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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


Mistakes to Avoid While Paying TDS on Rent for FY 2024-25

Income Tax : Understand the revised 2% TDS rate on rent from Oct 1, 2024. Learn the correct rate, avoid overpayments, and claim refunds for exc...

March 21, 2025 1461 Views 0 comment Print

Bombay HC Cracks Down on Tax Evasion Scheme in Buniyad Chemicals Case

Income Tax : Bombay High Court rules on tax evasion by Buniyad Chemicals, addressing unexplained credits, money laundering, and regulatory acti...

March 20, 2025 4086 Views 0 comment Print

New Income Tax Bill, 2025 – How one should Read & Interpret a Law

Income Tax : Understand the New Income Tax Bill 2025, key policy changes, structural revisions, and interpretation methods. Learn how these upd...

March 20, 2025 957 Views 0 comment Print

Analysis of Impact & Effectiveness of Bilateral Investment Treaties

Income Tax : Article explores effectiveness and influence of Bilateral Investment Treaties (BITs) on FDI flows with particular emphasis within ...

March 20, 2025 273 Views 0 comment Print

Deductions Under Section 57 of Income Tax Act, 1961

Income Tax : Learn about deductions allowed under Section 57 of the Income Tax Act, 1961, for income from other sources, including family pensi...

March 19, 2025 1386 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 375 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 654 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 1077 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 123 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 408 Views 0 comment Print


Latest Judiciary


Section 263 – CIT’s Power to Revise Erroneous & Prejudicial Assessment Orders: ITAT Ruling

Income Tax : ITAT Delhi affirms PCIT’s order under Section 263, ruling AO’s assessment erroneous & prejudicial to revenue. Key precedents c...

March 21, 2025 2655 Views 0 comment Print

WhatsApp Messages Not Conclusive Evidence for Addition: ITAT Chennai

Income Tax : ACIT vs Prashant Prakash Nilawar case where ITAT Mumbai dismissed Rs. 17 Cr addition based on WhatsApp messages without concrete e...

March 21, 2025 1581 Views 0 comment Print

ITAT Dismisses Revenue’s Appeal as Tax effect was Below Rs. 60 Lakh

Income Tax : ITAT Ahmedabad dismisses ITO's appeal against Sun Gold Capital Ltd due to low tax effect under CBDT Circular 09/2024. Key issues i...

March 20, 2025 5277 Views 0 comment Print

ITAT upholds Section 263 revision order, treating VRS benefits as taxable

Income Tax : Analysis of ITAT Ahmedabad's ruling in Rakesh Saxena Vs PCIT. The tribunal upheld the revision order, treating VRS benefits as tax...

March 20, 2025 363 Views 0 comment Print

Non-Resident Can’t Be Expected to Monitor Tax Portal After 8 Years, HC Sets Aside Assessment Order for Improper Notice

Income Tax : Madras High Court quashes assessment order citing lack of proper notice and violation of natural justice for a non-resident taxpay...

March 20, 2025 402 Views 0 comment Print


Latest Notifications


High-Risk e-Verification Cases: Instructions for AOs

Income Tax : Guidelines for Assessing Officers on handling high-risk e-Verification cases under the e-Verification Scheme 2021, including steps...

March 20, 2025 642 Views 0 comment Print

CBDT allows data sharing with Delhi’s IT Dept. for social welfare scheme identification

Income Tax : CBDT allows data sharing with Delhi's IT Dept. for social welfare scheme identification under Income Tax Act Section 138. Read the...

March 19, 2025 111 Views 0 comment Print

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 5124 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 1146 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 759 Views 0 comment Print


Unabsorbed depreciation of amalgamated company shall be added to arrive at actual cost of acquisition

July 30, 2012 2701 Views 0 comment Print

We agree with the assessee’s contention that the written down value of the assets at the hands of the amalgamated company will be the written down value at the hands of the amalgamating company for the immediate preceding previous year arrived at after reducing the depreciation actually allowed in the said preceding previous year and Explanation 3 will have no relevance for the purpose of finding out the written down value of the amalgamating company, which, in turn, is that of the amalgamated company.

Fishing inquiries unconnected with reasons recorded in reassessment proceedings not allowed

July 30, 2012 6512 Views 0 comment Print

It is generally seen in the reassessment proceedings u/s 147 of Income Tax Act, 1961, the assessing officers tend to make inquiries and ask questions even at the start of the reassessment proceedings which are totally unconnected to income that is believed to have escaped assessment in the reasons recorded for reassessment proceedings.

Tax Paid by employer on salary is not taxable in the hand of Employee

July 30, 2012 7356 Views 0 comment Print

There is no dispute that the employer has entered into agreements with the employees and thereby has taken over an obligation to pay income tax payable by the employees. If the employer was not obliged to pay such income tax, the same would have been payable by the employees in question. Such payment, as has been provided in Section 10 (10CC) is notwithstanding anything contained in Section 200 of the Companies Act, 1956.

Proportionate Interest on amount transferred to group concerns without commercial expediency not allowable

July 29, 2012 504 Views 0 comment Print

On the contrary, the ld. representative for the assessee submitted that the definition of “manufacture” was introduced by Finance Act, 2009. The assessment years under consideration are 2006-07 and 2007-08, therefore, the definition introduced by Finance Act, 2009 is not applicable to the facts of the case. For the earlier assessment year, this Tribunal had an occasion to consider the very claim of the assessee and this Tribunal found that the activity of the assessee is manufacture and entitled for deduction u/s 80IB of the Act.

In cases where principle of mutuality applicable, registration u/s. 12AA cannot be cancelled simply by relying on first proviso to S. 2(15)

July 29, 2012 2092 Views 0 comment Print

The assessee is a club and all its activities are restricted to among its members and, therefore, ‘principle of mutuality’ applies in the instant case. It has been clarified by the Board vide its Circular No. 11 of 2008, dated 19-12-2008 that in such cases where principle of mutuality are applicable, registration cannot be cancelled simply by relying on the first proviso to section 2(15). No where it has been brought on the record that the activities of the assessee are not governed by ‘principles of mutuality’ or it has been dealing with non-members. Thus, from this aspect also first proviso does not apply to the instant case. In view of the above, the cancellation of registration under section 12AA(3) was not tenable.

HC may sanction non tax neutral demerger

July 29, 2012 6199 Views 0 comment Print

The contention urged by the Applicant that the Scheme of Demerger must necessarily comply with Section 2(19AA) which is meant for availing tax concession cannot be read as a mandatory requirement for all schemes of amalgamation / arrangement/de-merger under Sections 391/392/394 of 1956 Act . The said provision cannot be read and interpreted to include assets/units/undertakings/business belonging to the respondent-IRSL which were never transferred or intended to be transferred to IRTL and which are not mentioned in the Scheme of Arrangement.

I-T Dept detects undisclosed income of Rs. 565 crore

July 29, 2012 420 Views 0 comment Print

Income Tax authorities say, undisclosed income of Indians totalling 565 crore rupees has been detected in France. The figure was disclosed in the information that India received from France on Indians having bank accounts, under the exchange of information clause of the Double Taxation Avoidance Agreement (DTAA) with the European country.

Amendment to DTAA can’t be given retrospective effect unilaterally

July 29, 2012 2213 Views 0 comment Print

It is a cardinal principle, when two sovereign nations enter into an agreement and have come to an understanding regarding the terms, views expressed in the agreement, such terms cannot be unilaterally changed. Once the Government of India and Government of UAE had not used the limitation clause of applicability of domestic law in determining the profits and deduction of expenses of PE under Article 7(3), the same cannot be read into even impliedly, that such a provision existed.

TDS on transport charges deductible u/s. 194C not 194I

July 29, 2012 35106 Views 1 comment Print

U/s 194-I, Income Tax is required to be deducted at source at the time of payment of any income by way of rent @’ 10% for the use of any machinery or plant or equipment. U/s 194C, tax is required to be deducted @’ 2% for carrying out any work which, inter alia, includes carriage of goods and passengers by any mode of transport other than by railways. Though generally speaking all types of machinery, plant and equipment given on hire get covered u/s. 194-I but hiring of transport vehicles get specifically covered u/s. 194-C as far as Tax Deduction at source is concerned. Transport vehicles used for carriage of goods and passengers are to be subjected to TDS provisions as per clause (c) of Explanation III of sub-section (2) of section 194C of the I.T. Act.

Voluntary Retirement -Allowability of exemption u/s 10(10C) & rebate u/s 89

July 29, 2012 41306 Views 6 comments Print

Voluntary Retirement – Assessee can claim both exemption u/s 10(10C) & rebate u/s 89- The assessee is entitled to the exemption under section 10(10C) of the Act and also rebate under section 89 of the Act in respect of the amount received in excess of Rs.5,00,000 on account of voluntary retirement. Thus their Lordships have held that the assessee, who opts for voluntary retirement, is not only entitled to exemption under section 10(10C) but also rebate under section 89 of the Income Tax Act.

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