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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


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 30 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 321 Views 0 comment Print

New Section 194T TDS Rules: Impact on Taxpayers, Effective April 2025

Income Tax : New TDS Rules Under Section 194T: Impact on Taxpayers & Businesses – Effective from 1st April 2025 Introduction The Finance ...

March 18, 2025 1350 Views 0 comment Print

AI, Automation, Recession, and Income Tax Law in India

Income Tax : Explore the economic impact of AI, automation, and recession on India. Understand how income tax laws may evolve to address unempl...

March 18, 2025 336 Views 0 comment Print

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 4482 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 150 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 546 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 678 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 108 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 348 Views 0 comment Print


Latest Judiciary


Cost Allocation and Transfer Pricing – ITAT Bangalore Ruling

Income Tax : Advocate Amardeep Soni & Advocate Harsha Soni Gemplus India Pvt. Ltd. Vs ACIT (ITAT Bangalore) A Case Study of ITAT BANGALORE...

March 19, 2025 27 Views 0 comment Print

Reimbursements for seconded employees did not constitute FTS: Karnataka HC

Income Tax : Karnataka High Court rules on TDS applicability under Section 195 of the Income Tax Act in the case of Abbey Business Services Ind...

March 19, 2025 54 Views 0 comment Print

No section 50C Addition during ITR Processing under section 143(1): ITAT Delhi

Income Tax : ITAT Delhi rules that Section 50C adjustments cannot be made under Section 143(1) without referring valuation disputes to the DVO,...

March 19, 2025 405 Views 1 comment Print

No Addition Under Section 69 If Source Declared in Balance Sheet: ITAT Pune

Income Tax : ITAT Pune rules no addition under Section 69 if investment source is disclosed in the balance sheet. Partial relief granted for un...

March 19, 2025 228 Views 0 comment Print

CIT(A) Must Rule on Merits in Co-op Society’s Demonetization Cash Deposit Case: ITAT Cochin

Income Tax : ITAT Cochin remands Thrissur Co-op Society’s demonetization cash deposit case to CIT(A) for a fresh decision on merits after ex-...

March 19, 2025 258 Views 0 comment Print


Latest Notifications


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 18 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 4218 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 1110 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 690 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 660 Views 0 comment Print


Income Tax Calculator for A.Y. 2011-12, 10-11, 09-10, 08-09, 07-08

January 26, 2012 28289 Views 0 comment Print

Download Income Tax Calculator for salaried For A.Y. 2011-12, 10-11, 09-10, 08-09, 07-08 for Male, Female, Senior Citizens. The calculator also calculate interest U/s. 234A, 234B and 234C, Automatically. Calculator for those having Income from Salaries.

Delay in notice U/s. 143(2) Renders Assessment Void – HC

January 26, 2012 3870 Views 0 comment Print

Alpine Electronics Asia Pte Ltd Vs. DGIT (Delhi HC)- Draft order is not the final assessment order and does not result in completion of assessment. Under sub-section (2) to Section 143, the assessee has a right to accept, within 30 days, the draft assessment order or has right to file objections with the Dispute Resolution Panel and the Assessing Officer. Under Section 144C(3), the Assessing Officer shall complete assessment proceedings on the basis of the draft order only if the assessee files his acceptance to the variations or if no objections are received within 30 days.

Public issue of Hudco Tax Free Bonds to open on 27 Jan 2012

January 26, 2012 2137 Views 0 comment Print

State-run Housing and Urban Development Corporation (HUDCO) today said its public issue of tax-free bonds will hit the market on January 27 with a target of raising up to Rs 4,685 crore. The income by way of interest on these Bonds shall not form part of total income as per provisions under section 10 (15) (iv) (h) of I.T. Act, 1961; There shall be no deduction of tax at source from the interest, which accrues to the bondholders;

Ex – ITAT Members can practise before the Benches of Tribunal where they were not posted – HC

January 26, 2012 1035 Views 0 comment Print

Dinesh Chandra Agarwal Vs. UOI (Allahabad High Court)- Rule 13E of Income Tax Appellate Tribunal Members (Recruitment and Conditions of Service) Rules, 1963 as amended on June 3, 2009 imposes a complete ban on practice by the retired members before the Income Tax Appellate Tribunal. Granting a interim relief Honorable high Court has held as under

Validity of reopening of assessment should be judged only with reference to the reasons recorded by the Assessing Officer u/s.148(2)

January 26, 2012 1147 Views 0 comment Print

Rajat Export Import India Pvt. Ltd. Vs. ITO (Delhi HC)- The reasons to believe recorded in writing by the Assessing Officer in the present case have been quoted earlier. They are detailed and show application of mind. The reasons record inferences and conclusions. We wanted to examine the material or evidence on the basis of which conclusions/inferences were drawn. When the record of the Assessing Officer was produced, it was noticed that the documents/ material furnished by the Investigating Wing was not on record and, therefore the order dated 2.12.2011 was passed. Subsequently, on 16.12.2011, the Assessing Officer appeared and had stated that the information given/furnished by the Investigating Wing was in a CD. The print out thereof was furnished. Copy of the material/ evidence relating to the petitioner was furnished to the counsel for the petitioner. In these circumstances, we did not feel that there was any necessity for the respondent to file counter affidavit.

Salient Features of IRFC Tax Free Bonds – Opening on 27 Jan 2012

January 26, 2012 6030 Views 0 comment Print

Indian Railway Finance Corporation Ltd – Issue period: 27 January 2012 to 10 February 2012. Issue of Tax Free Secured Redeemable Non Convertible Bonds . Basis of allotment: On a first-come-first-serve basis within each category. The income by way of interest on these Bonds is fully exempt from Income Tax and shall not form part of Total Income as per provisions under section 10 (15) (iv) (h) of IT Act, 1961.

Budget 2012- Government may bring provisions to tax overseas deals

January 26, 2012 663 Views 0 comment Print

To avoid disputes like the Vodafone tax case in future, government is contemplating incorporation of provisions on taxation of overseas deals from the stalled Direct Taxes Code (DTC) Bill in the Budget for 2012-13.

I-T official convicted in bribary case

January 26, 2012 729 Views 0 comment Print

An Income Tax official was today convicted for bribery charges in a case filed by the CBI. P K Chandrasekaran, Income Tax officer in the Office of Joint Commissioner of Income Tax, Tambaram range, was trapped in 2008 while demanding and accepting a bribe of Rs 1500 from one V Manikandan for releasing a refund of Rs 20,346.

Direct Tax Code, 2010 (DTC) – Income from House Property

January 25, 2012 2315 Views 0 comment Print

As we are expecting the DTC be implemented from 1st April 2012, we have to be familiar with the DTC provisions. In general the DTC looks and be simple but it is complicated unless otherwise if we have studied the entire provisions of the act because, things are spread out here and there and which are disconnected with relevant provisions. One must search the entire DTC to find solution. Hence it is sure that we should have consolidated view about the DTC provision before we conclude any issue with respect to this Code. Let us go through the DTC provisions for Income from house property.

Without reference assumption of jurisdiction by Transfer Pricing Officer in working out arm’s length price not justified

January 25, 2012 921 Views 0 comment Print

Without adjudicating on the issue whether the Advertisement, Marketing and Sales Promotion expenditure incurred by the taxpayer can be characterised as an international transaction as per Section 92B of the Act, the Tribunal held that the assumption of jurisdiction by the TPO in working out ALP is not justified and directed the AO to delete the adjustment made by the TPO.

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