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 : The case demonstrates how an incorrect exemption claim based on Form 16 led to scrutiny and penalty proceedings. The Tribunal ulti...
Income Tax : This article explains the advance tax provisions under the Income-tax Act, including liability thresholds, exemptions, and instalm...
Income Tax : This article outlines major offences under the Income-tax Act that may result in prosecution, including tax evasion, non-payment o...
Income Tax : This article explains the statutory powers of the Principal Commissioner or Commissioner to waive or reduce penalties in genuine c...
Income Tax : Summary: The Income Tax Act, 2025 introduces a significant structural reform by relocating the exempt income provisions previousl...
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 Delhi ITAT held that additions made on transactions unrelated to the reasons recorded for reopening were beyond the Assessing ...
Income Tax : The ITAT Chandigarh held that once registration under Section 12AB had been directed to be granted, the primary basis for rejectin...
Income Tax : The Delhi ITAT found that the Assessing Officer lacked legal authority to reopen assessment years lying outside the ten-year block...
Income Tax : ITAT Chennai restored the matter to the Assessing Officer after finding that the assessment and appellate proceedings were conclud...
Income Tax : ITAT Kolkata upheld the deletion of disallowance relating to brought forward losses of an amalgamating company after finding that ...
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...
EY Global Services Ltd Vs ACIT (ITAT Delhi) These are appeals by the assessee against the respective orders of the ld. CIT (Appeals) for the concerned assessment years. 2. Since issues are common and connected and the appeals were heard together, these are being disposed off by this common order. 3. Since grounds are common […]
Income Tax Department conducts searches on Healthcare Provider Groups in Haryana and Delhi-NCR The Income Tax Department carried out search and seizure operations on 27.07.2022 on several groups engaged in the healthcare services by running hospitals. A total of 44 premises were covered during the search action in Delhi-NCR. During the course of the search […]
Understanding the time limit for reopening proceedings for A.Y 2013-14 & 2014-15 under the old provisions. Learn the implications and exceptions.
Corrtech Energy Ltd. Vs DCIT (ITAT Ahmedabad) The learned Counsel for the assessee, at the outset, has submitted that none of the provision for doubtful debts and provision for diminution in the value of investment made by the assessee-company is for any liability. He has contended that the same in fact were not provisions made […]
Held that assessee failed to explain identity and creditworthiness of the creditors and genuineness of the transaction. Accordingly, addition u/s 68 sustained.
The Income Tax Act 1961 is the legislation governing the implementation of direct taxation in India. The government is conscious of its role and importance as a welfare state and in fulfilling its duty as enumerated in the directive principles of state policy, protection in mode of exemption from income tax has been provided to the educational institutions including universities and colleges.
CBDT notifies ‘Bullion Depository Receipt with underlying bullion’ for section 47(viiab)(d) of Income Tax Act, 1961 vide Notification No. 89/2022- Income Tax Dated: 3rd August, 2022 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi Notification No. 89/2022- Income Tax | Dated: 3rd August, 2022 S.O. 3652 (E).—In exercise of […]
Held that the source of withdrawal of the money is being clearly demonstrated and their deposit of money on various occasions is also established by the assessee through her bank account. Accordingly, addition u/s. 69A towards deposit of demonetized currency notes unsustainable.
Best Buildwell Private Limited VS ITO (Delhi High Court) The show cause notice primarily states that ‘it is seen that the Petitioner has made purchases from certain non-filers’. However no details or any information of these entities was provided to the Petitioner. It is not understood as to how the Petitioner was to know which […]
AGM Properties P. Ltd Vs ACIT (ITAT Delhi) To recapitulate the facts, it is an admitted position that for AY 2013-14 the assessee had originally filed its return of income under section 139(1) of the Act on 15.11.2014 and assessment under section 143(1) of the Act was completed on 15.11.2013. The time limit for issuance […]
