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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


Reimbursement of actual expenditure incurred is not income of employee

Income Tax : Reimbursement of expenses, scholarships, and stipends are not considered taxable income, as clarified by various High Court ruling...

December 12, 2024 51 Views 0 comment Print

Why Tax Saving FD is a Popular Investment for Risk-Averse Investors

Income Tax : A tax saving FD not only offers a reliable way to save but also provides significant tax benefits, making it a dual-purpose invest...

December 12, 2024 285 Views 0 comment Print

Arbitrary Rejections of Section 154 Rectification Requests Challenge Taxpayers

Income Tax : The recent rejection of a rectification request under Section 154 of the Income Tax Act, 1961, by the Income Tax Department withou...

December 12, 2024 339 Views 0 comment Print

Resolving Customer Complaints: A Banker’s Experience

Income Tax : Discover how a banker resolved a longstanding customer complaint through effective communication, empathy, and attentive listening...

December 10, 2024 321 Views 0 comment Print

Income Tax Implications on Sale of Property in India

Income Tax : Understand capital gains tax, exemptions under Sections 54/54F, TDS rates, and tax filing requirements for property sales in India...

December 10, 2024 2046 Views 0 comment Print


Latest News


No Corporate Tax Written Off by Government (FY 2019-20 to FY 2024-25)

Income Tax : The government responds to queries on corporate tax, including notices, prosecutions, and collections over the past five years....

December 11, 2024 285 Views 0 comment Print

Representation & Suggestions on Direct Tax Vivad Se Vishwas Scheme 2024

Income Tax : KSCAA raises concerns and provides suggestions for improving the Direct Tax Vivad Se Vishwas Scheme 2024 to the CBDT....

December 11, 2024 3003 Views 0 comment Print

Govt. Clarifies Tax Exemption for STs, No New Proposals

Income Tax : Govt. confirms no changes to the process of tax exemptions for STs in Meghalaya, clarifying no certificates are needed to claim ex...

December 6, 2024 219 Views 0 comment Print

CBI Arrests Two Income Tax Employees in Bribery Case

Income Tax : CBI arrests two Income Tax employees in Silchar for accepting Rs. 4,000 bribe as part of a Rs. 10,000 demand for PAN card closure....

December 6, 2024 378 Views 0 comment Print

Women Income Tax Filers in India: State-wise Data

Income Tax : State-wise details of women income tax filers from 2019 to 2024 show a steady increase in participation across India....

November 28, 2024 1434 Views 0 comment Print


Latest Judiciary


Addition of entire cash deposits as unexplained income not justified: ITAT Ahmedabad

Income Tax : ITAT Ahmedabad held that addition of all the cash deposits as unexplained income without giving credit for the withdrawal not just...

December 12, 2024 288 Views 0 comment Print

Reopening Based on Internal Audit Memo Unsustainable Before Section 148 Amendment: ITAT Mumbai

Income Tax : ITAT Mumbai held that the internal audit memo is outside the scope and ambit of the term “information” as provided in Explanat...

December 12, 2024 162 Views 0 comment Print

Disallowance of Loss on Tools & Dies Sales Based on Surmises Unsustainable: Delhi HC

Income Tax : It is settled law that the AO cannot supplant its view as to the commercial expediency of transactions in place of that of the Ass...

December 12, 2024 168 Views 0 comment Print

TDS credit restricted in proportion of income returned to tax: ITAT Ahmedabad

Income Tax : ITAT Ahmedabad uphold the CIT(A) order restricting TDS credit in proportion of income returned to tax. Accordingly, appeal of the ...

December 11, 2024 456 Views 0 comment Print

Addition u/s. 41(1) not justified in absence of evidence of cessation of liability: Delhi HC

Income Tax : Delhi High Court held that there was no evidence of cessation of liability thus addition under section 41(1) of the Income Tax Ac...

December 11, 2024 231 Views 0 comment Print


Latest Notifications


Amendment to Income Tax Notification No. 44/2020

Income Tax : CBDT amends Notification No. 44/2020 under Section 10(23FE) of Income-tax Act. Changes take effect from publication in the Officia...

December 12, 2024 579 Views 0 comment Print

Income Tax: Tamil Nadu Courts Designated for Black Money Act Cases

Income Tax : Notification designates special courts in Tamil Nadu under the Income Tax Act, 1961, and Black Money Act, 2015, for specific distr...

December 11, 2024 123 Views 0 comment Print

IIIT Hyderabad Approved for Section section 35(1)(ii) Scientific Research Tax Benefits

Income Tax : The Ministry of Finance grants approval to IIIT Hyderabad for scientific research under the Income Tax Act, effective from 2024-25...

December 4, 2024 192 Views 0 comment Print

Functionality to pass Assessment orders in Assessment Module of ITBA

Income Tax : Overview of steps in the ITBA Assessment Module for passing assessment orders, including income computation, feedback, and order g...

December 4, 2024 3474 Views 0 comment Print

Section 92E Income Tax Return Due Date Extended to 15th December 2024

Income Tax : CBDT extends the due date for filing income tax returns under section 92E for AY 2024-25 from 30th November 2024 to 15th December ...

November 30, 2024 7290 Views 0 comment Print


Latest Posts in Income Tax

Reimbursement of actual expenditure incurred is not income of employee

December 12, 2024 51 Views 0 comment Print

Reimbursement of expenses, scholarships, and stipends are not considered taxable income, as clarified by various High Court rulings under Section 10(16).

Addition of entire cash deposits as unexplained income not justified: ITAT Ahmedabad

December 12, 2024 288 Views 0 comment Print

ITAT Ahmedabad held that addition of all the cash deposits as unexplained income without giving credit for the withdrawal not justified. Accordingly, matter restored back to the file of AO for de novo consideration.

Why Tax Saving FD is a Popular Investment for Risk-Averse Investors

December 12, 2024 285 Views 0 comment Print

A tax saving FD not only offers a reliable way to save but also provides significant tax benefits, making it a dual-purpose investment. This article delves into why this option resonates with risk-averse investors and how tools like an FD calculator can help plan your finances effectively.

Reopening Based on Internal Audit Memo Unsustainable Before Section 148 Amendment: ITAT Mumbai

December 12, 2024 162 Views 0 comment Print

ITAT Mumbai held that the internal audit memo is outside the scope and ambit of the term “information” as provided in Explanation 1 to section 148 of the Act, prior to its amendment by the Finance Act, 2022. Accordingly, reopening of proceedings liable to be quashed.

Amendment to Income Tax Notification No. 44/2020

December 12, 2024 579 Views 0 comment Print

CBDT amends Notification No. 44/2020 under Section 10(23FE) of Income-tax Act. Changes take effect from publication in the Official Gazette.

Arbitrary Rejections of Section 154 Rectification Requests Challenge Taxpayers

December 12, 2024 339 Views 0 comment Print

The recent rejection of a rectification request under Section 154 of the Income Tax Act, 1961, by the Income Tax Department without providing any explanation has drawn criticism. This lack of transparency poses significant challenges for taxpayers. When errors occur in tax returns, Section 154 provides a mechanism for rectification. However, the arbitrary rejection of […]

Disallowance of Loss on Tools & Dies Sales Based on Surmises Unsustainable: Delhi HC

December 12, 2024 168 Views 0 comment Print

It is settled law that the AO cannot supplant its view as to the commercial expediency of transactions in place of that of the Assessee. In the present case, the AO’s decision to disallow the loss is based on surmises and assumptions.

No Corporate Tax Written Off by Government (FY 2019-20 to FY 2024-25)

December 11, 2024 285 Views 0 comment Print

The government responds to queries on corporate tax, including notices, prosecutions, and collections over the past five years.

TDS credit restricted in proportion of income returned to tax: ITAT Ahmedabad

December 11, 2024 456 Views 0 comment Print

ITAT Ahmedabad uphold the CIT(A) order restricting TDS credit in proportion of income returned to tax. Accordingly, appeal of the assessee dismissed. TDS credit was restricted to the tune of TDS pertaining to the income returned to tax in the impugned year and the balance credit was accordingly disallowed.

Representation & Suggestions on Direct Tax Vivad Se Vishwas Scheme 2024

December 11, 2024 3003 Views 0 comment Print

KSCAA raises concerns and provides suggestions for improving the Direct Tax Vivad Se Vishwas Scheme 2024 to the CBDT.

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