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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


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 123 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 159 Views 0 comment Print

Tax Deduction at Source on Payments to Non-Residents

Income Tax : Learn about TDS on payments to non-residents, including business connection rules, royalty provisions, and significant economic pr...

March 17, 2025 2004 Views 0 comment Print

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 1083 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 1716 Views 0 comment Print


Latest News


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 117 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 336 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 78 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 252 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 75 Views 0 comment Print


Latest Judiciary


No Capital Gains for Joint Owner Without Beneficial Ownership: ITAT Mumbai

Income Tax : N...

March 18, 2025 36 Views 0 comment Print

Delhi HC dismisses writ against addition share application money as sham transaction

Income Tax : The Assessee is aggrieved by the information received pursuant to application under Right to Information Act, 2015, whereby the As...

March 17, 2025 48 Views 0 comment Print

Revisionary action u/s. 263 based on factual misconception bad-in-law

Income Tax : ITAT Mumbai held that exercising revisionary jurisdiction under section 263 of the Income Tax Act by PCIT on the basis of factual ...

March 17, 2025 57 Views 0 comment Print

Revisionary jurisdiction u/s. 263 not invocable as twin pre-conditions not satisfied

Income Tax : ITAT Ahmedabad held that assessment order passed u/s. 143(3) is neither erroneous nor prejudicial to the interest of revenue. Henc...

March 17, 2025 48 Views 0 comment Print

Voluntary Addition During Hearing is not Revising of Settlement Application: Gujarat HC

Income Tax : During pendency of the assessment proceedings, respondent No.1 filed application u/s. 245C(1) before the Income Tax Settlement Com...

March 17, 2025 42 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 1062 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 663 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 639 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 321 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 9705 Views 0 comment Print


If facts are same then ITAT has to its follow its earlier decision

May 16, 2012 729 Views 0 comment Print

The assessee is a company engaged in management consultancy, implementation of internal controls, system audits, arranging finance from financial institutions and financing and advisory services in the capital markets. It is also doing NBFC business and is a Non-banking Finance Company registered with the Reserve Bank of India and is engaged in financing business sine 1986. During the impugned assessment year it disclosed long-term capital gain of Rs. 43,16,233/- along with short-term capital gain of Rs. 13,21,932/- (STT paid) and STGS of Rs. 19,865/-.

Form 16 Excel Utility for F.Y. 2012-13

May 15, 2012 70023 Views 0 comment Print

This Excel utility is fully automated. Just put the data in Data input sheet and it will prepare the Form-16 automatically. User can also take printout of Form 16 prepared through this utility. Format if form 16 is latest and applicable from A.Y. 2013-14 and F.Y. 2012-13.

Info on Tax Treaties Entered with Foreign Countries

May 15, 2012 694 Views 0 comment Print

Till date, India has signed Bilateral Investment Promotion and Protection Agreements (BIPAs) with 82 countries, starting with the United Kingdom in 1994. Of these 82 countries, BIPAs with 72 countries have been enforced. The list of 82 countries and texts of 72 enforced BIPAs are available on the Ministry of Finance website http://finmin.nic.in. Besides, India has signed 17 Free Trade Agreements (FTAs)/Comprehensive Economic Partnership Agreement (CEPA)/Comprehensive Economic Cooperation Agreement (CECA)/Preferential Trade Agreements (PTAs). The details of these Agreements are available on Department of Commerce’s website http://commerce.gov.in.

Income Tax – Empanelment of Senior / Junior Standing Counsel, Nagpur

May 15, 2012 1916 Views 0 comment Print

The Income-tax Department intends to empanel Senior/ Junior Standing Counsel to represent it before the Nagpur Bench of Bombay High Court and Subordinate Courts/other Judicial forums. Applications are invited from members of Bar Council of Bombay High Court having experience in dealing with Income-tax/ Direct tax matters.

Expression of Interest for Managed Service Provider for setting up of Tax Information Network

May 15, 2012 477 Views 0 comment Print

Income Tax Department has issued “Invitation for Expression of Interest (EOI) for Selection of Managed Service Provider for setting up and maintenance of Tax Information Network Project for ITD” . Interested bidders may like to apply as per the EOI document.

Constitutional provisions relating to taxation-How important to understand tax laws

May 15, 2012 115769 Views 6 comments Print

Constitution is the foundation and source of powers to legislate all laws in India. Parliament, as well as State Legislatures gets the power to legislate various laws from the Constitution only and therefore every law has to be within the vires of the Constitution.

Section 80CCG – Deduction for Investment Made Under Equity Saving Scheme

May 15, 2012 19350 Views 0 comment Print

Newly inserted Section 80CCG provides deduction wef assessment year 2013-14 in respect of investment made under notified equity saving scheme. The deduction under this section is available if following conditions are satisfied:

Budget 2012 – Income of Prasar Bharati To Be Exempt From Tax

May 15, 2012 1643 Views 0 comment Print

Finance Bill, 2012 – No provision was proposed in Finance Bill, 2012 to exempt the income of Prasar Bharati. Finance Bill, 2012 as passed by Lok Sabha – A new clause (23BBH) shall be inserted in Section 10 to exempt the income.

Budget 2012- Capital Gain Tax on Sale of Residential Property & Tax Planning

May 13, 2012 20702 Views 0 comment Print

We know that investment in residential property or Flats is one of the common investment avenue for individuals. Here we are trying to summarise the tax implication on sale of residential property and tax planning to save tax on the Capital Gain arising on the sale of such property.

Campaign to Recover Outstanding Income Tax Amount

May 13, 2012 789 Views 0 comment Print

Recovery of outstanding arrears is an on going process. So far as recovery of outstanding arrears pertaining to direct taxes is concerned, the case of outstanding dues of Rs. 1 crore and above are regularly monitored at a senior level in the Income Tax Department through the mechanism of dossiers to ensure expeditious recovery. Further more, recently in cases where the assesses are not traceable or in whose cases assets as per available information are inadequate, detailed standardized procedure has been outlined to accelerate recovery resulting in detection of certain bank accounts.

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