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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 279 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 1281 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 333 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 4200 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 8160 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 114 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 528 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 108 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 333 Views 0 comment Print


Latest Judiciary


Reimbursements for seconded employees did not constitute FTS: Karnataka HC

Income Tax : Karnataka High Court rules on TDS applicability under Section 195 of the Income Tax Act in the case of Abbey Business Services Ind...

March 19, 2025 21 Views 0 comment Print

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 288 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 168 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 207 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 87 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 4119 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 1107 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 690 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 660 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


Automatic Form 16 with 12BA for F.Y. 2012-13 & A.Y. 2013-14

July 8, 2012 27448 Views 0 comment Print

Automatic Form 16 with 12BA for Financial Year 2012-13 & Assessment Year 2013-14 in Excel Format Download Automatic Form 16 Utility

Just because benefits of research may have enduring benefit, expenditure cannot be considered as capital in nature

July 8, 2012 798 Views 0 comment Print

There is no dispute with the fact that assessee has commenced business activity during the year. As seen from the nature of the expenditure claim by assessee under the head research expenses, the entire expenditure pertains to use of raw material, freight and other expenditure which are in revenue field and there is no capital expenditure involved nor any capital asset was purchased as part of these expenses. Just because the benefits of research may have some enduring benefit, the expenditure cannot be considered as capital in nature. Following the principles laid down by the Supreme Court in the case of Empire Jute Co. Ltd, vs. CIT (supra), we hold that this expenditure is revenue in nature.

Mere taking of a claim, which is not sustainable in law, will not amount to furnishing inaccurate particulars

July 8, 2012 512 Views 0 comment Print

The assessee is an individual who is the Managing Director of Cadence Design Systems India Pvt.Ltd. For the AY 2004-05, he filed a return of income at `1,75,05,081/- comprising of salary income at `1,02,72,400/- from Cadence Design Systems India Pvt.Ltd. and salary income of `65,97,305/- from Cadence Design System Inc.,USA. The assessee has been granted stock option under an incentive stock option agreement dated17th September, 1993with Cadence Design Systems,USA. During the year under consideration, the assessee sold the stock options and received the sum of `11,36,829/- on sale of such stock options. The same was declared as long term capital gain. The Assessing Officer assessed the same as short term capital gain and also levied penalty under Section 271(1)(c) thereon at `2,50,102/- being the difference between the tax as short term capital gain and tax as long term capital gain on the sum of `11,36,829/-. The learned CIT(A) cancelled the penalty. Hence, the Revenue is in appeal.

S. 41(1) not applies if Assessee not claimed trading liability as deduction in earlier years in computing business income

July 8, 2012 1346 Views 0 comment Print

Hon’ble Delhi High Court in the case of Vardhman Overseas Ltd. (supra) has observed that section 41(1) has been incorporated in the Act to cover a particular facts situation. Section applies where a trading liability was allowed as a deduction in earlier years in computing the business income of the assessee and the assessee has obtained a benefit in respect of such trading liability in later year by way of remission or cessation of the liability. In such a case, the section says that whatever benefit has arisen to the assessee in the later year by way of remission of the liability will be brought to tax in that year.

S. 35D covers only expenditure which are specifically mentioned therein & nothing beyond

July 8, 2012 8436 Views 0 comment Print

CIT V. Ashok Leyland Ltd. Expenditure incurred in connection with the issue of shares and debentures of the company to public subscription, which qualify for consideration under Section 35D, are underwriting commission, brokerage and charges for drafting, typing, printing and advertisement of the prospectus and nothing more. There is a residual clause to sub clause D, which shows such other items of expenditure not being expenditure eligible for any allowance or deduction under any other provisions of the Act as may be prescribed.

Reference to DVO without rejection of books is invalid

July 7, 2012 679 Views 0 comment Print

In the present case, a categorical finding is recorded by the Tribunal that the books were never rejected. This aspect has not been considered by the Hon’ble High Court. In the circumstances, the reliance placed on the report of the DVO was misconceived”. By observing these observations, the decision of Hon’ble High Court was set aside and the order passed by the Tribunal was restored by the Hon’ble Apex Court. The facts in the present case are similar as in this case also no books of account were rejected before referring the matter u/s 142A of the Act.

S.57 do not provide for deduction of any expenditure from salary income of an MLA

July 7, 2012 3582 Views 2 comments Print

This finding of the Tribunal in the case of Jaswant Singh (supra), clearly upholds the view that the provisions of section 57 do not provide for any deduction of expenditure from such salary income, etc. of an MLA. Only those exemptions as laid out as per the provisions of section 10(14), read with rule 2BB(1) and section 10(17) are allowable from an MLA’s salary and other allowances granted in such capacity. Thus, the Commissioner (Appeals)’s action in rejecting the assessee’s claim for allowing deduction of expenditure under section 57 has to be upheld.

Period of holding to be reckoned from ‘date of purchase’ & not from date of demat

July 7, 2012 13576 Views 0 comment Print

In case of securities the ‘date of purchase’ has to be taken from the broker’s note/contract note and the period of holding is also to be reckoned from the ‘date of purchase’ and not from the ‘date of dematerialization’. Since the holding period of the shares as per the broker’s note and its subsequent sale after dematerialization is more than 12 months, the shares become long-term capital asset and the assessee’s claim of long-term capital gain is correct.

Payment by agent of assessee for purchases/ upgrades of software cannot be reimbursement

July 7, 2012 727 Views 0 comment Print

A plain reading of document on records demonstrate that FADV-US is acting as an agent of the assessee for various purchases/ upgrades. This cannot be a reimbursement. It is purchase on behalf of the assessee. In other words, what can be said is that the assessee has routed its purchases through FADV-US. Such routing of purchases cannot be called as reimbursement of expenses.

Rent reimbursement not liable for TDS u/s. 194I

July 7, 2012 10088 Views 0 comment Print

ACIT v. Result Services (P.) Ltd. – The assessee is paying rent to the holding company as reimbursement since last many years. This position has been accepted by the department all through and it has been never disputed even when provisions for TDS were on statute since 1994. Section 194-I of the Income-tax Act, 1961 was inserted in Act w.e.f. 01.06.1994. Similarly, this position was also not disputed even after the amendment in section 40(a)(ia) of the Act by the Taxation Law (Amendment) Act, 2006 w.e.f. 1.4.2006.

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