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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 435 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 723 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 606 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 894 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 1542 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 33 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 78 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 33 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 39 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 36 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 63 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 72 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 957 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 123 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 318 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 1017 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


Rights of Person from whose income (payment) the tax has been deducted

January 25, 2012 2293 Views 0 comment Print

If tax has been deducted at source in accordance with the provisions of Chapter XVII-B of Income Tax Act, 1961, the person from whose income (payment) the tax has been deducted i.e. Payee or assessee shall not be asked upon to pay the tax himself to the extent tax has been deducted(Sec.205). Moreover u/s.199 such tax deducted at source shall be treated as payment of tax on behalf of the payee (assessee).

Vodafone ruling effect – Exporters question TDS on foreign payment post

January 25, 2012 2082 Views 0 comment Print

The Supreme Court judgement on Vodafone tax case seems to have opened a Pandora’s box with exporters too expressing reservation on tax deducted at source (TDS) for payment with regard to overseas transactions. Exporters’ body FIEO today questioned the applicability of Section 195 of the Income Tax Act, under which they are asked to pay TDS on payments made for foreign agency commissions, royalties and offshore professional services.

Depreciation to be considered in computing 85% threshold limit of application of trust’s income

January 25, 2012 6798 Views 0 comment Print

A trust can claim exemption provided a specific position of income is applied for purposes of the Trust. Income includes capital gain and hence trust will lose exemption if such income is not applied.

No exemption u/s. 54F as assessee not even got possession of Land

January 25, 2012 2219 Views 0 comment Print

Exemption under section 54F is subject to the provision of sub-section (4), meaning thereby, the amount of net consideration is to be appropriated towards the purchase of new asset within one year before the date on which the transfer of the original asset took place or if not utilised for the purchase or construction of the new asset before the date of furnishing the return of income u/s 139, it shall be deposited (unutilised portion) by the assessee, before furnishing such return, in any account or in capital gain account in the bank or institution as specified in any scheme by the Central Government, by notification in the official gazette and the proof of the such deposit in the capital gains tax account shall be accompanied while filing the return.

No addition can be made U/s. 68 if Assessee furnished Acknowledgement of Income Tax Returns of persons who advanced money

January 25, 2012 1046 Views 0 comment Print

Whether the ld. Commissioner of Income Tax (Appeals) has erred in law and facts in deleting the addition of Rs.12,03,000/- in the partner’s capital account u/s 68 of the I.T.Act, 1961 ignoring the fact that the assessee had no evidence to prove the identity

If Quantum appeal restored back to AO for de novo adjudication then penalty proceeding too deserves to be restored back

January 25, 2012 1038 Views 0 comment Print

Read about the ITAT Ahmedabad case between DCIT and Shri Jayesh Chandulal Patel where penalty proceedings were restored for fresh adjudication by the Assessing Officer.

Law ministry demands more info in ITAT case

January 24, 2012 537 Views 0 comment Print

The Law Ministry is in the process of seeking more information from CBI and other agencies to take a final call on the investigative agency’s request seeking sanction to prosecute 20 members of IT tribunal for their alleged role in outsourcing writing of judgements to private individuals to favour them.

Appointment of 13 Hon’ble Members to the Appellate Tribunal

January 24, 2012 357 Views 0 comment Print

5 Accountant Members and 8 Judicial Members were administered oath of office on Monday 23.01.2012 in Court Room No 1 in Mumbai by Shri G.E. Veerabhadrappa, Hon’ble President who welcomed them to the ITAT Family. They are

Appointment of 5 Hon’ble Judges to the Bombay High Court

January 24, 2012 1554 Views 0 comment Print

Hon’ble Chief Justice Mr. Mohit S. Shah of Bombay High Court has administered oath to the following new Judges on 23/1/2012. 1. Hon’ble Justice Mr. M.S. Sanklecha 2. Hon’ble Justice Mr. R.D. Dhanuka 3. Hon’ble Justice Mr. S.P. Deshmukh

Income Tax provisions Related to Expatriates Working in India and Indian Residents Posted Abroad

January 24, 2012 4397 Views 0 comment Print

With the globalisation of the world trade and liberalisation of the Indian economy, the number of persons moving in or out of India in the exercise of their business, profession or employment is on the increase. As in most of the countries, the liability under the Indian Income tax law is also co-related to the residential status of the concerned tax payer. Section 6 of the Indian Income-Tax Act creates 3 categories as far as residential status is concerned.

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