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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


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 54 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 147 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 2172 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 3648 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 4272 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 393 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 525 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 102 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 294 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 81 Views 0 comment Print


Latest Judiciary


ITAT Quashes Reassessment Due to Discrepancy in Reasons Provided

Income Tax : ITAT Mumbai quashes reassessment in Top Class Capital Markets Pvt Ltd Vs ACIT due to incomplete disclosure of reasons for reopenin...

March 18, 2025 12 Views 0 comment Print

ITAT Pune Directs CIT(A) to Decide Appeal on Merit

Income Tax : ITAT Pune remands Ask Chemicals India's appeal to NFAC, directing it to adjudicate on merits rather than dismissing for non-prosec...

March 18, 2025 24 Views 0 comment Print

Section 271C Penalty applies to both Non-Deduction & Non-Payment of TDS: Kerala HC

Income Tax : Kerala HC upheld the TDS penalty under Section 271C in US Technologies case, directing reconsideration of quantum. Read the detail...

March 18, 2025 42 Views 0 comment Print

Bombay HC: Unexplained Bank Credits Taxable under Sec 68, Orders Probe into Accommodation Entry Racket

Income Tax : Bombay HC rules unexplained bank credits are taxable under Sec 68. Orders probe into accommodation entry racket by Buniyad Chemica...

March 18, 2025 192 Views 0 comment Print

ITAT Delhi condone delay in appeal of 1086 days in Sanjay vs. ITO

Income Tax : Sanjay Vs ITO (ITAT Delhi) ITAT Delhi condone delay in appeal of 1086 days in Sanjay vs. ITO: Key Ruling on Reassessment Under Sec...

March 18, 2025 174 Views 0 comment Print


Latest Notifications


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 3117 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 1077 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 666 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 651 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 324 Views 0 comment Print


In case of inheritance, if assets were acquired by the previous owner before 1st April, 1981, then, cost index should be based on the index of financial year 1981-82

January 19, 2012 1405 Views 0 comment Print

Base year for calculation of index cost of acquisition of the shares in terms of Explanation (iii) to Section 48 of the Act, acquired by the assessee by way of inheritance (one of the modes specified in Section 49(1) of the Act) should be taken as financial year 1981-82 when such shares were acquired by the previous owner prior to 1st April, 1981. As decided by bobbay high court also in the case of CIT vs. Manjula J. Shah.

CBDT directs Income Tax Department to Launch Special Drive for Verifying High Value Transactions

January 19, 2012 2261 Views 0 comment Print

The Central Board of Direct Taxes has directed the Income Tax department to launch a special drive, from 20th January to 20th March 2012, for verifying high value transactions (investments / deposits / expenditure) from persons who are not assessed to income tax or who have not furnished their PAN while entering into such transactions. In an instruction issued today, the CBDT issued proforma for query letters and responses to be issued to the high value investors / depositors / spenders.

I T dept slaps Rs 1,067-crore demand notice on telecom giant Bharti Airtel for non-payment of TDS

January 19, 2012 1078 Views 0 comment Print

The Income Tax Department has slapped a Rs 1,067-crore demand notice on telecom giant Bharti Airtel for non-payment of TDS dues in the last four financial years in connection with its overseas operations, even as the company said it was fully compliant with all the provisions.

Laxman Das appointed CBDT Member (Revenue)

January 19, 2012 621 Views 0 comment Print

Senior IRS officer Laxman Das has been appointed as the new Member (Revenue) in the Central Board of Direct Taxes (CBDT). Mr Das is a 1974-batch Indian Revenue Service (IRS) officer and has held senior positions like that of Chief Commissioner (Income-Tax) in the past.

Non-compete fees of capital nature entitled for depreciation as intangible asset

January 18, 2012 789 Views 0 comment Print

In thie case ITAT held that the non-compete fees was in the nature of capital expenditure and entitled for depreciation as intangible asset under Section 32(1 )(ii) of the Act. ITAT followed the in view of the Chennai Tribunal’s decision in the case of Real Image Tech. Export turnover of Export Oriented Unit can be included in export turnover of business while determining deduction under Section 80HHC of the Income-tax Act

How to Fill PAN Form No. 49A

January 18, 2012 10368 Views 0 comment Print

The following persons should apply for allotment of PAN in Form 49A‑ Every person whose assessable income exceeds the maximum amount which is not chargeable to tax or any person carrying out business or profession whose total sales/turnover is likely to exceed Rs 5,00,000 in a year. A person who is required to furnish return under sub-section (4A) of section 139. An employer who is required to furnish return of fringe benefits tax. The Central Government has power to specify by notification any class or classes of persons by whom tax is payable under the Income-tax Act or any tax or duty is payable under any other law for the time being in force.

Revenue cannot prefer appeal before ITAT if tax effect is below the prescribed limit of Rs. 3 lacs

January 18, 2012 1213 Views 0 comment Print

Dy. Commissioner of Income Tax Vs Shri Hridey Vikram (ITAT Delhi)- CBDT, vide above instruction has clearly laid down that the revenue should not prefer appeals against assessees before ITAT if the tax effect involved in the appeal, excluding interest, is less than Rs. 3 lacs. The tax payable in the present appeal being below Rs. 3 lacs, the revenue’s appeal is dismissed as not maintainable in view of CBDT Instruction.

ITAT restored the matter to CIT(A) as order was by passed him in haste

January 18, 2012 1086 Views 0 comment Print

Baker Technical Services Private Limited Vs ITO (ITAT Mumbai) – As per order of the Ld. CIT (A) the appeal was posted for hearing on 8.02.2010. On the said date, the assessee sought the adjournment. Again the appeal was fixed on 20th February 2010. But it appears that there was no response from the assessee. Nowhere, it is mentioned by the Ld. CIT (A) that notice was duly served on the assessee fixing the date of hearing. Otherwise also, no prejudice should have been caused to the Ld. CIT (A) if one opportunity would have been given. In our opinion, the Ld. CIT (A) has disposed off the appeal in undue haste. We, therefore, set aside the order of the Ld. CIT (A) and restore the entire matter to his file for fresh adjudication as per law after giving opportunity to the assessee of being heard.

Exemption U/s. 10(23C)(iv) not available if assessee has not maintained separate books of account for the activities which are in the nature of business

January 18, 2012 2393 Views 0 comment Print

ACIT (E) Vs. India ITME Society (ITAT Mumbai) Since the assessee has not maintained separate books of account for these activities of providing other services and charging with a margin, the notification issued u/s 10(23C)(iv) will not applicable in respect of such income from other activities and therefore, the exemption u/s 10(23C)(iv) is not available in respect of the income earned by the assessee from the activity of providing power installation, electricity, telephone facilities, compressed air hire etc. etc. Accordingly, the Assessing Officer is directed to allow exemption with respect to the receipt and accumulations from the holding and organizing the exhibition and hence, the income from other activities in providing other services by charging huge profit has to be taxed as income of the assessee. Accordingly, the appeal filed by the revenue is partly allowed.

Section 80CCF – Long Term Infrastructure Bonds – Srei Infrastructure Finance Ltd.

January 17, 2012 11458 Views 2 comments Print

issue of Long Term Infrastructure Bonds by Srei Infrastructure Finance Limited – Issue of first tranche of infrastructure bonds (Bonds) by the Company under Section 80CCF of the Income Tax Act, 1961. Resident individuals and HUFs eligible for deduction of up to Rs 20,000 in computation of taxable income for the current financial year. CARE AA Credit Rating by CARE indicating high degree of safety with regards to timely servicing of financial obligations. The Bonds Issue opened on December 31, 2011 and closes on January 31, 2012 The Bonds are proposed to be listed on BSE Limited

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