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 : Learn about the Lower Deduction Certificate under Sections 197 & 206C(9) of the Income Tax Act. Understand eligibility, applicatio...
Income Tax : Income of minors is clubbed with parents' income unless earned through personal skill or manual work. Tax planning strategies can ...
Income Tax : Understand the revised 2% TDS rate on rent from Oct 1, 2024. Learn the correct rate, avoid overpayments, and claim refunds for exc...
Income Tax : Bombay High Court rules on tax evasion by Buniyad Chemicals, addressing unexplained credits, money laundering, and regulatory acti...
Income Tax : Understand the New Income Tax Bill 2025, key policy changes, structural revisions, and interpretation methods. Learn how these upd...
Income Tax : Learn about new rules restricting TDS/TCS correction statements under Income-tax Act Section 200(3) from April 2025. Key dates and...
Income Tax : CBDT invites stakeholder suggestions on simplifying Income Tax Rules and Forms under the Income Tax Bill, 2025. Submit feedback vi...
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 ...
Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...
Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...
Income Tax : ITAT Pune rules Form 10B filing not mandatory for Section 11/12 exemption claims, citing Gujarat High Court precedent, remands cas...
Income Tax : ITAT Pune allows patent drafting & translation expenses as revenue expenditure u/s 37, overturning lower authority's capital expen...
Income Tax : ITAT Mumbai rules PCIT's revision under Section 263 as erroneous. The tribunal holds non-initiation of penalty proceedings cannot ...
Income Tax : DCIT Vs Meridian Chem Bond Private Limited (ITAT Pune) Does Proving the Three Main Ingredients by Assessee U/S 68 Shift the Burden...
Income Tax : ITAT Bangalore sets aside ex-parte order against senior citizen, ruling that email-only notices denied a fair hearing. Case remand...
Income Tax : Guidelines for Assessing Officers on handling high-risk e-Verification cases under the e-Verification Scheme 2021, including steps...
Income Tax : CBDT allows data sharing with Delhi's IT Dept. for social welfare scheme identification under Income Tax Act Section 138. Read the...
Income Tax : CBDT issues FAQs on revised guidelines for compounding offences under Income Tax Act, 1961. Covers filing procedures, fees, compet...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
ITAT held that Interest received under section 28 of Land Acquisition Act, 1894 is not taxable under section 56(2)(viii) read with sections 57(iv) and 145A of Income Tax Act,1961.
ITAT Ahmedabad held that clause (k) of Rule 6DD specifies that where payment for expenses are made by a person to an agent who is required to make payment in cash on behalf of such person, then rigours of section 40A(3) are not applicable.
ITAT Surat held that Assessing Officer is not entitled to admit or entertain additional claim during the assessment proceedings, however the appellate authority has such jurisdiction to admit such additional claim.
ITAT Pune held that if there was enquiry conducted by the AO even if the enquiry in inadequate there will be no occasion to the Commissioner to exercise the power of revision u/s 263 of the Income Tax Act.
Assessee was entitled to set-off brought forward business loss and unabsorbed depreciation against the dividend income as the non-obstante clause provided in Section 115BBD(1) covered both current year loss as well as brought forward business loss, therefore, Tata Industries was eligible for set off of current year business loss against the foreign dividend income received by it.
ITAT Delhi held that the main objective of the assesses is to carry on the business of letting out of properties and hence the income earned by the assessee from letting out of the property is assessable under the head Income from Business.
ITAT Hyderabad held that if the assessee is not entitled to claim the loss of investment as bad debts, the same cannot be claimed as business loss as per his sweet will.
ITAT Mumbai held that bad debts arising from credit card business would be part and parcel of loss arising in the course of banking business and hence liable as deduction u/s.36(1)(vii) of the Income Tax Act.
Delhi High Court held that loss on account of the Forward Contracts cannot be considered as speculative loss and hence loss on Forward Contracts is allowable as a deduction from the income chargeable to tax even if the Forward Contracts have not closed.
ITAT Kolkata held that company incorporated on 07.11.2012 and valuation of share done on 16.11.2012, therefore share premium on issue of equity share capital and issue of preference share capital are hit by provisions of section 56(2)(viib) of the Income Tax Act and hence addition towards share premium sustained.
