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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 2934 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 312 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 171 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 939 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 528 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 285 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 837 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 378 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 936 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 219 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 246 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 294 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 357 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 45 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 57 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 4653 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 1125 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 732 Views 0 comment Print


Discounting Charges are Not Interest – SC

May 30, 2012 3642 Views 0 comment Print

CIT V/s. CARGIL GLOBAL TRADING I. P. LTD. Payment of ‘interest’ presupposes borrowing of money or incurring of debt. Discounting of Bill of Exchange does not involve borrowing of money or incurring of debt. The Bill of Exchange were acquired by the purchaser at a discounted price and there was no debt or obligation incurred by the Taxpayer in favor of the purchaser of the Bill of Exchange.

Expenditure on fully convertible debentures deductible

May 30, 2012 1625 Views 0 comment Print

Expenditure on fully convertible debentures deductible, Export Sales Income Source cannot be said to be located or situated outside India . It is well settled that expenditure incurred in connection with the issue of debentures or obtaining loan is revenue expenditure. Reference in this connection may be made to the leading judgment of the Supreme court in India Cements Ltd. v. CIT, (1966) 60 ITR 52. The question before us however, is whether it is a debenture issue or an issue of share capital involving the strengthening of the capital base of the company.

TDS deductor only liable for Interest & Penalty not for TDS

May 30, 2012 5580 Views 0 comment Print

Sec. 194H – Ad agencies are not agent of newspaper; hence TDS is not required to be deducted on commission paid to such agencies. Where tax has not been deducted at source, the short deducted tax cannot be realised from the deductor and the liability to pay such tax shall continue to be with the assessee direct, whose income is to be charged and a person who fails to deduct the tax at source, at best is liable for interest and penalty only. The above issues thus, are decided in favour of the petitioner. Sec. 194H – Ad agencies are not agent of newspaper; hence TDS is not required to be deducted on commission paid to such agencies

CBDT launches Internship Programme in Foreign Tax

May 30, 2012 3033 Views 0 comment Print

Internship Programme of Foreign Tax & Tax Research Division, Department of Revenue – The CBDT has launched an internship programme in the Foreign Tax & Tax Research Division. The objective of the programme is to enable the department to critically analyze various aspects of International Taxation, Transfer Pricing, Advance Pricing Agreements etc on the basis of refreshing ideas from the filed of academics. Applications are invited from eligible candidates. A stipend is payable. The terms and conditions are stated in the Circular Dated 28.03.2012.

No Reassessment u/s 147/148 for Legal Error / Illegality in Original Assessment Order

May 30, 2012 2416 Views 0 comment Print

The assessee had filed and furnished all details and particulars relating to the royalty payment including agreements, calculation and the approval before the Ld. AO during assessment proceedings. There was no failure on the part of the assessee to furnish true and correct all material facts. The facts were available before and were within the knowledge of the AO. The new AO as per the reasons recorded on the basis of the same facts, has observed that royalty payment should have been disallowed as it was capital in nature. This is a question of legal inference or interpretation which has been drawn from the same material facts on record. Therefore, the case falls in the category of change of opinion as at the time of original preceding the AO examined and gone into the question of royalty. Even if there was any legal error or illegality the same cannot be rectified and be made the subject matter of reassessment proceedings u/s 147/148 of the Act. The re-assessment order is also quashed.

Networking Equipments Eliigible for Depreciation @ 60%

May 30, 2012 17299 Views 0 comment Print

From the above note, it is clear that the above equipment primarily include the routers, switches, modems, etc. which are in the nature of input and output support devices which performs the functions including communication and control and, thus, they are computer hardware when they are used along with computer and when their functions are integrated with `computer’. Such devices used as part of the computer in its functions and, thus, it can be termed as `computer’ only, therefore, eligible for depreciation @ 60%. Therefore, also we find no infirmity in the claim of the assessee of depreciation @ 60% of ITG networking equipments.

Validity of Reopening u/s.147/148 on the basis of statement obtained during survey & retracted later?

May 30, 2012 2820 Views 0 comment Print

When the statements made by the assessees here, later retracted, do not have any evidentiary value, there is no basis in holding that there are materials available before the Assessing Officer to make out cases of escapement of income. A reason must be formed by the Assessing Officer to reopen an assessment on the basis of material or information recognized under law.

FM to Inaugurate biggest office building of Income tax Department in India tomorrow

May 29, 2012 1304 Views 0 comment Print

Union Finance Minister, Shri Pranab Mukherjee will inaugurate the biggest office building of the Income tax Department in India tomorrow. The building will house the offices of salary charges, non-corporate charges, International Taxation, Exemption and other allied charges, accommodating approximately 800 Officers and 1500 staff. It will also have an assessee friendly ASK (Aayakar Sewa Kendra) Centre. Pratyaksh Kar Bhawan at Civic Centre is a ‘green’ building.

Issues in Processing of Income Tax Returns at CPC

May 29, 2012 8338 Views 0 comment Print

The following assessees have to file compulsorily e return only: – Limited Companies – Compulsory Audit Cases – from A.Y. 2012-13 Individuals/HUFs having Total Income above Rs. 10 Lakhs and assessees who have got foreign assets. To be filed with digital signature only for Limited Companies and for others whose accounts are audited u.s. 44 AB. If filed without digital signature the acknowledgement in Form V duly verified is to be sent to CPC within 120 days by ordinary or speed post.

Clarification On Reopening Assessments Due To Retrospective Amendment introduced by Finance Act, 2012

May 29, 2012 2975 Views 0 comment Print

The Finance Act, 2012 has introduced certain clarificatory amendments in section 2 clause (14), Section 2 clause (47), Section 9 and Section 195, of the Income Tax Act, 1961 (“Act”), with retrospective effect from 01.04.1962 or 01.04.1976, whereby meaning of various terms used in these sections have been clarified in order to remove any doubt regarding their interpretations.

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