025 aims to simplify tax laws with no major policy changes. It enhances clarity, reduces ambiguities, and ali...

March 16, 2025 372 Views 0 comment Print


Latest Judiciary


ITAT Dismisses Revenue’s Appeal as Tax effect was Below Rs. 60 Lakh

Income Tax : ITAT Ahmedabad dismisses ITO's appeal against Sun Gold Capital Ltd due to low tax effect under CBDT Circular 09/2024. Key issues i...

March 20, 2025 555 Views 0 comment Print

ITAT upholds Section 263 revision order, treating VRS benefits as taxable

Income Tax : Analysis of ITAT Ahmedabad's ruling in Rakesh Saxena Vs PCIT. The tribunal upheld the revision order, treating VRS benefits as tax...

March 20, 2025 204 Views 0 comment Print

Non-Resident Can’t Be Expected to Monitor Tax Portal After 8 Years, HC Sets Aside Assessment Order for Improper Notice

Income Tax : Madras High Court quashes assessment order citing lack of proper notice and violation of natural justice for a non-resident taxpay...

March 20, 2025 225 Views 0 comment Print

Section 245 Income Tax refund adjustments must adhere to principles of natural justice

Income Tax : Bombay HC quashed Trent Ltd.’s tax refund adjustment under Section 245 of the IT Act, citing a violation of natural justice. Rev...

March 20, 2025 285 Views 0 comment Print

Tax reassessment based on a cancelled PAN was invalid: ITAT Pune

Income Tax : ITAT Pune dismisses revenue appeal, upholding CIT(A)'s decision that a tax reassessment based on a cancelled PAN was invalid....

March 20, 2025 339 Views 0 comment Print


Latest Notifications


High-Risk e-Verification Cases: Instructions for AOs

Income Tax : Guidelines for Assessing Officers on handling high-risk e-Verification cases under the e-Verification Scheme 2021, including steps...

March 20, 2025 18 Views 0 comment Print

CBDT allows data sharing with Delhi’s IT Dept. for social welfare scheme identification

Income Tax : CBDT allows data sharing with Delhi's IT Dept. for social welfare scheme identification under Income Tax Act Section 138. Read the...

March 19, 2025 57 Views 0 comment Print

CBDT FAQs on Revised Guidelines for Compounding Offences

Income Tax : CBDT issues FAQs on revised guidelines for compounding offences under Income Tax Act, 1961. Covers filing procedures, fees, compet...

March 18, 2025 4632 Views 0 comment Print

CBDT notifies Power Finance Corp Zero Coupon Bond under section 2(48)

Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...

March 11, 2025 1122 Views 0 comment Print

High-Risk and Non PAN Transaction Cases: Insight Portal Guidelines

Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...

March 7, 2025 720 Views 0 comment Print


Writ jurisdiction cannot be invoked for a second section 154 rectification application as order is appealable

July 22, 2023 867 Views 0 comment Print

In S.P. Paper Packaging Pvt Ltd Vs Union of India, the Calcutta High Court rules that the writ jurisdiction cannot be invoked for a second rectification application under section 154 of the Income Tax Act, 1961, as the order is appealable.

No reassessment of Completed/Unabated Assessments Without Incriminating Material: SC

July 22, 2023 3840 Views 0 comment Print

The Supreme Court’s ruling sets a precedent on reassessment proceedings, stating no action will be taken on completed or unabated assessments without incriminating material.

Section 11 exemption cannot be denied for Delayed Form 10B submission

July 22, 2023 1635 Views 0 comment Print

Discover the details of the ITAT Kolkata ruling in the case of India Industrial Mission Vs DCIT regarding the delay in filing Form 10B and the implications for exemption under Section 11 of the Income-tax Act.

ITAT Upholds Enhanced Addition for Unsubstantiated Advertising & Marketing Expenses

July 22, 2023 459 Views 0 comment Print

The ITAT Delhi has upheld the enhanced addition of Advertising & Marketing Expenses in the case of HPL Additives Ltd Vs DCIT, citing the failure to substantiate the business purpose of the expenses.

Section 43B: Custom duty allowable in the year of payment

July 21, 2023 1539 Views 0 comment Print

The tribunal observed that the liability to pay the Customs Duty had crystallized during the relevant year, as the company could not fulfill its export obligation. Therefore, the deduction of the Customs Duty was allowable in the same year. The ITAT Chennai cited Section 43B of the Income Tax Act, which allows deductions for statutory dues in the year of payment, irrespective of the accounting method followed by the assessee.

Section 80EEB – Deduction for Electric Vehicle (EV) Loan Interest

July 21, 2023 26265 Views 1 comment Print

Explore the benefits of Section 80EEB, providing a deduction for interest paid on loans for Electric Vehicles (EVs). Understand the eligibility criteria, quantum of deduction, and conditions for availing this tax benefit. Stay informed about the latest tax incentives as India pushes for a 30% EV replacement by 2030.

Taxation on Cryptocurrency in India: An Overview

July 21, 2023 3195 Views 1 comment Print

Navigate the complexities of cryptocurrency taxation in India with this comprehensive overview. Explore the classification, tax implications for trading, mining, salary, and GST on cryptocurrencies. Understand the reporting requirements and stay informed on the evolving tax landscape. Disclaimer: Consult a qualified tax professional for personalized advice.

End to End Taxation on Shares [SIMPLIFIED]

July 21, 2023 1908 Views 1 comment Print

Unlock the complexities of Income Tax on Shares in this comprehensive guide. Explore classifications, Capital Gains, PGBP, and navigate 44AD, 44AB, and Regular provisions. Understand taxation on listed shares for both delivery-based and non-delivery-based trading. Gain practical insights on reporting, tax rates, and effective strategies for profits and losses.

Addition for under valuation of closing stock without corresponding adjustment in opening stock is unsustainable

July 21, 2023 2040 Views 0 comment Print

ITAT Kolkata held that making the addition for under valuation of closing stock for not adding making charges specifically for the year under appeal cannot be held to be justified unless and until corresponding adjustment is made for the opening stock. Accordingly, addition deleted.

De novo adjudication ordered as CIT(A) passed ex-parte order due to non-appearance

July 21, 2023 2265 Views 0 comment Print

ITAT Mumbai held that CIT(A) has passed the order ex-parte due to the non-appearance of/on behalf of the assessee. Accordingly, de novo adjudication ordered as CIT(A) didn’t rendered any finding on merits.

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