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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 2940 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 981 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 228 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


Once tax has not been deducted and even if such tax has been paid by the deductee, disallowance u/s.40[a][ia] can still be made.

February 8, 2012 3934 Views 0 comment Print

ACIT vs. DICGC Ltd (ITAT Mumbai) – Sec.201 deals with the mode of recovery of taxes and once tax due has already been paid then the same demand cannot be enforced again. However, sec.40[a][ia] deals with the disallowance of expenditure itself. Therefore, merely by invoking the Heydon’s principle the statutory provisions cannot be rendered redundant. Therefore, we are of the opinion that once tax has not been deducted and even if such tax has been paid by the deductee, disallowance u/s.40[a][ia] can still be made.

For section115JA/JB Deduction U/s. 80HHC to be computed with reference to the net profits in the profit and loss account – SC

February 8, 2012 1196 Views 0 comment Print

Learn about the Supreme Court’s decision in Al-Kabeer Exports Ltd Vs. CIT, reversing the High Court’s ruling and affirming the Tribunal’s special bench decision.

Form-16 FY 2011-2012 excel utility for upto 100 employees

February 8, 2012 9665 Views 0 comment Print

Master Form-16 New FY 11-12 for Up to 100 Employees. Download File to Prepare Form 16 of upto 25 Employees with Indian Rupee Font.

Direct Tax Collection During April-January of the Current Fiscal up by 14.57 Percent

February 8, 2012 366 Views 0 comment Print

Gross direct tax collection during April-January of the current fiscal was up by 14.57 percent at Rs.4,25,274 crore as against Rs.3,71,188 crore in the same period last fiscal. While gross collection of corporate taxes was up 11.87 percent (Rs.2,85,837 crore against Rs.2,55,514 crore last year), gross collection of personal income tax was up by 20.43 percent (Rs.1,38,730 crore against Rs.1,15,192 crore last year). Net direct tax collections stood at Rs.3,46,959 crore, up from Rs.3,17,500 crore in the same period last fiscal, registering a growth of 9.28 percent.

It is not permissible for the executing authority to look beyond the order it is required to execute

February 8, 2012 703 Views 0 comment Print

Oriental Bank of Commerce Vs. DCIT (Delhi HC)- We have considered the rival contentions and gone through the record carefully. The order passed under Section 263 became final. Learned Commissioner while exercising the powers under Section 263 has decided the issue himself and directed the Assessing Officer to re-compute the income on the basis of his decision. He has not relegated the issue to the file of the Assessing Officer for re- adjudication.

Corporate India wants no change in tax rates in 2012-13 Budget

February 8, 2012 849 Views 0 comment Print

Reeling under the impact of global slowdown and a high interest rate regime, India Inc on Monday demanded that tax rates be retained at existing levels even as finance minister Pranab Mukherjee expressed concerns about challenges facing the economy.In their customary pre-Budget meeting with Mukherjee, industry leaders also demanded that healthcare services be kept outside service tax ambit, and privatise coal mines.

Assessee has right to plan its affairs in such manner which may result in payment of least tax possible

February 7, 2012 1653 Views 0 comment Print

CIT Vs. Rajan Nanda (Delhi HC) -Every assessee has right to plan its affairs in such a manner which may result in payment of least tax possible, albeit, in conformity with the provisions of Act. It is also permissible to the assessee to take advantage of the gaping holes in the provisions of the Act. The job of the Court is to simply look at the provisions of the Act and to see whether these provisions allow the assessee to arrange their affairs to ensure lesser payment of tax.

No Penalty for wrong / non furnishing of PAN in TDS return if Asseee files later revised return with Correct PAN

February 7, 2012 12625 Views 0 comment Print

ITO (TDS) Panchkula Vs. Bharat Electronics Ltd. (ITAT Chandigarh) it is apparent from the record that the assessee deducted TDS correctly and revised the PAN and filed revised statement in Form No. 26Q, hence there was sufficient compliance of the provisions of section 139A of the Act. Even otherwise the assessee did not derive any benefit whatsoever, by filing the wrong PANs and PAN was corrected after ascertaining the same from the respective deductees. In our view the assessee has proved that there was reasonable cause for alleged failure and hence no penalty is leviable

Time to Invest Big in Infrastructure – Infrastructure Bonds

February 7, 2012 1613 Views 0 comment Print

Mr. Suneet Maheshwari, CEO of L&T Infrastructure Finance Company Limited which opened Tranche 2 of its tax saving infra bonds, expects huge infrastructure investments in India over the next 5 years . While highlighting the strong future prospects of infrastructure sector in India, he said that Infrastructure bonds are a boon to the economy and the tax payers.

Hire-Purchase – In absence of bifurcation of EMIs into principal & interest indexing system of accounting is valid

February 7, 2012 834 Views 0 comment Print

In the present case, there is no indication of the assessee’s hire purchase agreements reflecting bifurcation of the EMIs into principal and interest components. In the absence thereof, the common and accepted usage of the indexing system of accounting in the hire-purchase trade must be held to be valid as otherwise the rate of interest under the mercantile system in so far as the later EMIs are concerned would be far higher and contrary to the rate prescribed in the assessee’s agreements. Further, as the assessee had itself employed this system of accounting in its books of account, applying the law laid down in Sanjeev Woollen Mills (supra), the Department was bound to accept the same for the assessment proceedings.

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