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...
On 18th August 2020, the Central Board of Direct Taxes has issued a list of guidelines that prescribe conditions for the pension funds in India to take the benefit of income tax exemptions vide Notification No. 67/2020-Income Tax/[G.S.R. 508(E)] dated-17/08/2020. The announcement comes after a July notification related to Draft Proposed Pension Fund Rules 2020 that intends […]
General Errors noticed in Reporting in Form 3CD -Section-44AB of Income Tax Act 1961 (TAX AUDIT U/S-44AB of Income Tax Act 1961) ♦ Legislation for A/Y 2020-21 U/s-44AB -Business:-Sales etc > Rs.1 Cr/5 Cr. -Profession:-Gross Receipt etc > Rs.50 Lacs -Business:- U/s-44AE/BB/BBB, Income<Deemed Profit -Profession:- U/s-44ADA, Income<50% Plus TI >Basic Exemption Limit -Business:- U/s-44AD, Income<8%/6% […]
List of recent changes in Direct Tax To increase liquidity in the hands of an Individual and Corporates and battle Corona Virus and reduce financial distress, the Government announced various relief measures in last one year from an Income tax perspective. Following are measures which would benefit Indian taxpayers. 1. Introduction of Section 115BAA (reduction […]
Tax on Income Distributed By Way of Buy-Back of Shares By Unlisted Companies- Anti Abuse Provision Dear Friends, payment of taxes is the duty of every citizen of this country. The Governments utilises taxes paid by us into different types of economic and socio works. Non payment or avoidance of taxes shall be punishable monetarily […]
The Bombay High Court has in its order dated 12th June, 2020 in the case of Ventura Textiles Ltd (ITA No.958/2017) has given a fresh perspective to the controversy of validity of penalty notice under section 271(1)(c). In the past the courts have held that if the show cause notice proposing penalty under section 271(1)(c) do not clearly specify whether its for furnishing inaccurate particulars or for concealment then such show cause notice and consequential proceedings are bad in law.
The issue under consideration is whether the architectural services provided to Singapore Entity taxable at 10% or 20% when the benefit of Double Taxation Avoidance Agreement (DTAA) is available?
That non filing of the Form No. 10 within stipulated period may be an irregularity but not illegality, if the assessee cures the defect during assessment proceedings, the assessee is entitled to the benefit of accumulation as provided u/s 11(2) of the I.T. Act.
The boon for the first time home buyers, the section 80EE has been reintroduced from FY 2016-17. According to which, the interest paid on loan for buying house property shall be allowed upto Rs. 50,000/-. The said deduction can be claimed over and above Rs. 2,00,000/- under section 24 and Rs. 1,50,000/- under section 80C. […]
New Form 26AS – The Game-Changer In Income-Tax IMPLICATIONS TO ASSESSEES AND PROFESSIONALS IN THE FACELESS SCENARIO It seems to be a human trait not to divulge financial information to anybody outside their inner-circle.The experience of many tax professionals has been that similar restraint is observed by clients even in their consultations in tax affairs. […]
IS TONNAGE TAX SCHEME RESTRICTED ONLY FOR COMPANIES HANDLING CARGO? It has been presumed by many that the benefit of Tonnage Tax Scheme (TTS) should only be restricted to companies with ships carrying on cargo handling activities. Since there are various other companies which are not handling cargo but are involved in moving men and […]
