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...
This Article covers Income Tax Act Provisions that are related to carry forward and set off of losses. All Losses arising from exempted sources of income cannot be adjusted against taxable income. If an income source is exempt, then the loss cannot be set off against any income that is taxable.
Shri Kamal H. Shah Vs ITO (ITAT Mumbai) Undisputedly, the assessee has failed to prove genuineness of purchases and the authenticity of the dealers in both the impugned assessment years. The notices sent to the dealers under section 133(6) of the Act on the addresses furnished by the assessee by the Assessing Officer were received […]
M/s. Vaghasiya Exports Vs Pr. CIT (ITAT Mumbai) Ld. AO was clinched with the issue of suspicious purchases made by the assessee from various entities of tainted group. In fact, it is the only addition made in the assessment order. Specific queries were raised requiring the assessee to substantiate the purchases under suspicion. The assessee […]
Pardesi Developers Private Limited Vs National Faceless Assessment Centre (Delhi High Court) Assessment—Faceless assessment—Draft assessment order passed without issue of show-cause notice—In the present case no prior show-cause notice as well as draft assessment order had been issued, there is a violation of principles of natural justice as well as mandatory procedure prescribed under “Faceless […]
It is settled law that the first appellate authority has all the powers of the AO and may, therefore, admit evidence which was not made available to the Assessing Officer, except where the assessee had ample opportunity but such evidence was willfully withheld. Where such fresh evidence is offered by either party the other party […]
New Income Tax Regime, Section – 115BAC, Income-tax Act, 1961 Tax on income of individuals and Hindu undivided family under new Income Tax Regime: Below is quoted the section 115BAC of Income Tax Act 1961 115BAC. (1) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, the income-tax payable in respect […]
There are few transactions which are tracked by the Income tax departments. I have just made a short snippet of it for the views to understand it without any technicality. ____ ___ ____ Transactions monitored by Income tax department 1. Cash deposit/withdrawal in financial year in one or more accounts Rs 10 Lakhs: Savings Account […]
In M.M. Aqua Technologies Ltd. Vs. CIT [CIVIL APPEAL NOS.4742-4743 OF 2021 dated August 11, 2021], the issue raised in the appeal is with respect to Section 43B Explanation 3C of the Income Tax Act, 1961 (IT Act) when a claim of deduction filed by M.M. Aqua Technologies Limited (Appellant) under Section 43B, which was […]
Krishna Gopal Tiwary & Anr. Vs Union of India (Supreme Court) What is exempt from the Income Tax Act is the amount of gratuity received under the Gratuity Act to the extent it does not exceed an amount calculated in accordance with the provisions of sub-sections (2) and (3) of Section 4 of the Gratuity […]
Bharat Agro Industries Vs ITO (ITAT Raipur) The first allegation concerns infringement of Section 40A(3) of the Act and consequent applicability of Section 40(a)(ia) of the Act. In this regard, it is the case of the assessee that purchases were made from villagers/Tribals who are procuring the seeds and supplying the same to the assessee. […]
