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Income Tax

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.

Latest Articles


Nil Tax Up To Rs. 12 Lakhs Income (FY 2025-26); Tax Computation With Illustrations & FAQs

Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...

February 11, 2025 3225 Views 0 comment Print

Section 194H Applicability on Commission of E-Commerce Operators

Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...

February 11, 2025 102 Views 0 comment Print

Budget 2025 Amendments to Section 72A: Impact on Tax Loss Carry-Forward

Income Tax : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...

February 11, 2025 75 Views 0 comment Print

Enhanced Limits for Partners Remuneration: Section 40(b) & 194T

Income Tax : Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective A...

February 11, 2025 1917 Views 0 comment Print

2 Residential Houses: Income Tax issue simplified in budget 2025-26?

Income Tax : Budget 2025 has brought significant simplification in the tax treatment of house properties, particularly for self-occupied proper...

February 10, 2025 1524 Views 0 comment Print


Latest News


Reminder for Filing TDS Statement 26Q for Q2 FY 2024-25

Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...

February 8, 2025 10395 Views 2 comments Print

Union Cabinet Approves New Income Tax Bill 2025 to Replace 1961 Act

Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...

February 8, 2025 12915 Views 1 comment Print

CBI Files Case Against 3 Tax Officials, 5 CAs for Sabotaging Faceless Tax Scheme

Income Tax : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...

February 7, 2025 12300 Views 0 comment Print

India’s Tax Arrears Reach ₹42.64 Lakh Crore

Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...

February 6, 2025 42 Views 0 comment Print

Decriminalization of Minor Direct Tax Offenses in India

Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...

February 6, 2025 66 Views 0 comment Print


Latest Judiciary


Compounding of Income Tax Offences for belated Return filings: SC Ruling

Income Tax : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....

February 11, 2025 3774 Views 0 comment Print

Section 269SS Not Applicable to Broker Acting as Agent or Facilitator of Payment

Income Tax : ITAT Chennai ruled that brokers facilitating land deals are not liable under Section 269SS as they act on behalf of clients and do...

February 11, 2025 4071 Views 0 comment Print

Telangana HC Denies Agricultural Income Exemption for Uncultivated Land

Income Tax : Telangana HC upholds tax addition under Section 69A, ruling that the assessee’s land was not under cultivation, rejecting agricu...

February 11, 2025 192 Views 0 comment Print

SC Upholds Invalidity of Section 153C Notices Lacking Proper Satisfaction Note

Income Tax : Supreme Court confirms that Section 153C notices issued without a valid satisfaction note are invalid, aligning with the Delhi Hig...

February 11, 2025 684 Views 0 comment Print

Section 153C cannot extend indiscriminately to Multiple AYs: Delhi HC

Income Tax : Delhi High Court rules on Section 153C notices for AYs 2014-15 to 2020-21 in Dev Technofab Limited Vs DCIT, citing lack of incrimi...

February 11, 2025 2847 Views 0 comment Print


Latest Notifications


Income Tax Act: Bhaikaka University Approved for Research

Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...

February 11, 2025 132 Views 0 comment Print

Income Tax Act: Section 285 Notification for Liaison Office Statement Filing

Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...

February 10, 2025 255 Views 0 comment Print

Income-Tax Rule 2F Amended for Infrastructure Debt Funds

Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...

February 7, 2025 258 Views 0 comment Print

CBDT Shares Taxpayer Data for PMGKAY Eligibility

Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...

February 4, 2025 2577 Views 0 comment Print

Finance Bill, 2025 – Budget 2025 (Read Full)

Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...

February 1, 2025 5316 Views 0 comment Print


Sale of Leasehold Rights taxable and Section 50C applicable

June 14, 2017 5046 Views 0 comment Print

Assessee was allotted a residential plot on 19.01.2004 in Sector-105, Noida through lottery on payment of allotment money of Rs.1,30,000/-. The total purchase price of the plot was Rs. 16,75,000/-. 2. The assessee on 28.02.2004 entered into an Agreement to sell in respect of this plot with M/s Rosebud Construction Pvt. Ltd through its Director […]

Text of SC Judgment on Aadhaar Card Linkage With PAN

June 13, 2017 3291 Views 0 comment Print

(i) We hold that the Parliament was fully competent to enact Section 139AA of the Act and its authority to make this law was not diluted by the orders of this Court. (ii) We do not find any conflict between the provisions of Aadhaar Act and Section 139AA of the Income Tax Act inasmuch as when interpreted harmoniously, they operate in distinct fields.

No S. 271(1)(c) penalty unless there is evidence beyond doubt of concealment

June 13, 2017 2277 Views 0 comment Print

It is an well established proposition of law that being penal in nature, the provisions of section 271(1)(c) of the Act are invoked only when there is evidence beyond doubt that there was concealment of particulars of income or furnishing inaccurate particulars thereof on the part of the assessee towards the tax alleged to be evaded.

Technical fee for setting up of new plant for first time to manufacture cars is revenue expenditure

June 13, 2017 1095 Views 0 comment Print

Assessee in all these appeals is Honda SIEL Cars Ltd. (hereinafter referred to as the Assessee). Question of law that is raised is also identical. Five appeals are filed only because of the reason that same issue has occurred in different Assessment Years, i.e., for the years 1999-2000, 2001-2002, 2002-2003, 2003-2004 and 2005-2006.

Notice U/s. 153A issued without search is bad in law

June 13, 2017 2847 Views 0 comment Print

In the instant case, it is the assessment of person allegedly searched, which is disputed before us, unlike the notice issued for the assessment of `other person’ before the Hon’ble Supreme Court. Even otherwise, the issue of invalidity of the search warrant in that case was not raised at any point of time prior to […]

No Tax on Capital Gain earned by Singapore-Company on Sale of Debt Instrument in India under Article 13(4) of DTAA

June 13, 2017 2679 Views 0 comment Print

The ITAT Mumbai in Citicorp Investment Bank (Singapore) Ltd v. DCIT, held that the sale consideration received by a Singapore based Company on sale of debt instrument is not taxable as capital gain under the Income Tax Act in view of article 13(4) of the India-Singapore Double Taxation Avoidance Agreement (DTAA).

Payment for technical know-how- Capital or revenue expenditure?

June 12, 2017 8067 Views 0 comment Print

The issue that a particular expenditure incurred by assessee is a capital expenditure or a revenue one has remained controversial. The facts & circumstances of each case differ. However, the decisions of Hon’ble Supreme Court of India in this respect guide in resolving the issue.

Revision of Safe Harbour Rules: A Positive Thought!

June 12, 2017 3108 Views 0 comment Print

In India, new transfer pricing rules were introduced in 2002. Since then, the number of cases identified for audit and the transfer pricing adjustments locked up in disputes have increased tremendously. In order to reduce the increasing number of transfer pricing audits and prolonged disputes

Section 194I not applicable on remittance of Passenger Service Fees: CBDT

June 12, 2017 1512 Views 0 comment Print

A dispute arose on applicability of the provisions of section 194-I of the Act, on payment of Passenger Service Fees (PSF) by an Airline to an Airport Operator. The Honourable High Court of Bombay in CIT vs. Jet Airways (India) Ltd.’ declined to admit the ground relating to applicability of provisions of section 194-I of the Act on PSF charges holding that no substantial question of law arises.

Adjustment of Seized cash against advance tax- Explanation 2 to Section 132B is prospective in nature: CBDT

June 12, 2017 6489 Views 0 comment Print

Dispute arose between the Department and the assessees with regard to adjustment of such seized/requisitioned cash against advance tax liability etc. Several Courts held that on an application made by the assessee, the seized money is to be adjusted against the advance tax liability of the assessee.

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