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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


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 2391 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 219 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 165 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 864 Views 0 comment Print

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 516 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 279 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 606 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 813 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 111 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 360 Views 0 comment Print


Latest Judiciary


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 468 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 192 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 201 Views 0 comment Print

Section 245 Income Tax refund adjustments must adhere to principles of natural justice

Income Tax : Bombay HC quashed Trent Ltd.’s tax refund adjustment under Section 245 of the IT Act, citing a violation of natural justice. Rev...

March 20, 2025 255 Views 0 comment Print

Tax reassessment based on a cancelled PAN was invalid: ITAT Pune

Income Tax : ITAT Pune dismisses revenue appeal, upholding CIT(A)'s decision that a tax reassessment based on a cancelled PAN was invalid....

March 20, 2025 288 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 12 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 54 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 4596 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 1122 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 720 Views 0 comment Print


Reimbursement of salary & expenses under secondment agreement not liable for TDS u/s.195

July 26, 2012 7531 Views 0 comment Print

In the above ruling, fees paid to a resident of Canada as consideration for analysis of samples and ores conducted from technical lab was held as fees for technical services u/s.9(1)(vii) and Article 12 of the India-Canada Treaty. No arguments were made on the aspect of ‘make available’ requirement present in the definition of ‘fees for technical services’ under Article 12 of the Treaty and the AAR also did not consider this. Thus, the decision relied on by the learned Departmental Representative is distinguishable.

Disallowance of discount by estimating the same hypothetically not permissible

July 26, 2012 670 Views 0 comment Print

A perusal of the assessment order clearly shows that the Assessing Officer questioned the assessee why there is a difference in the rate of discount. Assessee replied to the questions raised by the Assessing Officer. However, the Assessing Officer has proceeded to compute the discount by hypothetical calculation to arrive at discount rate for the whole year and then asessee applied on monthly sale basis. This obviously is not permissible in so far as the discount granted by the assessee is not a constant every month. The average rate of discount would be a highly impractical method. In the circumstances, the addition in respect of discount as made by the Assessing Officer and confirmed by the learned Commissioner of Income-tax(Appeals) stands deleted.

S. 36(1)(vii) -Bad debt written off is liable to be allowed

July 26, 2012 1141 Views 0 comment Print

A perusal of the order of the learned Commissioner of Income-tax (Appeals) clearly shows that the assessee had written off bad debt in the books. Further, it is noticed that the Learned Commissioner of Income-tax (Appeals) had followed the decision of the Hon’ble Bombay High Court in the case of Director of Income-tax (International Taxation) Vs. Oman International Bank (refer to supra) on this issue. The finding of the learned Commissioner of Income-tax (Appeals) that the bad debt written off in the books has not been disputed by the revenue. In the circumstances, the finding of the learned Commissioner of Incometax (Appeals) on this issue is on right footing and does not call for any interference.

ITR -7 For A.Y. 2012-13 / F.Y. 2011-12

July 26, 2012 6616 Views 0 comment Print

Notification No. 29/2012-Income Tax In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income-tax (8th Amendment) Rules, 2012.

Mere accruing of income jointly to more persons than one would not constitute thereon an AOP

July 26, 2012 2701 Views 0 comment Print

In order to assess individuals to be forming association of persons, the individual co-owners should have joined their resources and thereafter acquired property in the name of association of persons and the property should have been commonly managed, only then it could be assessed in the hands of associations of persons. Conversely, the mere accruing of income jointly to more persons than one would not constitute thereon an association of persons in respect of such income.

PMS fees is deductible against capital gains

July 25, 2012 5537 Views 0 comment Print

Decision of the Mumbai Bench of the Tribunal in the case of Homi K. Bhabha Vs. ITO was brought to our notice by the learned DR wherein it was held that Portfolio Management Scheme fees is not deductible against capital gains. The decision of the Pune Bench of the Tribunal in the case of KRA Holding & Trading was not followed by the Mumbai Bench in the above cited decision.

Splitting of cash payment to circumvent law attracts Section 40A(3)

July 25, 2012 17649 Views 0 comment Print

It is very clear that the assessee consciously split up the payments in whole of the year, which is impracticable, illogical as noted above and it was done just to circumvent the provisions of law. There was no justification for the assessee to split up the transactions of crores of rupees in small payments of Rs. 15,000/- to Rs. 20,000/- everyday. Whatever plea was taken before the authorities below was not supported by any evidence.

I-T – ‘Register for Home Visit’ and ‘Online Tax Help’

July 25, 2012 1980 Views 0 comment Print

In order to make the Income Tax Return filing experience even more convenient, the Income Tax Department has started two more taxpayer friendly initiatives ‘Register for Home Visit’ and ‘Online Tax Help’. To avail these facilities, a taxpayer must visit the website www.trpscheme.com and take help of trained professionals either online or at their homes. The taxpayer can choose between ‘online help’ or ‘home visit’.

I-T department adds new column in ITR for declaring foreign assets

July 25, 2012 1427 Views 0 comment Print

Taxpayers, who hold foreign bank accounts or properties, will now have to furnish details of their foreign assets which include information like country name, address of the bank, name mentioned in the account and peak balance during the year etc.

Assessee not bound to keep record of parties to whom cash sales made

July 25, 2012 2831 Views 0 comment Print

Ld. CIT(A) on pages 51-52 of his order that the assessee could not provide even the names and addresses of those parties to whom cash sales were claimed to have been made. This is the main basis on which Ld. CIT(A) has confirmed the decision of the A.O. In our considered opinion, it cannot be said that in the case of cash sales, the assessee is bound to keep record of the names and addresses of the buyers. The judgement of Hon’ble Bombay High Court cited by the Ld. A.R. rendered in the case of R B Gurnam Fatehchand vs ACIT as reported in 75 ITR 33 also supports the case of the assessee. In that case also, the assessee was not in a position to give the addresses of the customers to whom cash sales were made. Under these facts, it was held by the Hon’ble Bombay High Court that this cannot be the basis to reject the book results.

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