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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


Taxation On Online Gambling in India: A Win or Lose for Industry?

Income Tax : This blog explores the implications of this tax policy, the distinction between games of skill and chance, the applicability of Ta...

March 19, 2025 54 Views 0 comment Print

New Section 194T TDS Rules: Impact on Taxpayers, Effective April 2025

Income Tax : New TDS Rules Under Section 194T: Impact on Taxpayers & Businesses – Effective from 1st April 2025 Introduction The Finance ...

March 18, 2025 852 Views 0 comment Print

AI, Automation, Recession, and Income Tax Law in India

Income Tax : Explore the economic impact of AI, automation, and recession on India. Understand how income tax laws may evolve to address unempl...

March 18, 2025 288 Views 0 comment Print

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 3420 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 5301 Views 0 comment Print


Latest News


CBDT Seeks Input on Draft Income Tax Rules & Forms

Income Tax : CBDT invites stakeholder suggestions on simplifying Income Tax Rules and Forms under the Income Tax Bill, 2025. Submit feedback vi...

March 19, 2025 21 Views 0 comment Print

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 504 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 645 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 105 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 315 Views 0 comment Print


Latest Judiciary


No section 50C Addition during ITR Processing under section 143(1): ITAT Delhi

Income Tax : ITAT Delhi rules that Section 50C adjustments cannot be made under Section 143(1) without referring valuation disputes to the DVO,...

March 19, 2025 42 Views 0 comment Print

No Addition Under Section 69 If Source Declared in Balance Sheet: ITAT Pune

Income Tax : ITAT Pune rules no addition under Section 69 if investment source is disclosed in the balance sheet. Partial relief granted for un...

March 19, 2025 27 Views 0 comment Print

CIT(A) Must Rule on Merits in Co-op Society’s Demonetization Cash Deposit Case: ITAT Cochin

Income Tax : ITAT Cochin remands Thrissur Co-op Society’s demonetization cash deposit case to CIT(A) for a fresh decision on merits after ex-...

March 19, 2025 87 Views 0 comment Print

Addition based on DVO Valuation exceeding Stamp Duty Value was upheld

Income Tax : Addition based on the District Valuation Officer’s (DVO) report, which exceeded the stamp duty value was upheld as  assessee ch...

March 19, 2025 45 Views 0 comment Print

ITAT Cochin Restores Case to CIT(A) for failure to Rule on Merits in Penalty Dispute

Income Tax : ITAT Cochin sends penalty case back to AO as CIT(A) failed to address immunity plea for late Form 28 filing....

March 19, 2025 72 Views 0 comment Print


Latest Notifications


CBDT FAQs on Revised Guidelines for Compounding Offences

Income Tax : CBDT issues FAQs on revised guidelines for compounding offences under Income Tax Act, 1961. Covers filing procedures, fees, compet...

March 18, 2025 3894 Views 0 comment Print

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 1101 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 675 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 651 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 330 Views 0 comment Print


Download ITR- 4S Sugam for E-filing of AY 2013-14 with Instructions

May 16, 2013 13940 Views 0 comment Print

We have uploaded ITR-4S Sugam as applicable for AY 2013-14 / FY 2012-13 for online filing of Income Tax Returns for Presumptive Income Tax Return. This Return Form is applicable for assessment year 2013-2014 only, i.e., it relates to income earned in Financial Year 2012-13. We have also discussed who can use this Return Form, Who cannot […]

Dos & Don't for filing of Income Tax Return (ITR) for AY 2013-14

May 16, 2013 4998 Views 0 comment Print

Impact of Errors made while filing returns Returns can be classified as defective u/s 139 (9) and in some scenarios the return can be declared in valid / Non Est. ITD is not introducing this concept to cover certain types of errors in order to prevent future grievances. Computation Errors – In electronic filing, it […]

No Penalty u/s. 271(1)(c) for not offering capital gains on S. 50C stamp duty value

May 14, 2013 2541 Views 0 comment Print

The fact remains that the actual amount received was offered for taxation. It is only on the basis of the deemed consideration that the proceedings under s. 271(1)((c) started. The Revenue has failed to produce any iota of evidence that the assessee actually received one paise more than the amount shown to have been received by him.

Income Tax Ombudsman – All you want to know

May 14, 2013 3762 Views 10 comments Print

As a taxpayer, you may have some very legitimate grievances relating to your income-tax matters of settlement of your claims.  You may, for example, feel that the Income Tax Department owes you a certain refund of tax but it is not doing enough to hear your grievance of complaint nor taking action to redress it.  […]

Penalty u/s 271(1)(c ) cannot be imposed on account of deeming fiction u/s. 50C

May 14, 2013 2937 Views 0 comment Print

Thus obviously, it is only on account of deeming provisions of section 50C, the AO has made the addition by adopting the sale consideration of Rs.5, 19,77,000/-, being the value adopted for the purpose of stamp valuation. The revenue has also not shown as to how the assessee could be held to have actually received this amount which is in excess of the amount of Rs.2,51,50,000/-.

Download Finance Act 2013 as assented by President on 10-5-2013

May 14, 2013 10696 Views 0 comment Print

President of India has given assent to Finance Bill 2013 on 10.05.2013 and on assent the Finance bill has become the Finance Act,2013 (No. 17 of 2013). The act has given effect to the financial proposals of the Central Government for the financial year 2013-2014.  Finance Act, 2013 contains the amendment in Income Tax Rates, […]

Download ITR 1 e-filing for AY 2013-14 / FY 2012-13

May 14, 2013 27721 Views 0 comment Print

ITR 1 (offline/online) for AY 2013-14 is available for e-Filing – Income tax Department has released ITR 1 for Filing of Return for the Assessment Year 2013-14/ Financial Year 2012-13. Download ITR- 1 for AY 13-14 / FY 2012-13 for Online Filing of Income tax Return

Loan Prepayment charges allowed as deduction from house property income

May 14, 2013 5439 Views 0 comment Print

Ground no.2 about the deduction in respect of property tax amounting to Rs. 2.03 lakh and ground no.3 against the confirmation of disallowance of Rs. 3,96,243 being various expenses incurred against the house property income were not pressed by the learned AR. Both these grounds stand dismissed.

New Income Tax Rules for Computation of Net Agricultural Income

May 14, 2013 8549 Views 0 comment Print

Finance Act 2013 Has Inserted New Rules For Computation Of Net Agricultural Income & Amended The Definition Of Net Agricultural Income Vide Section 2(13)(c). Text of Such Rules & section Are As Follows:- Rules for Computation of Net Agricultural Income Rule 1.—Agricultural income of the nature referred to in sub-clause (a) of clause (JA) of […]

Assessee entitled to Interest on cash seized during search for the period after completion of Assessment

May 14, 2013 4616 Views 0 comment Print

In the result, we hold that the petitioner is entitled to be paid interest @ 12% in respect of the amount of Rs. 6,33,800/- for the period from 27.12.2006 to 24.05.2011 and a writ of mandamus directing the payment of the interest is accordingly issued. The respondent shall pay the interest within a period of six weeks from today. The writ petition is allowed in the above terms. No costs.

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