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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


Key Tax Tasks to Complete Before March 31, 2025

Income Tax : Ensure tax compliance before March 31, 2025. Key tasks include filing returns, verifying TDS, updating accounts, and making necess...

March 18, 2025 123 Views 0 comment Print

Key Income Tax Changes for Partnership Firms Starting April 1, 2025

Income Tax : Partnership firms must comply with new tax rules from April 1, 2025. Changes include higher partner remuneration limits and mandat...

March 18, 2025 159 Views 0 comment Print

Tax Deduction at Source on Payments to Non-Residents

Income Tax : Learn about TDS on payments to non-residents, including business connection rules, royalty provisions, and significant economic pr...

March 17, 2025 2004 Views 0 comment Print

Income Tax Bill 2025: Key Proposals and Simplifications

Income Tax : Discover key changes in the Income Tax Bill 2025, including enhanced rebates, simplified trust provisions, and extended registrati...

March 15, 2025 1083 Views 0 comment Print

Analysis of Section 194T of Income Tax Act 1961: TDS on Payments to Partners

Income Tax : Section 194T mandates 10% TDS on partner payments exceeding ₹20,000 annually, effective April 1, 2025. Learn its impact, complia...

March 15, 2025 1716 Views 0 comment Print


Latest News


Direct Tax & Advance Tax Collections for F.Y. 2024-25 as on 16.03.2025

Income Tax : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...

March 17, 2025 117 Views 0 comment Print

CBDT Clarifies Guidance on Principal Purpose Test (PPT)

Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...

March 17, 2025 336 Views 0 comment Print

Corporate Tax Collection Trends & Foreign Investment Policies

Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...

March 16, 2025 78 Views 0 comment Print

Impact of New Income Tax Bill 2025 on Compliance & Revenue

Income Tax : The Income Tax Bill 2025 aims to simplify tax laws with no major policy changes. It enhances clarity, reduces ambiguities, and ali...

March 16, 2025 252 Views 0 comment Print

Govt Expects 12.65% Rise in Income Tax Collections Despite Tax Rate Cut

Income Tax : The Finance Bill 2025 projects a 12.65% rise in income tax collections despite tax cuts, with estimated receipts of ₹25.20 lakh ...

March 16, 2025 75 Views 0 comment Print


Latest Judiciary


No Capital Gains for Joint Owner Without Beneficial Ownership: ITAT Mumbai

Income Tax : N...

March 18, 2025 36 Views 0 comment Print

Delhi HC dismisses writ against addition share application money as sham transaction

Income Tax : The Assessee is aggrieved by the information received pursuant to application under Right to Information Act, 2015, whereby the As...

March 17, 2025 48 Views 0 comment Print

Revisionary action u/s. 263 based on factual misconception bad-in-law

Income Tax : ITAT Mumbai held that exercising revisionary jurisdiction under section 263 of the Income Tax Act by PCIT on the basis of factual ...

March 17, 2025 57 Views 0 comment Print

Revisionary jurisdiction u/s. 263 not invocable as twin pre-conditions not satisfied

Income Tax : ITAT Ahmedabad held that assessment order passed u/s. 143(3) is neither erroneous nor prejudicial to the interest of revenue. Henc...

March 17, 2025 48 Views 0 comment Print

Voluntary Addition During Hearing is not Revising of Settlement Application: Gujarat HC

Income Tax : During pendency of the assessment proceedings, respondent No.1 filed application u/s. 245C(1) before the Income Tax Settlement Com...

March 17, 2025 42 Views 0 comment Print


Latest Notifications


CBDT notifies Power Finance Corp Zero Coupon Bond under section 2(48)

Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...

March 11, 2025 1062 Views 0 comment Print

High-Risk and Non PAN Transaction Cases: Insight Portal Guidelines

Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...

March 7, 2025 663 Views 0 comment Print

High-Risk CRIU/VRU Cases and proceedings under Sections 148/148A

Income Tax : Learn about high-risk CRIU/VRU case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA port...

March 7, 2025 639 Views 0 comment Print

Assessment & Investigation of Benami, Foreign Assets & TDS Cases

Income Tax : Learn about suspected benami, undisclosed foreign assets, and TDS compliance cases assigned under Risk Management Strategy via the...

March 7, 2025 321 Views 0 comment Print

Income Tax Department identifies High-Risk Non-Filers for AY 2019-22

Income Tax : The IT Dept. has flagged high-risk non-filers for AY 2019-22 on the Insight Portal under RMS Cycle 5. Assessing Officers can revie...

March 7, 2025 9705 Views 0 comment Print


ITAT can permit a “Legal Contention” at the appellate stage even if it is raised for the first time

July 20, 2013 1882 Views 0 comment Print

The Tribunal in the assessee’s appeal considered several grounds titled as “Additional grounds”. However, upon close perusal of such so-called grounds, we notice that such grounds were nothing but legal contentions and arose out of order of CIT(Appeals) which was under challenge

Royalty And Fees for Technical Services

July 19, 2013 4113 Views 0 comment Print

Transfer of technology is an important aspect of international trade and investment. Transfer and sharing of intellectual property rights and providing managerial, technical or professional services etc. are important means of such technology transfer. Indian industry and service providers have of late been increasing entering into agreements with foreign firms so as to access such […]

Section 14A / Rule 8D not applies to short-term investments

July 19, 2013 4916 Views 0 comment Print

Some of the investments made by the assessee are short term. Since assessee is paying capital gains tax on short term investments, the provisions of Rule 8D will not apply on them. The Assessing Officer is directed to re¬compute dis-allowance u/s. 14A r.w.r. 8D after excluding short term investments.

Forum for Exchange of Views between Industry & Govt on Tax Related Issues / Disputes

July 19, 2013 729 Views 0 comment Print

Ministry of Finance Constitutes a Forum Chaired by Dr. Parthasarathi Shome, Adviser to the Finance Minister for Exchange of Views between Industry Groups and Government on Tax Related Issues or Tax Related Disputes; Forum to Meet Every Wednesday; First Meeting of the Forum on August 7, 2013

Notification – I for Departmental Examinations – 2013 for (i) Income Tax Officers, (ii) Income Tax Inspectors and (iii) Ministerial Staff-regarding

July 18, 2013 625 Views 0 comment Print

Madam/Sir, I am directed to refer to refer to CBDT decision in the file of even number dated 18.07.2013 the above subject and to say that in partial modification of the earlier schedule of examinations for the above categories stand revised as per the Annex ‘A’ to this notification. Consequently Annexure 4 to the earlier notification F. No. DE-2013/Notification/DIT(IT)/1127 to 1145 dated 21.06.2013 gets replaced by Annex ‘A’ to this notification.

ITAT explains Tax Treatment of ESOP discount (difference between market & issue price)

July 18, 2013 3840 Views 0 comment Print

Discount under ESOP is in the nature of employees cost and is hence deductible during the vesting period w.r.t. the market price of shares at the time of grant of options to the employees. The amount of discount claimed as deduction during the vesting period is required to be reversed in relation to the unvesting/lapsing options at the appropriate time.

S. 194C No TDS on Transport Charges in absence of Agreement with Transporter

July 17, 2013 15041 Views 0 comment Print

There is no contract between the assessee and the transporter and the section 194C is applicable to work contract. The learned CIT(A) has found that in the instant case the clearing and forwarding contractor appoints for transportation of goods

No Disallowance U/s. 14A r.w. Rule 8D for Investments in subsidiaries

July 17, 2013 3947 Views 0 comment Print

The first issue in the appeal of the assessee relates to dis-allowance made u/s. 14A r.w.r. 8D. The Assessing Officer has made dis-allowance to the tune of Rs. 4,32,66,500/-. The contention of the assessee is that the assessee has earned dividend income of Rs. 4.6 Lakhs which is fully exempt u/s.

Income Tax Department Ready With More Clout!

July 17, 2013 4351 Views 0 comment Print

The Income Tax Department is ready to take a jibe on your cash transactions. These dealings were in the IT radar in the past as well but after the drive to make the system more transparent a cash limit has been set. The IT department will now check the details of any cash transaction of more […]

E-filing to Benefit Tax Payers Having Income Above 5 Lakhs

July 17, 2013 3048 Views 0 comment Print

The move by Finance Ministry to reduce the threshold limit of filing e-returns from Rs 10 lakh to Rs 5 lakh has to be welcomed. E-filing of return should not be seen as a burden but it is in one way a step ahead for the tech savviness of the country. The primitive approach of […]

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