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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


Legal and Tax Concept Differentiators

Income Tax : Understand key differences between legal and tax terms like Act vs Rule, Exemption vs Deduction, TDS vs TCS, and more for better c...

April 25, 2025 57 Views 0 comment Print

ITAT Mumbai deletes ₹103 Crore Addition for Auto Driver

Income Tax : ITAT Mumbai ruled in favor of an auto-rickshaw driver, rejecting a ₹103 Crore income addition, citing insufficient investigation...

April 25, 2025 3300 Views 0 comment Print

Luxury Now Comes With Tax! All You Need to Know About 1% TCS on Luxury Goods

Income Tax : Understand the new 1% TCS on luxury goods above ₹10 lakh in India, effective April 2025. Learn which items are included, implica...

April 25, 2025 267 Views 0 comment Print

TCS on Luxury Goods: New Tax Rules in India

Income Tax : Learn about India's TCS on luxury goods. Effective April 2025, 1% TCS applies to sales over ₹10 lakh for watches, art, yachts, a...

April 24, 2025 3762 Views 0 comment Print

FAQs on TCS on Luxury Goods: New Rules & Items (₹10 Lakh+)

Income Tax : Learn about the latest changes in TCS under Section 206C(1F) for luxury goods exceeding ₹10 lakh. Find the list of notified item...

April 24, 2025 6612 Views 0 comment Print


Latest News


CBDT Notification 38/2025: Settlement Expense Non-Deductibility – FAQs

Income Tax : Understand CBDT's Notification 38/2025 on non-deductible settlement expenses under Income-tax Act for SEBI, Competition Act violat...

April 25, 2025 3264 Views 0 comment Print

Inordinate Delay in Disposal of Appeals by National Faceless Appeal Centre

Income Tax : Representation highlights long delays at NFAC affecting over 5 lakh appeals, urging CBDT to expedite resolutions and restore taxpa...

April 24, 2025 381 Views 0 comment Print

ITAT enables e-filing and virtual hearings

Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...

April 5, 2025 2511 Views 1 comment Print

Exemption From Income Tax on Annual Income Up To ₹12 Lakh

Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...

April 3, 2025 2160 Views 1 comment Print

Corporate Tax Concessions in India: Key Deductions & Impact

Income Tax : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...

April 3, 2025 363 Views 0 comment Print


Latest Judiciary


LTCG Exemption Cannot Be Denied on Mere Probabilities Without Legal Evidence

Income Tax : AO could not reject the LTCG Exemption claim based on mere surrounding circumstances or probabilities without presenting any legal...

April 25, 2025 24 Views 0 comment Print

LTCG Addition by AO Based on Suspicion, Unsupported by Evidence, Deleted by ITAT Jaipur

Income Tax : ITAT Jaipur accepts LTCG claim of Vivek Agarwal; rejects AO's addition under Section 68, citing adequate evidence of share transac...

April 25, 2025 51 Views 0 comment Print

Genuine LTCG Exemption Cannot Be Denied Based on Suspicion or Conjectures

Income Tax : ITAT Kolkata deletes addition under Section 68, accepting LTCG on share sale by Kiran Kothari as genuine, rejecting AO's reliance ...

April 25, 2025 42 Views 0 comment Print

Software Development is Production; Investment & Addl. Depreciation Allowed

Income Tax : ITAT Bangalore rules software development as "production", allowing Bosch's claim under Sections 32(1)(iia) and 32AC for depreciat...

April 25, 2025 21 Views 0 comment Print

Lack of Charitable Intent in Capitation Fee Collection: ITAT denies Section 11 Exemption

Income Tax : ITAT Bangalore denies Section 11 exemption to Al-Badar Trust, citing capitation fee collection as lacking charitable intent under ...

April 25, 2025 78 Views 0 comment Print


Latest Notifications


Mysore Palace Board Income Tax Exemption Notification – Section 10(46)

Income Tax : CBDT notification details income tax exemption for Mysore Palace Board. Covers income from palace, fees, rent from government agen...

April 25, 2025 60 Views 0 comment Print

Expenses for Settlement of SEBI & Competition & Depositories Act Violations not allowable

Income Tax : CBDT notification clarifies that expenses to settle proceedings under SEBI, Securities Contracts, Depositories, and Competition Ac...

April 24, 2025 132 Views 0 comment Print

Notification u/s 10(46A) of Income Tax Act in case of National Mission for Clean Ganga

Income Tax : The Central Government notifies the National Mission for Clean Ganga as exempt from income tax under Section 10(46A), effective AY...

April 23, 2025 81 Views 0 comment Print

CBDT notifies 10 new items on which TCS needs to be collected

Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ケ10 lakh, effectiv...

April 23, 2025 15963 Views 1 comment Print

CBDT amends form No. 27EQ and added 10 new items for TCS Reporting

Income Tax : Latest income tax rule changes effective April 2025. Form 27EQ updated with new categories for tax collection at source on various...

April 23, 2025 1524 Views 0 comment Print


ITAT Quashes Time-Barred Reassessment in HSBC Geneva Account Case

April 25, 2025 150 Views 0 comment Print

ITAT Mumbai allows appeal by Kalpana Dilip Mehta, quashing reassessment order as time-barred, emphasizing strict adherence to limitation periods in income tax law.

Petitioner Must Deposit Compounding Charge; Apportionment to Be Considered by Secretary, Rural Works Department

April 25, 2025 75 Views 0 comment Print

Patna High Court held that compounding charge should be deposited by the petitioner abiding his statement and issue of apportionment of compounding charges should be considered by the Secretary, Rural Works Department.

Section 14A doesn’t apply while computing income as per section 44: ITAT Delhi

April 25, 2025 120 Views 0 comment Print

ITAT Delhi held that while computing total income as per Rule 5 r.w. section 44, provisions of section 14A are not applicable. Further, disallowance method of computation of prescribed under Rule 8D is not applicable while “Book Profit” u/s 115JB.

Unpaid VAT liability not claimed as expense in P&L cannot be disallowed u/s. 43B

April 25, 2025 120 Views 0 comment Print

ITAT Raipur held that disallowance under section 43B of the Income Tax Act towards unpaid VAT liability cannot be sustained since the amount was not claimed as an expenditure in P&L account. Accordingly, appeal of revenue dismissed.

Assessment order passed against non-existent entity is invalid: ITAT Ahmedabad

April 25, 2025 117 Views 0 comment Print

ITAT Ahmedabad held that assessment order passed against non-existent entity is an invalid assessment order and hence entire assessment framed is liable to be quashed. Accordingly, appeal of assessee allowed.

Income Tax Refund cannot be denied for Minor Return Error: Gujarat HC

April 25, 2025 597 Views 0 comment Print

Gujarat High Court rules in favor of assessee, stating a mere error in reporting disallowances shouldn’t lead to refund denial after revised return deadline.

Gujarat HC Upholds ITAT, Deletes Additions on F&O Profit, Capital Increase & Investment

April 25, 2025 495 Views 0 comment Print

Gujarat HC dismisses Revenue’s appeal, upholding ITAT’s decision to delete additions on F&O profit, capital increase, & investment due to AO’s errors.

Section 56(2)(viia) not apply to shares held as stock-in-trade: ITAT Mumbai

April 25, 2025 543 Views 0 comment Print

ITAT Mumbai rules Section 56(2)(viia) does not apply to shares held as stock-in-trade, aligning with legislative intent for anti-abuse measures.

Report & Probe Cash Transactions Exceeding ₹2 Lakh Under Section 269ST: SC

April 25, 2025 2628 Views 0 comment Print

SC mandates reporting of cash transactions over ₹2L under Section 269ST, directing courts, IT authorities, and registrars to ensure compliance and curb violations.

CIT to Act on Merits, Not Remand Under Section 263 for Investigation Failures: SC

April 25, 2025 4083 Views 0 comment Print

Supreme Court judgment: Income Tax Commissioners cannot routinely remand cases if Assessing Officer finds no additions after inquiry. Section 263 explained.

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