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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 2310 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 198 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 162 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 855 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 516 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 279 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 810 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 360 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 456 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 186 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 198 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 246 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 276 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 6 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 54 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 4581 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


Reopening u/s 148 unsustainable as relevant income already reflected in return

July 18, 2023 1548 Views 0 comment Print

Gujarat High court held that reasons recorded while issuing notice u/s 148 was that capital gain on sale of property was not reflected in return and hence income has escaped assessment. However, factually, capital gain was already reflected in the return and hence it cannot be said that income chargeable to tax has escaped assessment and hence reopening unsustained.

Tax Audit Applicability & Penalties for AY 2023-24

July 18, 2023 232308 Views 7 comments Print

Understand the tax audit applicability for AY 2023-24 for businesses, professionals, and other entities. Learn about penalties for non-compliance and the importance of tax audit compliance.

Registration u/s 12A granted as activities of plastic waste management is covered within limb of ‘Charitable Purpose’

July 18, 2023 1131 Views 0 comment Print

ITAT Chandigarh held that the objective relating to plastic waste management are charitable and activities of Assessee society are genuine as provided u/s 12AA of the Income Tax Act. Accordingly, it is directed to grant registration u/s 12A to the Assessee society.

Reopening of assessment before disposing of objections filed by assessee is unsustainable

July 18, 2023 1713 Views 0 comment Print

ITAT Mumbai held that reopening of assessment prior to disposing of the objections filed by the assessee is unsustainable and bad-in-law.

Rejection of books of accounts merely because of lower gross profit rate is unsustainable

July 18, 2023 1893 Views 0 comment Print

Explore the ITAT Pune ruling on ACIT vs. Omshree Agrotech. Learn why rejection of books under section 145(3) based on gross profit rates is deemed unjustified.

Amendment to Income-tax rule 11UAC – Relocation of Fund & Movable Property

July 18, 2023 2466 Views 0 comment Print

Ministry of Finance amends rule 11UAC of Income-tax Rules 1962, specifically addressing the relocation of funds and movable property  vide Notification No. 51/2023-Income Tax | Dated: 18th July, 2023. Under the Income-tax (Thirteenth Amendment) Rules 2023, a new sub-rule has been inserted in rule 11UAC. This sub-rule pertains to movable property, such as shares or […]

No TDS on amount paid by resident to non-resident for resale of computer software through EULA agreements

July 18, 2023 11625 Views 0 comment Print

ITAT Delhi held that amounts paid by resident Indian to non­resident computer software manufacturers/suppliers, as consideration for the resale/use of the computer software through EULAs/distribution agreements, is not the payment of royalty and hence not taxable in India. Hence, TDS u/s. 195 not deductible.

Enhancement by CIT(A) without providing opportunity to assessee is unsustainable

July 18, 2023 471 Views 0 comment Print

ITAT Delhi held that enhancement by CIT(A) without providing reasonable opportunity of showing cause against the proposed enhancement to the Assessee is unsustainable in law.

Section 12A: Voluntary Corpus Contribution by Unregistered Trust Not Taxable

July 18, 2023 2475 Views 0 comment Print

ITAT Ahmedabad rules that voluntary contributions received towards a trust’s corpus by an unregistered trust under Section 12A are capital receipts and therefore, not taxable. Explore more about this landmark decision.

Non-Filing of Audit Report (Form 10B) Not an Impediment for Exemption Claims

July 18, 2023 11709 Views 0 comment Print

Detailed analysis of the ITAT Ahmedabad’s ruling in the Hari Gyan Pracharak Trust Vs DCIT case, highlighting the importance of procedural and substantive aspects of audit report filing.

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