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 : Increasing use of RERA data by tax authorities makes alignment between project disclosures and income tax reporting essential to a...
Income Tax : Taxpayers are facing confusion following the introduction of the Income-tax Act, 2025. The key clarification is that income earned...
Income Tax : The issue concerns whether declaring profits below the presumptive rate automatically triggers tax audit or whether turnover thres...
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 : 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 dispute concerned whether dividend received on capital reduction by a foreign subsidiary could trigger restrictions under Sect...
Income Tax : The ITAT Pune held that a genuine claim for exemption under Section 10(20) cannot be rejected merely because the assessee mistaken...
Income Tax : The ITAT Mumbai held that when the reason recorded for reopening an assessment does not ultimately result in any addition, the Ass...
Income Tax : The Mumbai ITAT held that an addition under Section 68 cannot be made solely on the basis of a retracted statement alleging accomm...
Income Tax : The Mumbai ITAT held that Section 263 cannot be invoked merely because the Assessing Officer accepted income without making an add...
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...
Waiver of loan in the earlier year has no impact either on the actual cost u/s 43(1) or the w.d.v. u/s 43(6) for the year under consideration and further section 2(24)(xviii) also does not envelope such waiver within the ambit of `income‘ for the extant year. In that view of the matter, depreciation has to be allowed on the w.d.v. of the block of Machinery at the gross value without reducing the waiver of loan therefrom.
Directorate of Income Tax (Systems) has released Handbook on Annual Information Statement (AIS). This will explain How the new Form 26AS (Annual Information Statement or AIS) will provide a complete profile of the taxpayer for a particular year. Part A of the new Form 26A will contain Permanent Account Number, Aadhaar Number, Name, Date of […]
Introduction: The government’s intention to reduce the interaction between assessee and the department and leaps in technology evolved the concept of “faceless assessment”. Now technology is the vehicle which is used to carry out the assessment proceedings which were otherwise physical/manual in nature. The process of filing the submissions has changed from manual to online […]
Income Tax Department carried out search and seizure operations on 27.10.2021 at the Headquarter and one of the branches of an Urban Credit Cooperative Bank located in Maharashtra. The residence of the Chairman and one of its directors were also covered.
Hello readers, Today I will discuss Section 54 & section 54F exemptions in simplified manner as Income tax due dates approaching – Section 54 & section 54F of Income tax Act –deals with exemption from tax on LTCG only if used for purchase or construction of a house with in specified limits. There are similarities […]
CBDT hasd vide Notification No. 129/2021-Income Tax dated 01.11.2021 and under section 245D (11) & 245D (12) of the Income-tax Act, 1961 issued ‘e-Settlement Scheme, 2021′ to settle pending income-tax settlement applications transferred to a settlement commission. ♦ Applicability & Scope of e-Settlement Scheme, 2021 It shall come into force on the date of its […]
Office Order No. 306 of 2021 – Promotion of officers on regular basis in the grade of Joint Commissioner of Income Tax (JCIT) F. No.A-32012/1/2021-Ad.VI Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) North Block, New Delhi. The 08th November, 2021. OFFICE ORDER NO. 306 OF 2021 The president […]
Office Order No. 304 of 2021 – Promotion of officers to the grade of Commissioner of Income Tax (CIT) on in-situ basis F. No. A-32011/2/2021-Ad.VI Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) North Block, New Delhi, The 08th November. 2021. Office Order No. 304 of 2021 Consequent upon […]
What is an Income Tax Return? Income Tax Return is a form in which the taxpayer files information about the income earned and tax payable on such income to the Income Tax Department. Which Income Tax Returns are applicable to an individual? There are 7 forms notified by the department and ITR – 1,2,3,4 are […]
By Finance Act, 2018 the grandfather clause has been introduced in respect of investment made on or before 31 January 2018 in equity shares or units of an equity-oriented mutual fund. Grandfather provision means – a grandfather clause/grandfather policy/grandfathering is a provision in which an old rule continues to apply to some existing situations while a […]
