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 : Supreme Court held a levy is a fee only when linked to a specific service or benefit. Absence of quid pro quo makes it a tax, rega...
Income Tax : Companies renting residential properties often struggle with choosing between 2% and 10% TDS. The key takeaway is that the correct...
Income Tax : Bangalore ITAT held that the Revenue cannot deny the fifth-year deduction under Section 35D after consistently allowing the claim ...
Income Tax : The Income-tax Act, 2025 continues the old specified professions framework without addressing longstanding classification issues. ...
Income Tax : The Supreme Court dismissed the Revenue's review petitions and reiterated that payments for off-the-shelf software do not constitu...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : The Tribunal held that business promotion and development expenses cannot be disallowed without concrete evidence establishing the...
Income Tax : The ITAT Agra declined to condone an extraordinary delay of 2,799 days in filing the quantum appeal, holding that the explanation ...
Income Tax : ITAT Pune ruled that investments in mutual funds and tax-free bonds should not form part of the investment pool for Rule 8D(2)(ii)...
Income Tax : ITAT Agra held that reassessment proceedings framed using a PAN surrendered years earlier were invalid. Since the assessment was b...
Income Tax : Mumbai ITAT ruled that investment in rights relating to a specific residential flat under a redevelopment project qualifies for Se...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
ITAT Bangalore held that addition under section 68 with regard to deposit of Specified Bank Notes [SBN’s] it was clarified that every deposit during demonetization doesn’t fall under category of unaccounted cash. However, burden is on the assessee to establish the genuineness of the deposit.
ITAT Bangalore held that penalty u/s 271D of the Income Tax Act is leviable on loan taken by way of cash. Notably, repayment of cash loan by way of cheque wouldn’t exonerate the assessee from levy of penalty.
The word ‘black money’ is not defined under the Income Tax Act, 1961, Customs Act, 1962, CGST Act, 2017, Central Excise Act, 1944 and erstwhile Chapter V of Finance Act, 2017 (related to Service Tax). This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Lok Sabha today.
Demonetisation, inter alia, led to detection of black money, increase in tax collection and widening of tax base: Union MoS for Finance Shri Pankaj Chaudhary Demonetisation, inter alia, led to detection of black money, increase in tax collection and widening of tax base. This was stated by Union Minister of State for Finance Shri Pankaj […]
ITAT Mumbai held that security charges involve supply of manpower only and the same does not involve carrying on of any work. Accordingly, provisions of section 194C are not attracted for expenses claimed as security charges. Hence, disallowance u/s 40(a)(ia) unjustified.
Partners of an LLP can learn how to file their income tax return under Section 139(1) of the Income Tax Act of 1961 with this guide. ITR 5 is the applicable form for filing an LLP income tax return.
DCIT Vs Yazdani International Pvt Ltd (ITAT Cuttack) ITAT Cuttack that expenditure towards various computer software and stationary and the expenditure towards upgradation of software for filing of return before the ROC and website design is revenue in nature and hence allowable. Facts- The revenue has challenged the action of CIT(A) in deleting the addition […]
ITAT Delhi concluded that grants were given specifically for participation in a particular event held in abroad grant was utilized as per terms and conditions and it was not free for the assessee to use the funds voluntarily. Accordingly approval of CBDT under sections 11(1)(c) of the Act not required.
The Author in this article discusses a decision of tribunal (ITAT) regarding taxation of amount paid by companies for broadcasting Cricket World cup matches during FY 2001-02 and 2002-03 held outside India in the hands of a non-resident. The bench has decided that the amount is taxable as royalty in India.
No prejudice was caused to the Assessing Officer on account of non-complying with the notice u/s 142(1) issued on 05.09.2019 and inaction of the Assessing Officer on the adjournment petition moved by the assessee would also enable the appellant to believe that the time to comply with the extension of time as prayed was granted.
