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 Court held that, for assessment year 2009-10, filing the audit report along with the return was directory and not mandatory. D...
Income Tax : The Chennai ITAT held that the Pr. CIT could not invoke Section 263 on matters already under consideration before the appellate au...
Income Tax : The Chennai ITAT held that excess stock found during a survey could not be taxed as unexplained investment when it had been accoun...
Income Tax : The Tribunal upheld the disallowance of a ₹10 lakh deduction after the recipient political party informed the tax authorities th...
Income Tax : The Tribunal upheld the denial of deduction under Section 80GGC after finding that the political donation formed part of an allege...
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...
As On 1st Feb, 2021 and much to the expectation of all, our finance minister has infused capital expenditure much needed for the development. As much in a budget for income tax there was no change in slab rates as well as introduction of any covid cess which are doing rounds in social media. But […]
The Finance Minister has introduced the Union Budget 2021 (‘Budget’) in the Parliament amidst the panic and upheaval caused to the society globally by the pandemic. All governments have had to grapple with the human and economic havoc. The Budget aims to increase public spending to steer the economy from its worst contraction in decades.
From perusal of the order passed by the authorities, it is evident that the authorities have accepted the books of accounts produced by the assessee. The Assessing Officer, in its order, has admitted that the payment of speed money is a trade practice which is followed by the assessee and similar business concerns functioning for speedy completion of their work.
Unit Linked Insurance plans had become one of the favorites of high-net-worth Individuals in the past few years. With their EEE feature (i..e eligible for 80C deductions, exemption of bonus received, no tax on amount received at maturity) and returns linked with investment in Equity & debt along with life cover was all that was […]
For the first time in the history of India, the Finance Minister presented a paperless Union Budget for FY 2021-22 through a Made in India tablet. The government also launched a Union Budget app for accessing the budget documents, showing that the Indian government is clearly taking various measures to go digital as much as […]
Finance Bill 2021 proposes to introduce a new section, 194Q. Section 194Q of the Income-tax Act, 1961 (‘Act’) would be effective from 1 July 2021. Section 194Q provides for Deduction of tax at source (‘TDS’) on payment of for purchase of goods.
ULIP is a Unit Linked Insurance Policy. Until 31.1.21,all amount received with respect to ULIP on maturity/death/withdrawal is totally exempt u/s 10(10)(D). But in Budget 2021-22, an amendment has been introduced. So following points need to be considered w.e.f.1.2.21: 1. W.e.f.1.2.21 if any person takes a ULIP wherein the total premium for the policy is […]
Budget 2021- Payment by employer of employee contribution to a fund on or before due date Clause (24) of section 2 of the Act provides an inclusive definition of the income. Sub-clause (x) to the said clause provide that income to include any sum received by the assessee from his employees as contribution to any […]
Wealth isn’t created in a day, it takes time and all of it begins with saving money. Hence, it’s very crucial to pursue every effort for saving your hard-earned money and the steps you choose define your overall wealth portfolio. One way to save money is using tax-saving deductions for reducing the tax burden. Lesser […]
Since all the lender companies were regular income tax assessee’s & having PAN as well as their ROC details were brought to the notice of AO & their respective balance sheet showed that all of them had enough creditworthiness to lend the amounts in question to assessee and assessee had squared up the loan transaction with all these lenders (except 15 Lakhs) and all the payments/TDS were made & payments were made through banking channel, therefore, the addition made by AO was untenable.
