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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


Foreign Tax Credit cannot be disallowed for delay in filing Form 67: ITAT Pune

Income Tax : Kedar Jagdish Mankar Vs ACIT (ITAT Pune) Adv. Sachin P. Kumar successfully represented his client in Foreign Tax Credit dispute be...

February 8, 2025 39 Views 0 comment Print

9 Key Tax Compliance Issues Missed in Union Budget 2025

Income Tax : Union Budget 2025 overlooked critical tax compliance issues, including TDS on partners’ salary, delays in appeals, marginal reli...

February 8, 2025 636 Views 0 comment Print

How Finance Bill 2025 rationalize Tax Loss Time Machine under M&A

Income Tax : The Finance Bill 2025 rationalizes tax loss carry forward rules under M&A by limiting it to 8 years from the original computation ...

February 8, 2025 546 Views 0 comment Print

How to Achieve Tax-Free Rental Income of ₹20,00,000

Income Tax : Learn how to achieve tax-free rental income of ₹20,00,000 by leveraging deductions under Section 24 of the Income Tax Act, 1961,...

February 8, 2025 6003 Views 1 comment Print

“Request for Order Giving Effect” on Income Tax e-Filing Portal introduced

Income Tax : Request tax order implementation with Income Tax e-Filing portal’s new feature. Raise Request for Order Giving Effect online to ...

February 8, 2025 5604 Views 1 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 7764 Views 1 comment 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 7710 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 9684 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 30 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 54 Views 0 comment Print


Latest Judiciary


ITAT Mumbai quashes reassessment for invalid Section 151(ii) approval

Income Tax : ITAT Mumbai invalidates reassessment in Ramlal G Suthar vs. ITO due to improper approval under Section 151(ii) of the Income-tax A...

February 8, 2025 27 Views 0 comment Print

IT Notices to Non-Existent Company Void Ab Initio, Not Rectifiable Under Section 292B: Bombay HC

Income Tax : Bombay High Court quashes reassessment notices issued to a non-existent entity post-merger in City Corporation Ltd vs ACIT, citing...

February 8, 2025 45 Views 0 comment Print

Bombay HC Seeks Accountability for Lost Jewelry Seized by Tax Department in 2005

Income Tax : Bombay High Court addresses Hiralal Malu’s plea for the return of seized jewelry, highlighting disputes between the tax departme...

February 8, 2025 39 Views 0 comment Print

Carried forward losses cannot be set-off against exempt capital gains under DTAA

Income Tax : ITAT Mumbai ruled on TVF Fund Ltd’s appeal regarding tax loss set-off under DTAA. Key issues include carry-forward losses, taxab...

February 8, 2025 48 Views 0 comment Print

No Section 278AA Prosecution for TDS Delays due to Reasonable Cause: Orissa HC

Income Tax : Orissa HC examines TDS prosecution in D.N. Homes case, focusing on COVID-19 delays and reasonable cause under Section 278AA of the...

February 8, 2025 63 Views 0 comment Print


Latest Notifications


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 144 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 2493 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 4944 Views 0 comment Print

CBDT Allows Income Tax Data Sharing for PMGKAY Beneficiaries

Income Tax : CBDT authorizes data sharing with the Dept. of Food & Public Distribution to identify beneficiaries under PMGKAY as per Income-tax...

January 30, 2025 396 Views 0 comment Print

Income Tax Dept. IT Systems Declared Protected Under Information Technology Act

Income Tax : Finance Ministry designates key Income Tax Dept. IT systems as protected under the IT Act. Learn about restricted access and autho...

January 28, 2025 405 Views 0 comment Print


Cash deposit in assessee’s account was declared in ITR of parent trust: ITAT Remands Matter to AO

January 29, 2025 78 Views 0 comment Print

In the matter abovementioned ITAT has remanded the matter to AO after observing that revenue has accepted the assessee’s contention in earlier and subsequent years.

MP HC Upholds IT Notice on Rs.6.39 Crore Entry Linked to Demonetization

January 29, 2025 210 Views 0 comment Print

Madhya Pradesh High Court dismisses R.K. Bullion’s writ petition challenging the reassessment notice under Section 148A of the Income Tax Act.

Section12A/12B Registration: ITAT Pune Grants Final Opportunity to Charitable Trust

January 29, 2025 2595 Views 0 comment Print

ITAT Pune allows final chance for a charitable trust to present case before CIT (Exemption) after registration rejection, emphasizing fair hearing.

Matter of approval u/s. 80G restored back since fresh application in Form 10AB filed: ITAT Mumbai

January 29, 2025 114 Views 0 comment Print

ITAT Mumbai held that issue of approval under section 80G of the Income Tax Act is liable to be restored back to CIT(E) since fresh application in Form 10AB is already pending for adjudication.

Transfer pricing disallowance as assessee failed to prove any benefit not justifiable: ITAT Bangalore

January 29, 2025 207 Views 0 comment Print

ITAT Bangalore held that merely because the assessee has failed to prove any benefit from services received the disallowance of transfer pricing cannot be made. Accordingly, one more opportunity granted to assessee to prove the case.

Addition merely based on retracted statement cannot be sustained: ITAT Jaipur

January 29, 2025 429 Views 0 comment Print

ITAT Jaipur held that addition towards unexplained cash credit under section 68 of the Income Tax Act merely based on retracted statement cannot be sustained. Accordingly, appeal of the revenue dismissed.

Joint Commissioner Not Authorized for Reassessment Approval U/s 151: Delhi HC

January 29, 2025 1758 Views 0 comment Print

Delhi HC rules Joint Commissioner lacks authority to approve reassessment under Section 151 of Income Tax Act, citing Supreme Court’s Rajeev Bansal judgment.

Samsung India Not Permanent Establishment of Samsung Korea: Delhi HC

January 29, 2025 501 Views 0 comment Print

Delhi HC rules Samsung India not a ‘Permanent Establishment’ of Samsung Korea. No tax liability under India-Korea DTAA for seconded employees’ roles.

Tax Benefits of a Medical Insurance Policy for Family: A Guide for Maximising Deductions

January 28, 2025 1398 Views 0 comment Print

A medical insurance policy for a family wards off unexpected expenses in an individual’s health and provides great tax benefits. The deductions will help save more while having broader coverage under it.

Addition of ₹37.55 Lakh to Income of Illiterate Agriculturist: ITAT directs AO to readjudicate

January 28, 2025 399 Views 0 comment Print

ITAT Chandigarh condones a 228-day delay in Joginder Singh’s appeal and remands the unexplained cash credit case for reassessment by the Assessing Officer.

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