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 : 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 : This article outlines major offences under the Income-tax Act that may result in prosecution, including tax evasion, non-payment o...
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 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 Mumbai ITAT held that reassessment proceedings under Section 147/148 were invalid where the case was based on search material ...
Income Tax : The Tribunal condoned the delayed appeal filing after finding sufficient cause and allowed the matter to proceed. It also clarifie...
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...
Impact of Uniform Civil Code (UCC) on Hindu Undivided Family (HUF) as an income tax Unit There is growing demand for implementation of Uniform Civil Code (UCC) in India. In addition to other implications, it will also impact the concept of Hindu Undivided Family as an income tax unit. I thought of writing about its […]
The Petitioner contended some of the directions issued by the Respondent are bad in law because the Respondent has delegated upon a special auditor the work which he himself was required to do thereby is in the nature of investigation. Such directions cannot be segregated from the other directions and therefore submitted that the entire order containing the directions be quashed and set aside.
The Petitioner is an assignee of right, title and interest of the credit facilities to Borrower which is now in liquidation and the Petitioner has a secured and a prior charge over the attached properties of the Borrower. The Petitioner, due to the prior charge, has been aggrieved by the order of the Respondent which is seeking Income Tax dues from the Borrower.
The object of the provisions of Section 40A is to curb the flow of black money and not to put an impediment to the trade and Business The Hon’ble Tribunal accepted the plea of the assessee The writ petition of the CIT was reject ted by the Hon’ble PB and Hr. High Court The plea […]
The Finance Act, 2021, has inserted Section 194Q, in Income Tax Act, 1961 with effect from 01.07.2021, to provide for the deduction of tax (TDS) on certain purchases. The TDS has to be deducted if the value or aggregate purchase value exceeds Rs. 50 lakhs during the previous year. As per Finance Act, 2021, Section […]
Development Commissioners are requested that any laboratory or institution which have been accredited for Good Manufacturing Practice (GMP) and Good Laboratory Practice (GLP) may be accepted as recognized laboratory or institution for quality testing or research and development under Rule 50(3) and their certificate may be accepted as required in Proviso to Rule 50(3) of SEZ Rules, 2006.
Hitachi Hi Rel Power Electronics Pvt. Ltd. Vs DCIT (Gujarat High Court) A.O. could be said to have overlooked or rather ignored the jurisdictional requirement of a satisfaction in accordance with para 3.4 of the instruction No.3 of 2016 referred to above that there ought to be an income or potential of an income arising […]
Here’s all you need to know about the Relief when salary, etc. is paid in arrears or in advance: There are cases wherein an employee, may get salary arrears in the current year, for any past year/s due to pay revision. And when this additional arrear is added with the current year’s income, the tax […]
Bharatkumar Kalubhai Ghadiya Vs ACIT (Gujarat High Court) In the case on hand also, the Assessing Officer has reason to believe that the petitioner is a beneficiary of accommodation entry and basis for formation of such belief is several inquiries and the investigation by the Investigation Wing, Ahmedabad and report thereof. The reasons for the […]
Wipro Limited Vs JCIT (Karnataka High Court) Karnataka High Court allowed the additional 3% interest on the delayed Income Tax Refund to Wipro ( Petitioner) from the Deputy Commissioner of Income Tax (DCIT) (Respondent). The Petitioner approached the Writ Court to challenge the order in which the Respondent, DCIT, denied additional 3 percent interest on […]
