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...
1. This section is applicable on domestic companies 2. This section is applicable from the AY 2020-21 3. Effective Tax rate under this section is 17.16% (Tax 15% plus, Surcharge 10% and Cess 4%) 4. The company should be incorporated and registered in India on or after 1st October 2019 5. The company should commenced […]
Understand the tax implications on reconstitution of firms, AOPs, and BOIs under the new taxation regime. Learn about section 9B and its interplay with other related sections.
The determination of residency under the provisions of Income Tax Act, 1961 (‘Act’) is critical in determining the taxable income to be offered to tax in India. One issue that has been noted is with respect to taxation of crew members of ship or individuals leaving for employment outside India during the year and another being the impact of the changes made in residency provision for individuals.
CBDT should clarify the taxability of prizes to Olympic players. Understand the controversy surrounding cash and kind prizes awarded by the government and private bodies.
World Courier (India) Pvt. Ltd. Vs ACIT (ITAT Bangalore) M/s. World Courier (India) Pvt. Ltd. (Appellant) has filed an appeal against order dated April 24, 2017 of Commissioner of Income Tax (Appeals) (CIT(A)) on the issue whether Revenue authorities were justified in disallowing sum paid by the Appellant as software maintenance charges to its overseas […]
The government introduced the Taxation Laws (Amendment) Bill, 2021, which seeks to withdraw tax demands made under the Finance Act, 2012 retrospective legislation to tax the indirect transfer of Indian assets. The Taxation Laws (Amendment) Bill, 2021 inserted three provisos (Fourth, Fifth, and Sixth Proviso) in Explanation 5 to Section 9(1)(i) to give relief to […]
Tax deductor and the tax collector is liable to furnish required quarterly statements (returns) under the Income Tax Act. In case of default in furnishing the said statements, late fees will be payable under section 234E of the Income Tax Act. The current article briefly explains the provisions of such late fees payable under section […]
Vide Notification No. 92/2021-Income Tax | Dated: 10th August, 2021 CBDT notifies New 10RB. Relief in tax payable under sub-section (1) of section 115JB due to operation of subsection (2D) of section 115JB and FORM No 3CEEA. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 92/2021-Income Tax | […]
M.M. Aqua Technologies Ltd. Vs CIT (Supreme Court of India) In the return filed by it, the Appellant claimed a deduction of Rs.2,84,71,384/- under Section 43B based on the issue of debentures in lieu of interest accrued and payable to financial institutions. By an order dated 29th October, 1998, the Assessing Officer rejected the Appellant’s […]
Ajay Enterprises Pvt. Ltd. Vs DCIT (ITAT Delhi) The solitary ground raised by the assessee in this appeal pertains to disallowance of Rs. 10,47,025/- incurred by the assessee during the year as ground rent on lease hold properties to L& DO. According to the AO this amount is not allowable u/s 43B of the Income […]
