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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


TCS on Luxury Goods: New Tax Rules in India

Income Tax : Learn about India's TCS on luxury goods. Effective April 2025, 1% TCS applies to sales over ₹10 lakh for watches, art, yachts, a...

April 24, 2025 1104 Views 0 comment Print

FAQs on TCS on Luxury Goods: New Rules & Items (₹10 Lakh+)

Income Tax : Learn about the latest changes in TCS under Section 206C(1F) for luxury goods exceeding ₹10 lakh. Find the list of notified item...

April 24, 2025 5625 Views 0 comment Print

Sale of Agricultural Land – How to Save Tax?

Income Tax : This article explores how taxpayers can save Long-Term Capital Gains (LTCG) arising from the sale of agricultural land. Relevant S...

April 24, 2025 3963 Views 0 comment Print

CBDT Mandates TCS on 10 new High-Value Luxury Goods wef 22nd April 2025

Income Tax : CBDT Notification 36/2025 requires sellers to collect TCS on luxury goods like watches, art over ₹10 lakh from April 22, 2025. L...

April 23, 2025 3921 Views 0 comment Print

ITR Refund Delays: What You Should Know in 2024-25

Income Tax : Your ITR refund for FY 2024-25 may be delayed due to pending tax issues. Learn why and how to handle notices from the Income Tax D...

April 22, 2025 5967 Views 0 comment Print


Latest News


Inordinate Delay in Disposal of Appeals by National Faceless Appeal Centre

Income Tax : Representation highlights long delays at NFAC affecting over 5 lakh appeals, urging CBDT to expedite resolutions and restore taxpa...

April 24, 2025 51 Views 0 comment Print

ITAT enables e-filing and virtual hearings

Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...

April 5, 2025 2493 Views 1 comment Print

Exemption From Income Tax on Annual Income Up To ₹12 Lakh

Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...

April 3, 2025 2154 Views 1 comment Print

Corporate Tax Concessions in India: Key Deductions & Impact

Income Tax : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...

April 3, 2025 363 Views 0 comment Print

Supplementary FAQs for Finance Bill, 2025

Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...

March 26, 2025 6042 Views 0 comment Print


Latest Judiciary


Section 143(1) Intimation Invalid if Based on Return Declared Invalid by CPC: ITAT Bangalore

Income Tax : ITAT Bangalore rules against disallowance under Section 143(1) citing invalidity of updated return filed under Section 139(8A) by ...

April 24, 2025 27 Views 0 comment Print

Section 80G Approval can’t be Denied for Receiving School/Tuition/Exam Fees: ITAT Bangalore

Income Tax : ITAT Bangalore rules in favor of Anugraha Education Trust, clarifies 80G approval does not depend on fee receipts being donations....

April 24, 2025 30 Views 0 comment Print

Disallowance u/s. 40(a)(i) for non-deduction of TDS from foreign remittance restored back to AO

Income Tax : The assessee is carrying on business activity of export of software development and distinct services as Proprietor of Versatilete...

April 24, 2025 222 Views 0 comment Print

Penalty u/s 271(1)(c) Not leviable for Bona Fide Mistake Disclosed Voluntarily

Income Tax : Assessee-a government-owned entity, had initially filed its income tax return for the assessment year 2016-17, declaring nil incom...

April 24, 2025 252 Views 0 comment Print

Income Tax Writ disposed due to existence of alternative remedy: Madras HC

Income Tax : Madras High Court held that the existence of an alternative remedy precludes the petitioner from approaching this Court through a...

April 24, 2025 84 Views 0 comment Print


Latest Notifications


Expenses for Settlement of SEBI & Competition & Depositories Act Violations not allowable

Income Tax : CBDT notification clarifies that expenses to settle proceedings under SEBI, Securities Contracts, Depositories, and Competition Ac...

April 24, 2025 24 Views 0 comment Print

Notification u/s 10(46A) of Income Tax Act in case of National Mission for Clean Ganga

Income Tax : The Central Government notifies the National Mission for Clean Ganga as exempt from income tax under Section 10(46A), effective AY...

April 23, 2025 78 Views 0 comment Print

CBDT notifies 10 new items on which TCS needs to be collected

Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ケ10 lakh, effectiv...

April 23, 2025 13656 Views 0 comment Print

CBDT amends form No. 27EQ and added 10 new items for TCS Reporting

Income Tax : Latest income tax rule changes effective April 2025. Form 27EQ updated with new categories for tax collection at source on various...

April 23, 2025 1269 Views 0 comment Print

HUDCO Bond Notified as Zero Coupon by CBDT

Income Tax : CBDT notifies HUDCO’s 10-Year Zero Coupon Bond worth ₹5,000 Cr under Section 2(48) of Income-tax Act for infrastructure projec...

April 19, 2025 729 Views 0 comment Print


Section 263 cannot be invoked When AO Conducts Reasonable Inquiry: SC Affirms

April 23, 2025 813 Views 0 comment Print

Revisional powers under Section 263 cannot be exercised when AO has already conducted reasonable inquiries and taken a plausible view: SC

Mechanical Section 153D approval without proper review: ITAT Quashes Assessment

April 22, 2025 198 Views 0 comment Print

ITAT Cuttack rules against revenue, quashing Dilip Constructions’ assessment citing mechanical approval without proper review. Judicial precedents cited.

Section 263 cannot be Invoked for Difference of Opinion on Section 54F Exemption & Indexed Cost

April 22, 2025 309 Views 0 comment Print

ITAT Mumbai allows appeal of Jasmine Bhaskar Shah against PCIT’s Section 263 revision on exemption under 54F and indexation of gifted shares.

Bombay HC Orders Inquiry into delay in Income Tax Refund Order Implementation

April 22, 2025 516 Views 0 comment Print

Bombay High Court seeks reasons for delay in IT refund to Kalmar India, directs affidavit from PCIT-6 and warns of accountability for interest burden on state.

ITAT directs Re-examination of Section 11 Deduction for Hotel & Restaurant Association

April 22, 2025 255 Views 0 comment Print

ITAT Mumbai sends back Hotel Association’s Section 11 deduction case for fresh review, citing lack of proper verification of charitable activities by tax authorities.

Income Tax Assessments Must Rely on Cogent Evidence, Not Assumptions: Delhi HC

April 22, 2025 2004 Views 0 comment Print

High Court held that the addition sustained by the ITAT lacked evidentiary basis and was founded on unwarranted suspicion. The assessee had duly discharged the onus placed upon him to prove the genuineness of the gifts. Accordingly, the Court quashed the addition and allowed the appeal.

No LTCG Addition Without Concrete Evidence, Mere Suspicion Insufficient: ITAT Kolkata

April 22, 2025 213 Views 0 comment Print

Kolkata ITAT permits Minu Gupta’s LTCG exemption claim, citing lack of specific evidence against her despite AO’s reliance on general investigation reports.

ITAT Kolkata Allows LTCG Claim for Lack of Specific Evidence

April 22, 2025 246 Views 0 comment Print

ITAT Kolkata rules in favor of Raj Kumar Kabra’s LTCG claim, stressing the need for specific evidence over general suspicion in tax assessments.

LTCG Cannot Be Treated as Bogus Without Specific Evidence on Mere Suspicion

April 22, 2025 330 Views 0 comment Print

ITAT Kolkata permits Pawan Kumar Kabra’s LTCG claim, emphasizing the need for specific evidence over general suspicion in assessment.

LTCG Cannot be Deemed Bogus Solely on Price Volatility or General Investigation Report

April 22, 2025 264 Views 0 comment Print

ITAT Kolkata deleted an addition related to bogus long-term capital gain, finding the assessee’s share transactions to be genuine and supported by sufficient evidence.

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