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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


Recalling the Clubbing Provisions in Income Tax

Income Tax : Learn about the clubbing provisions under the Income Tax Act, covering income transfers, revocable transfers, and taxation of inco...

August 26, 2024 171 Views 0 comment Print

Summary of Section 269SS, 269ST and 269T & reporting in Tax Audit Form 3CD

Income Tax : Understand the provisions of Sections 269SS, 269ST, and 269T under Indian tax law, their implications, and reporting requirements ...

August 26, 2024 189 Views 0 comment Print

Taxability of Sovereign Gold Bonds w.e.f. FY 2024-25

Income Tax : Learn about Sovereign Gold Bonds (SGBs), including eligibility, investment limits, interest rates, redemption, and tax implication...

August 26, 2024 543 Views 0 comment Print

FAQs on Income from house property

Income Tax : Rental income from sub-letting is taxed as "Income from other sources," not "Income from house property." Deemed ownership rules a...

August 26, 2024 538990 Views 67 comments Print

Presumptive Taxation Scheme: Meaning, Eligibility & Implications – Explained

Income Tax : Understand presumptive taxation schemes under sections 44AD, 44ADA, and 44AE, including eligibility, computation, and maintenance ...

August 26, 2024 147222 Views 18 comments Print


Latest News


Join 5-Day Live & Online Income Tax Audit Course with Practical Examples

Income Tax : Join our 5-day live course from Sept 8-12, 2024, for an in-depth understanding of tax audits under Section 44AB, with practical in...

August 23, 2024 1065 Views 0 comment Print

Live Course: Handling Faceless Income Tax Assessment with AI Tools like ChatGPT

Income Tax : Learn to handle faceless income tax assessments using AI tools like ChatGPT in a 2-hour live course on Sept 1, 2024. Enhance effic...

August 23, 2024 1635 Views 0 comment Print

CBDT Central Action Plan 2024-2025

Income Tax : The Central Action Plan 2024-2025 by CBDT aims to optimize India's direct tax system, focusing on revenue, litigation, taxpayer se...

August 22, 2024 1263 Views 0 comment Print

Tax Audit Under Income Tax Act: Detailed Live Course with Practical Insights – Starting Today

Income Tax : Join our live course from Aug 23-25, 2024, to master tax audits, including Form 3CD, financial statements, and GST, with practical...

August 19, 2024 3318 Views 0 comment Print

Direct Tax Collections FY 2024-25 Reach Rs. 6.93 Lakh Crores as on 11.08.2024

Income Tax : As of August 11, 2024, net direct tax collections for FY 2024-25 stand at Rs. 6.93 lakh crores, marking a 22.48% growth compared t...

August 13, 2024 303 Views 0 comment Print


Latest Judiciary


ITAT Mumbai Deletes Section 11(1A) Disallowance on Sale Consideration Investment

Income Tax : ITAT Mumbai deletes disallowance of capital gains by DCIT after confirming investment in property with Charity Commissioner approv...

August 26, 2024 60 Views 0 comment Print

Addition u/s. 69A and 68 without finding any fault with evidence is unlawful: ITAT Mumbai

Income Tax : ITAT Mumbai held that confirmation of addition u/s. 69A and 68 of the Income Tax Act without finding any fault with the evidence s...

August 26, 2024 42 Views 0 comment Print

Compensation paid to ESOP holders qualifies as perquisite hence taxable as salary income: Madras HC

Income Tax : Madras High Court held that compensation paid to ESOP holders qualifies as perquisite and hence taxable under the head ‘salary�...

August 26, 2024 45 Views 0 comment Print

Section 263 Invocation Unjustified if No Evidence of Erroneous Order

Income Tax : ITAT Ahmedabad held that invocation of section 263 by PCIT unjustified due lack of sufficient evidence to support claim that the o...

August 26, 2024 63 Views 0 comment Print

Deduction u/s. 54 admissible even when return is filed belatedly: ITAT Ahmedabad

Income Tax : ITAT Ahmedabad held that deduction under section 54 of the Income Tax Act towards Long Term Capital Gains admissible even when ret...

August 26, 2024 153 Views 0 comment Print


Latest Notifications


Income Tax: New Guidelines for Filing application under section 10(46A)

Income Tax : Finance Act 2023 updates the process for filing applications under Section 10(46A) of the Income-tax Act. Standardized procedures ...

August 20, 2024 3603 Views 0 comment Print

President Assents Finance (No 2) Bill, 2024 i.e. Finance (No. 2) Act, 2024

Income Tax : On August 16, 2024, President Droupadi Murmu officially granted her assent to the Finance (No 2) Bill, 2024. With this move, the b...

August 18, 2024 2181 Views 0 comment Print

Finance (No. 2) Bill, 2024 – As Passed by Lok Sabha on 7.8.2024

Income Tax : Explore the Finance Bill 2024, detailing income tax rates, surcharges, and provisions for various taxpayers, including individuals...

August 13, 2024 3975 Views 0 comment Print

Guidelines for Handling High-Risk PAN Cases in Insight Portal

Income Tax : Insight Instruction No. 79 details procedures for managing high-risk PAN cases in the Insight portal, guiding tax officers through...

August 12, 2024 13323 Views 0 comment Print

Income Tax Exemption for UIDAI’s Specified Income 2024-2029

Income Tax : UIDAI's specified income receives tax exemption for AY 2024-2025 to 2028-2029 under Income-tax Act, 1961, as per the latest CBDT n...

August 12, 2024 333 Views 0 comment Print


New Income Tax Form 71: Correcting TDS Errors

October 7, 2023 60192 Views 0 comment Print

Explore the new Income Tax Form 71 introduced by the CBDT to correct TDS errors. Effective from October 1, 2023, Form 71 simplifies the process of rectifying discrepancies between TDS deductions and income reporting. Learn about Rule 134 and the submission process through the Income Tax Department’s e-filing portal. Understand the details required, including PAN, address, tax year, and TDS amount. Discover the limited time frame of two years to correct TDS credit errors and the electronic issuance of Form 71 by the Director General of Income Tax (System). Ensure a smoother tax payment experience with this insightful guide by CA Brijmohan Lavaniya and Siddharth Sachan

Penalty u/s 270A not imposable in absence of any malafide intention to claim excess deduction

October 6, 2023 1731 Views 0 comment Print

ITAT Delhi held that imposition of penalty under section 270A of the Income Tax Act unsustainable in absence of any malafide intention on the part of the assessee to claim excess deduction under section 32AC of the Income Tax Act.

Determination of ALP without applying methods prescribed u/s 92C is untenable

October 6, 2023 504 Views 0 comment Print

ITAT Mumbai held that the determination of Arm’s Length Price (ALP) without applying any methods as prescribed under section 92C(1) of the Income Tax Act by the TPO is not tenable in law.

Interest on trade receivables u/s. 92B(1) determined by applying SBI short-term deposit rates

October 6, 2023 1344 Views 0 comment Print

ITAT Hyderabad held that interest on trade receivables u/s. 92B(1) of the Income Tax Act could be determined by applying SBI short-term deposit rates.

Addition u/s. 68 unsustainable as genuineness of depositors proved

October 6, 2023 1167 Views 0 comment Print

ITAT Jodhpur held that addition under section 68 of the Income Tax Act towards unexplained credit unsustainable as genuineness of the depositors provided by filing confirmation, affidavits, bank statement, etc.

Service relating to mining of natural resources not taxable in terms of India-Portugal DTAA

October 6, 2023 498 Views 0 comment Print

ITAT Delhi held that amount received towards service rendered by the assessee is in connection with installation/erection of plant and machinery involved in mining of natural resources fall within the exceptions provided under Article 12(5)(f) and 12(5)(g) of India – Portugal DTAA and hence not taxable.

Deduction u/s 37(1) not allowable on interest paid on late payment of TDS

October 6, 2023 4305 Views 0 comment Print

ITAT Hyderabad held that interest payment on late payment of TDS is not compensatory in nature and is not allowable as deduction u/s 37(1) of the Income Tax Act.

Contribution received from commodity exchange exempt i/s. 10(23EC) of Income Tax Act

October 6, 2023 546 Views 0 comment Print

Held that prior to 1-­4- 2024 there was no bar on assessee claiming exemption under section 10 (23EC) and under section 11 and 12 of the act. Accordingly, contribution received from commodity exchange and members thereof is exempt u/s 10(23EC) of the Income Tax Act.

Income Tax Notification 87/2023: Dental Council of India Exemption

October 6, 2023 816 Views 0 comment Print

Read Notification No. 87/2023-Income Tax dated 6th October, 2023, granting exemption to Dental Council of India from specified income under Income-tax Act, 1961

Reopening of assessment merely based on change of opinion is unsustainable

October 6, 2023 1335 Views 0 comment Print

Bombay High Court held that re-opening of assessment under section 148 of the Income Tax Act, without indicating basis for having a reason to belief that income has escaped assessment, merely based on change of opinion is unsustainable in law and liable to be quashed.

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