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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


Who Should File ITR even when Income is Below Tax Exemption Limit?

Income Tax : Discover who must file an ITR even with income below the exemption limit. Understand key scenarios and benefits to stay compliant ...

July 15, 2024 669 Views 0 comment Print

Anticipating India’s Budget 2024: Expectations and Projections

Income Tax : Explore India's Budget 2024 expectations and projections, including potential tax relief, increased healthcare and education spend...

July 15, 2024 609 Views 0 comment Print

New Income Tax Regime- Key Peculiarities!

Income Tax : Section 115BAC (New Tax Regime) of Income Tax Act, 1961 was introduced in Budget 2020 for Individuals and HUF Taxpayers, effective...

July 14, 2024 2493 Views 0 comment Print

Taxation in Digital Economy: Income Tax provisions in India vis-à-vis Permanent Establishment

Income Tax : Explore India's income tax provisions for the digital economy, focusing on the concept of Permanent Establishment and recent legal...

July 13, 2024 486 Views 0 comment Print

Share Split and Amalgamation: Analysis from a Capital Gains Perspective

Income Tax : Analyze the tax implications of share splits and amalgamations in India. Understand capital gains treatment, period of holding, an...

July 12, 2024 1650 Views 0 comment Print


Latest News


Representation on Income Tax Portal Issues & Section 87A Relief

Income Tax : AGFTC & ITBA urge Finance Minister to address Income Tax Portal issues, incorrect Section 87A relief interpretation, and extend IT...

July 15, 2024 2817 Views 0 comment Print

ICAI Letter to CBDT on Technical Glitches in Income Tax Filing Portal

Income Tax : Read ICAI's concerns about technical glitches in tax filing and payment systems. Understand the impact on taxpayers and solutions ...

July 13, 2024 1995 Views 0 comment Print

ICAI raises Concerns in relation to Form 26AS/TIS/AIS and in e-filing ITR Forms

Income Tax : ICAI addresses issues with Form 26AS/TIS/AIS and ITR filing glitches, urging CBDT for timely resolution to aid taxpayers in meetin...

July 13, 2024 12156 Views 6 comments Print

ITGOA Letter to CBDT Chairman on issuance of notices u/s 143(2)

Income Tax : Read how Income Tax Gazetted Officers’ Association addresses last-minute case reallocations affecting timely issuance of notices...

July 10, 2024 6999 Views 0 comment Print

File ITR-4 (Sugam) Online for AY 2024-25 FAQs

Income Tax : Discover comprehensive FAQs on filing ITR-4 (Sugam) for AY 2024-25. Learn eligibility criteria, tax regime options, documents need...

July 8, 2024 849 Views 0 comment Print


Latest Judiciary


Filing Form 67 for Foreign Tax Credit is Directory, Not Mandatory: ITAT Indore

Income Tax : ITAT Indore rules in Asha Rani Pandya Vs DCIT/ACIT that filing Form 67 for claiming Foreign Tax Credit (FTC) is a directory requir...

July 15, 2024 48 Views 0 comment Print

Insight Portal Data Valid for Reopening Tax Assessments: Rajasthan HC

Income Tax : Rajasthan HC rules that using the Insight Portal for reopening income tax assessments under Section 148 is valid. Learn about Chat...

July 15, 2024 42 Views 0 comment Print

Cancellation of registration post-donation not invalidate Section 35(1)(ii) deduction

Income Tax : Chemstar International Vs DCIT (ITAT Mumbai) mere suspicion or cancellation of registration post-donation not invalidate initial e...

July 15, 2024 30 Views 0 comment Print

Unsigned Excel Sheet Insufficient for Section 153C Proceedings without Corroboration

Income Tax : Gujarat High Court dismisses Revenue’s appeal as unsigned excel sheet lacks corroboration in S. 153C Income Tax Act proceedings....

July 15, 2024 57 Views 0 comment Print

Subsidiary Cannot claim Expenses Related to Holding Company’s Project

Income Tax : Explore the case of Pipelic Energy Software India Pvt Ltd Vs DCIT at Telangana High Court. Detailed analysis on why subsidiary exp...

July 15, 2024 39 Views 0 comment Print


Latest Notifications


Section 138(1)(a) of Income-tax Act: Information Sharing with Telangana Government

Income Tax : CBDT directs DGIT (Systems) to share income tax information with Telangana's Agriculture Department as per Section 138(1)(a) of th...

July 9, 2024 285 Views 0 comment Print

Section 138 Notification: Agriculture Production Commissioner, Telangana specified

Income Tax : Discover the latest Income Tax Act notification under section 138 for Telangana by the Ministry of Finance. Details on the designa...

July 9, 2024 186 Views 0 comment Print

Guidelines for issuance of notice u/s 148 of the Income Tax Act, 1961

Income Tax : Explore the latest guidelines for issuing notice under Section 148 of the Income Tax Act, 1961. Understand key procedures, amendme...

June 28, 2024 12153 Views 0 comment Print

CBDT Order under DTVsV Act 2020 on acceptance of delayed Payment

Income Tax : CBDT order allows delayed tax payments under DTVsV Act conditions, easing compliance for taxpayers. Details on Form-3 modification...

June 27, 2024 876 Views 0 comment Print

CBDT notifies 6 from to be submitted electronically wef 27th June 2024

Income Tax : CBDT issued Notification No. 01/024-25-Income Tax dated 24th June 2024, specifying Form 3CN, Form 3CS, Form 3CEC, Form 3CEFB, Form...

June 24, 2024 1338 Views 0 comment Print


Anticipating India’s Budget 2024: Expectations and Projections

July 15, 2024 609 Views 0 comment Print

Explore India’s Budget 2024 expectations and projections, including potential tax relief, increased healthcare and education spending, and measures to boost economic growth.

Rejection of adjournment request without proper consideration: HC quashes order

July 14, 2024 297 Views 0 comment Print

Karnataka HC quashes Income Tax order against Toyota Industries Engine India Pvt Ltd due to First Appellate Authority ignoring adjournment application.

ITAT upholds enhancement by CIT(A) as addition were based on facts & not mere suspicion

July 14, 2024 273 Views 0 comment Print

ITAT noted that CIT(A)’s decision was reasoned, considering discrepancies in repayment timelines and absence of proper documentation or corroborative evidence. It concluded that CIT(A)’s findings were based on facts and did not merely rely on suspicion.

Gujarat HC on allowability of expenses incurred for clearing mortgage debts

July 14, 2024 171 Views 0 comment Print

Gujarat High Court allows income tax deduction for payment clearing mortgage, dismissing Revenue’s appeal under section 263. Full text of judgment explained.

Net profit rate of 8% on contract receipts was appropriate: Calcutta HC

July 14, 2024 372 Views 0 comment Print

Calcutta High Court validates the application of an 8% net profit rate on gross receipts under contracts unless illegality is proven, upholding ITATs order.

Cash Deposits During Demonetization Don’t Automatically Taint Assessee

July 14, 2024 450 Views 0 comment Print

Merely because certain cash was deposited in the specified bank notes by the assessee during the demonetization period will not make the assessee tainted party when the very same transaction are being made by the assessee in the part as well as in the future.

ITAT Deletes Additions for Unexplained Cash Deposits Based on Submitted Evidence

July 14, 2024 345 Views 0 comment Print

Detailed analysis of Dhoom Singh Sharma Vs ITO case where ITAT Delhi accepts agricultural income proof, overturning Rs.16.4 Lakhs addition. Read the full order.

Calcutta HC Allows Section 80-IC(2)(a)(i) deduction for pan masala without tobacco

July 14, 2024 213 Views 0 comment Print

Read detailed analysis of Calcutta High Court’s judgment allowing income tax deduction under Section 80-IC for manufacture of pan masala without tobacco.

New Income Tax Regime- Key Peculiarities!

July 14, 2024 2493 Views 0 comment Print

Section 115BAC (New Tax Regime) of Income Tax Act, 1961 was introduced in Budget 2020 for Individuals and HUF Taxpayers, effective from financial year 2020-21- A scheme introduced with an option to pay Income Tax at lower rates with fewer exemptions and deductions to claim under the Act.

Simply having a different opinion from AO not justify invocation of Section 263

July 13, 2024 462 Views 0 comment Print

Detailed analysis of the ITAT Kolkata ruling on Shringar Marketing Pvt. Ltd. Vs PCIT, highlighting key arguments, legal precedents, and the final judgment.

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