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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


Income Tax Bill 2025: Key Proposals and Simplifications

Income Tax : Discover key changes in the Income Tax Bill 2025, including enhanced rebates, simplified trust provisions, and extended registrati...

March 15, 2025 360 Views 0 comment Print

Analysis of Section 194T of Income Tax Act 1961: TDS on Payments to Partners

Income Tax : Section 194T mandates 10% TDS on partner payments exceeding ₹20,000 annually, effective April 1, 2025. Learn its impact, complia...

March 15, 2025 564 Views 0 comment Print

Income from ‘Profits and Gains of Business or Profession’

Income Tax : Understand income tax rules for business & profession in India. Covers business, profession, vocation, occupation, and deduction g...

March 15, 2025 570 Views 0 comment Print

Income from Business and Profession under Income Tax Act 1961

Income Tax : In the realm of taxation, income is classified into various categories, with one of the most significant being Income from Busines...

March 13, 2025 873 Views 0 comment Print

Unlocking Mysteries of Gross Total Income and Income Tax Deductions

Income Tax : The Indian taxation framework, as delineated by the Income Tax Act of 1961, may initially seem daunting. Nevertheless, acquiring a...

March 13, 2025 1512 Views 0 comment Print


Latest News


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 24 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 72 Views 0 comment Print

Govt Expects 12.65% Rise in Income Tax Collections Despite Tax Rate Cut

Income Tax : The Finance Bill 2025 projects a 12.65% rise in income tax collections despite tax cuts, with estimated receipts of ₹25.20 lakh ...

March 16, 2025 24 Views 0 comment Print

Impact of Tax Rate Reduction on Middle-Class & Savings

Income Tax : The Finance Bill 2025 revises tax slabs, reducing the burden on middle-class taxpayers. The changes aim to boost savings and consu...

March 16, 2025 27 Views 0 comment Print

Corporate Tax Revenue Collection and Statewise Distribution

Income Tax : Corporate tax revenue distribution follows Finance Commission guidelines, with states receiving 41% of shareable taxes. Incentives...

March 16, 2025 24 Views 0 comment Print


Latest Judiciary


Section 56(2)(viib) Not Applicable to Share premium Transactions Between Holding & Wholly-Owned Subsidiary

Income Tax : Delhi High Court sets aside DRP's order in FIS Payment case, directing a fresh review under ITAT rulings on Section 56(2)(viib). K...

March 16, 2025 27 Views 0 comment Print

ITAT deletes Section 56(2)(viib) addition & Upholds DCF method

Income Tax : ITAT Delhi upholds CIT(A) ruling in Kissandhan Agri case, rejecting tax addition under Section 56(2)(viib). AO’s valuation metho...

March 16, 2025 45 Views 0 comment Print

ITAT Mumbai Allows CSR Deduction Under Section 80G

Income Tax : ITAT Mumbai ruled in favor of Jamnagar Utilities, allowing CSR donations as deductions under Section 80G, rejecting the Revenue's ...

March 16, 2025 192 Views 0 comment Print

Section 115BBE not applicable to business income declared during survey: ITAT Pune

Income Tax : ITAT Pune ruled that Section 115BBE does not apply to business income declared in a survey. Read the case details and implications...

March 16, 2025 99 Views 0 comment Print

Addition for unverified creditors under Section 41(1) not automatic: ITAT Kolkata

Income Tax : ITAT Kolkata partly allows Utpal Sarkar’s appeal against DCIT, addressing bogus sundry creditors and inter-unit transactions. Ca...

March 15, 2025 186 Views 0 comment Print


Latest Notifications


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 1011 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 645 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 609 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 315 Views 0 comment Print

Income Tax Department identifies High-Risk Non-Filers for AY 2019-22

Income Tax : The IT Dept. has flagged high-risk non-filers for AY 2019-22 on the Insight Portal under RMS Cycle 5. Assessing Officers can revie...

March 7, 2025 9672 Views 0 comment Print


No s. 14A disallowance if loan utilized for capital contribution in Partnership Firm

June 22, 2012 4393 Views 0 comment Print

The appellant had raised interest bearing loan from Reliance Capital Ltd. The said Loan had been utilized by the appellant for the purchase of shares and also for making capital contribution to M/s Shreenath Enterprises in which the appellant was a partner. Thus, to the extent the interest bearing loan has been used for making contribution, there is a direct nexus between the loan obtained from Reliance Capital Ltd. and contribution made to the partnership firm.

Power of TPO to determine ALP of international transaction not referred to him by A.O.

June 22, 2012 1846 Views 0 comment Print

Finance Act, 2012 has amended the provisions of sec. 92CA of the Act retrospectively to empower the TPO to determine the arm’s length price of international transactions noticed by him in the course of proceedings before him, even if said transaction was not reported by the assessing officer.

Prepayment penalty charges & upfront fees are revenue expenditure

June 22, 2012 9241 Views 0 comment Print

There is no need to capitalize the upfront fee for term loan in connection with the transfer of the loans from one bank to another against prepayment penalty charges paid to the existing banks to migrate from a costly 15% p.a. loan to chaper 10% p.a. loan offered by another bank.

Gross Amount’ of royalty under Indo-USA DTAA includes tax withheld

June 22, 2012 1538 Views 0 comment Print

It was held that the ‘gross amount’ royalty under the India-US DTAA includes not only the actual payment by way of royalty but also the tax withheld by the payer which is borne by him and paid to Central Government on behalf of the payee as agreed between the parties. In short, the ITAT held that the royalty has to be paid on the grossed up amount. ITAT Delhi also held that royalty is taxable on receipt basis irrespective of the system of accounting adopted by the parties.

Commission on sales is to be allowed in year of sale even if sale was realised in next financial year

June 22, 2012 708 Views 0 comment Print

In the instant case, the liability to pay commission Rs. 2,94,701/- has arisen by virtue of sales in the financial year 2004-05 relevant to the assessment year 2005-06. The realization of sale amount in the next financial year will not make much difference as the liability to pay commission had crystallized in the financial year 2004-05 itself after sale. We, therefore, reverse the decision of the CIT(A) on this issue and allow the ground raised by the assessee.

Gift – Addition justified if Assessee fails to prove financial capacity of Donor

June 22, 2012 2223 Views 0 comment Print

The assessee’s argument of having established his bona fides in view of the money being deposited in his regular bank account would also be to no avail. Does the assessee mean to imply that he has some other unaccounted bank accounts as well, in which the amount could have been deposited? To pay the tax, legitimately due, and to recover the same, is the bounded duty of the citizen and the State respectively. In view of the foregoing, the application of section 69A is confirmed in the instant case by the revenue and, accordingly, the assessee’s ground is dismissed.

Helpline related to online filing of Income Tax Return

June 22, 2012 1152 Views 0 comment Print

For any query relating to online filing of Income Tax Return, please call 080-26982000 between 9am to 6 pm on all working days.

Acceptance of records bars AO to make addition due to non-production of books

June 22, 2012 564 Views 0 comment Print

We find that during original assessment proceedings the Assessing Officer himself had accepted the position that the assessee had maintained quantitative details and that the general profit was on the higher side. We further find that in remand report also, the Assessing Officer could not justify the lump-sum addition other than making a short statement that addition was justified on books, vouchers, etc. as produced before him. In such circumstances, both the Commissioner of Income Tax (Appeals) and the Tribunal below deleted the lump-sum addition in the absence of any basis on the part of the Assessing Officer and even after holding that competitive details were maintained and the general profit was favourable.

No Scope for Calculations or recalculations of income declared u/s. 44BB

June 22, 2012 396 Views 0 comment Print

The assessee entered into a composite contract with ONGC to provide complete Mud Engineering Services which have been termed as ‘Mud Services & supply Mud Chemicals’ to ONGC in the contract. Both the services as well as the material required to provide such services is a composite and integral part of the contract. The assessee specialized in providing these services along with specialized chemicals required for the purpose. Thus, both these aspects are composite and cannot be segregated in part. This was a case of composite work contract which cannot be considered in parts for the purpose of taxation. The assessee has opted for working out the taxable income as per the provisions of section 44BB.

No TDS deductible on interest for delayed payment of Purchase Bills U/s. 194A

June 22, 2012 16516 Views 0 comment Print

Tribunal has held that a payment which has direct link and immediate nexus with the trading liability being connected with the delayed purchase payments will not fall within the category of interest as defined in section 2(28A). The payment made by the assessee in the present appeal being of similar nature also cannot be termed as interest as defined under section 2(28A).

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