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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


Section 194H Applicability on Commission of E-Commerce Operators

Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...

February 11, 2025 48 Views 0 comment Print

Budget 2025 Amendments to Section 72A: Impact on Tax Loss Carry-Forward

Income Tax : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...

February 11, 2025 63 Views 0 comment Print

Nil Tax Up To Rs. 12 Lakhs Income (FY 2025-26); Tax Computation With Illustrations & FAQs

Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...

February 11, 2025 2934 Views 0 comment Print

Enhanced Limits for Partners Remuneration: Section 40(b) & 194T

Income Tax : Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective A...

February 11, 2025 1794 Views 0 comment Print

2 Residential Houses: Income Tax issue simplified in budget 2025-26?

Income Tax : Budget 2025 has brought significant simplification in the tax treatment of house properties, particularly for self-occupied proper...

February 10, 2025 1500 Views 0 comment Print


Latest News


Reminder for Filing TDS Statement 26Q for Q2 FY 2024-25

Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...

February 8, 2025 10371 Views 2 comments Print

Union Cabinet Approves New Income Tax Bill 2025 to Replace 1961 Act

Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...

February 8, 2025 12876 Views 1 comment Print

CBI Files Case Against 3 Tax Officials, 5 CAs for Sabotaging Faceless Tax Scheme

Income Tax : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...

February 7, 2025 12264 Views 0 comment Print

India’s Tax Arrears Reach ₹42.64 Lakh Crore

Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...

February 6, 2025 42 Views 0 comment Print

Decriminalization of Minor Direct Tax Offenses in India

Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...

February 6, 2025 66 Views 0 comment Print


Latest Judiciary


No Foreign Tax Credit Denial for Filing Belated Form 67: ITAT Pune

Income Tax : ITAT Pune rules that late filing of Form 67 does not bar foreign tax credit under Section 90. Read about the case of Shashank Sada...

February 11, 2025 33 Views 0 comment Print

Non-Consideration of Grounds & Inadequate Hearing: ITAT Remands Case to CIT(A)

Income Tax : ITAT Ahmedabad sets aside CIT(A)'s dismissal of appeal due to non-appearance, directing fresh consideration with a proper hearing ...

February 11, 2025 252 Views 0 comment Print

₹2.44 Crore Cash Deposit addition: ITAT orders Fresh Adjudication

Income Tax : ITAT Bangalore remits the case of Gold Palace Jewellers back to CIT(A) for fresh consideration, citing a 4-year delay and lack of ...

February 11, 2025 159 Views 0 comment Print

ITAT Upholds CIT’s Section 263 Invocation on Genuineness of Receipts & Expenditures

Income Tax : ITAT Pune confirms CIT's order under Section 263, finding errors in reassessment proceedings for Gourishankar Education Society. A...

February 11, 2025 87 Views 0 comment Print

Section 68 Limited to Current Year Cash Credits: ₹2 Cr Addition Deleted

Income Tax : ITAT Mumbai rules in favor of B. Braun Medical India, deleting ₹2 Cr addition u/s 68, citing it as an advance payment, not unexp...

February 11, 2025 171 Views 0 comment Print


Latest Notifications


Income Tax Act: Bhaikaka University Approved for Research

Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...

February 11, 2025 123 Views 0 comment Print

Income Tax Act: Section 285 Notification for Liaison Office Statement Filing

Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...

February 10, 2025 246 Views 0 comment Print

Income-Tax Rule 2F Amended for Infrastructure Debt Funds

Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...

February 7, 2025 246 Views 0 comment Print

CBDT Shares Taxpayer Data for PMGKAY Eligibility

Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...

February 4, 2025 2577 Views 0 comment Print

Finance Bill, 2025 – Budget 2025 (Read Full)

Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...

February 1, 2025 5307 Views 0 comment Print


No penalty for not maintaining books – Calculation of Turnover from Derivative Transaction – Debatable issue – Reasonable cause

September 7, 2020 2175 Views 0 comment Print

Vijay Kumar Jain Vs ITO (ITAT Jaipur) At the outset, we note that this Tribunal has taken a consistent view that the turnover in respect of derivative transactions has to be computed by taking the total sum of positive and negative outcome of the transactions instead of the total amount of transaction. Accordingly, when the […]

Mutual Exchange Procedure remedy, Kenya – France DTA

September 7, 2020 906 Views 0 comment Print

The mutual exchange procedure was invoked in the Kenya France DTA in the case analysed below. This is an interesting remedy that taxpayers in Kenya should adopted regularly. This is especially taxpayers making payment to a country which Kholds a Doubel Tax Agreement with Kenya. Kenya has 15 effective Double Tax Agreements. This includes Kenya […]

Notice under section 142(1) of Income Tax Act 1961

September 7, 2020 146103 Views 5 comments Print

1) Rationale behind introduction of Section 142 in the Act: ♦ Assessee fails to file the ROI within due date u/s 139(1) is expose to risk of Best Judgment Assessment us 144 of the Act. ♦ It would be unfair for him if after the due date revenue directly proceed for assessment us 144 without […]

Tax Treaties and Investments Made Outside India

September 7, 2020 2250 Views 0 comment Print

Nations around the world engage in many kinds of agreements related to financial matters. Such treaties and agreements prove to be beneficial for the residents (individuals as well as business entities) of those countries who are active parties in the agreement. They can provide a tax credit, tax exemptions, and an overall cut in the […]

Reopening of Assessment for mere Difference in Valuation Report Not Justified

September 7, 2020 2844 Views 0 comment Print

The issue under consideration is whether the issue of notice u/s 147 for re-opening of assessment on the basis of difference in valuation report is justified in law?

Cash expense disallowable U/s. 40A(3) if no sufficient cause

September 7, 2020 2100 Views 0 comment Print

Assessee couldn’t demonstrate with cogent evidences that there was business expediency or sufficient cause for such cash payment. Assessee failed to prove that the case was covered in the exception clause as provided under section 40A(3) read with Rule 6DD.

Income tax Changes and Points to take care

September 6, 2020 96288 Views 18 comments Print

♦ If you are paying more than Rs.50 lakhs to any resident person for any professional / commission or contract work – You need to deduct 5% TDS irrespective of facts that expense is personal or business. For e.g. Assume you wants to construct a residential house and you hire a contractor and pays more […]

Rules on interpretation of tax legislation in Kenya

September 6, 2020 5103 Views 0 comment Print

A. Introduction The rules on interpretation of tax legislation are important to understand as they play a key role in the outcome of tax disputes in Kenya. Chinese companies operating in Kenya would greatly benefit from this knowledge. The thesis considers several High Court decisions on the issue. It then considers possible queries that arise […]

Extend due date of filing Income Tax Returns & Tax Audit Report

September 6, 2020 108123 Views 42 comments Print

Federation shall, therefore, be most grateful if the date of filing of the tax audit reports for the A.Y 2020-21 is extended by three months i.e from 31st October 2020 to 31st January 2021, and for filing the income tax returns by four months i.e from 30th November 2020 to 31st March 2021.

Income Tax Faceless Assessment Procedure

September 6, 2020 9777 Views 1 comment Print

Introduction ♠ The Hon’ble PM Shri Narendra Modi dreamed of corruption free India taking help of Information and Technology and conceived the idea of Digital India. ♠ In a national Conclave of Tax officials, he desired to introduce a faceless assessment scheme with a view to help honest taxpayers and impart greater efficiency, transparency & […]

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