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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 564 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 879 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 675 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 921 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 1608 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 48 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 114 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 48 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 48 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 48 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 120 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 135 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 5274 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 168 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 429 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 1020 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


Uncertainty over exemption U/s. 54EC

April 15, 2012 2436 Views 0 comment Print

The existing restriction in exemption u/s. 54EC is clearly an attempt to prevent home owners from fully enjoying the benefits. The treatment of long-term capital gains (LTCG) has been a contentious issue in recent years. Section 54EC of the Income-tax Act, 1961, exempts from taxation capital gains arising from transfer of a long term capital asset, provided the assessee invests the whole or part of the capital gains in long term specified assets for three years.

Inauguration of Aayakar Sampark Kendra by FM at Jangipur, Murshidabad, West Bengal

April 14, 2012 1738 Views 0 comment Print

The Income Tax Department achieved another milestone in Tax Payers’ Services when SHRI PRANAB MUKHERJEE HON’BLE UNION FINANCE MINISTER inaugurated and dedicated the AAYAKAR SAMPARK KENDRA (Call Centre Services) to the Nation at Jangipur, Murshidabad, West Bengal on 14th April 2012.

Key Requirements and Changes in New ITR Forms

April 14, 2012 6593 Views 0 comment Print

As per the notification, individuals having taxable income exceeding Rs. 10 lakh and, domestic and expatriate resident individuals with assets located overseas have to mandatorily file their returns through the electronic mode.

Land do not form part of Block of Assets & cannot be treated as short term capital assets

April 14, 2012 8651 Views 0 comment Print

Assessee has produced valuation report at the time of purchase as well as sale. In Remand, Assessing Officer has not pointed out any lacunae in the same. Moreover, the cost of land so bifurcated was being already reflected in the books of accounts and no depreciation was claimed on that account. In the case of C.I.T. vs. D.C. Ramachandra Rao 236 ITR 51, Hon’ble Madras High Court has held that it is possible to bifurcate the capital gain arising out of sell of land and building, even if, they are sold as one unit. Land is an independent and identifiable capital asset and it continues to remain so, even after construction of building thereon

s.40(a)(ia) apply only to expenditure remaining payable

April 13, 2012 3836 Views 0 comment Print

Provisions of sec.40(a)(ia) would apply only to the expenditure which remain payable as at the end of the relevant financial year. Assessee entitled to claim deduction of expenses if the TDS deducted there on is remitted before the due date for filing the return of income.

Benefit of ‘nil’ annual value u/s 23(2) available to HUFs also

April 13, 2012 2859 Views 0 comment Print

Provisions of section 23(2) make it clear that benefits of relief in respect of self-occupied property is available only to owner who can reside in his own residence, that means, benefit of relief is available to self-occupied property only to an individual assessee and not to an imaginary assessable entity/fictional entity such as a partnership firm. Various High Court decisions denying relief under section 23(2) to partnership firms cannot be invoked to deny relief to a HUF since unlike a firm which is a fictional entity and cannot physically reside and so cannot claim benefit of provision, HUF cannot be held to be a fictional entity.

Profit on sale of Compulsory Convertible Debentures taxable as interest

April 13, 2012 1450 Views 0 comment Print

the Authority for Advance Rulings (AAR) in the case of Z (A.A.R. No.1048 of 2011) held that income from sale of Compulsory Convertible Debentures (CCDs) by the applicant is taxable in India as ‘Interest’ under Section 2(28A) of Income-tax Act,1961 (the Act) and Article 11 of India-Mauritius tax treaty (tax treaty). Further the AAR held that sale of Indian company shares by a Mauritius company is not exempt under the tax treaty.

Order No. 67 of 2012- Transfer & Promotion of ACIT Probationers

April 13, 2012 369 Views 0 comment Print

ORDER NO. 67 OF 2012 -The following Assistant Commissioners of Income Tax (Probationers) in the pay scale of Rs. 15,600-39,100 (Plus Grade pay of Rs. 5.400 in PB-3), on completion of training at National Academy of Direct Taxes, Nagpur. are hereby posted in the Region of CCIT/CCA/Station/Charge indicated against each with immediate effect and until further orders:-

Guidelines for engagement of Standing Counsels to represent Income-tax Department

April 13, 2012 5691 Views 0 comment Print

Instruction No. 3/2012, dated 11-4-2012 With a view to improve the quality of representation and to streamline the process of engagement of Standing Counsels for the Department to represent before various High Courts and other judicial forums and in supersession of the existing Instructions of the Board on the subject in general, and Board’s letter in F. No. 20/20/67-ITJ (1) dated 08.01.1968, Board’s letter in F. No. 20/20/67-ITJ (4) dated 11.01.1968, Board’s letter in F. No. 20/20/67-ITJ (13) dated 07.03.1968, Instruction No. 1/273 dated 03.03.1971, Instruction No. 1828 dated 13.09.1989, Instruction No. 1806 dated 03.02.1989/ Instruction No. 1986 dated 03.07.2000 and Instruction No. 8 of 2007 dated 30.08.2007, in particular, the following Instructions are issued herewith for compliance by all concerned:

CBDT detects Undisclosed income exceeding Rs. 9,200 crore

April 13, 2012 816 Views 0 comment Print

Undisclosed income exceeding Rs. 9,200 crore detected by CBDT during the search operations in the financial year 2011-12 During the financial year (FY) 2011-12, the Investigation Directorates of the Central Board of Direct Taxes (CBDT) conducted searches on 330 groups involved in different businesses / activities. On the basis of assets, documents and other evidence unearthed during such searches, undisclosed income exceeding Rs.9,200 crore was detected. Number of search warrants executed in FY 2011-12 was 5,132 as against 4,852 warrants executed in FY 2010-11. Unaccounted assets of the value of Rs.880 crore (including cash amounting to Rs.500 crore) were seized in FY 2011-12 as against assets of the value of Rs.775 crore (including cash amounting to Rs.440 crore) seized in FY 2010-11.

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