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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


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 96 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 591 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 465 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 1554 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 363 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 246 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 591 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 768 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 354 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 231 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 87 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 90 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 93 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 165 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 42 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 4443 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 1122 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 708 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


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

January 25, 2012 1088 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 1041 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 4400 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.

S.154 – A.O. Can rectify Assessment order

January 24, 2012 10040 Views 0 comment Print

Whether assessing Officer has jurisdiction to rectify the original assessment u/s 154 of the Act, as it was change of opinion and the review of order passed by his predecessor was not permissible under law. Held – That assessing officer has a power to rectify the assessment by invoking the provisions of Section 154 of the Act. The rate of depreciation claimed by the assessee on trucks at 40% was wrongly allowed as the assessee was not plying trucks owned by it on hire but was utilizing the trucks for its own purposes and hence rate of depreciation applicable was 25%.

Vodafone taxation case – I-T dept may not file review petition

January 24, 2012 825 Views 0 comment Print

The income tax department may not go in for filing a review petition on the Supreme Court’s judgement on the Vodafone taxation case. Top sources in the department said that a 10-member ‘core committee’, which has been specially constituted, will go into the details of the order. But the department may take a view not to file a review petition against the order which was delivered by a three-member Supreme Court bench headed by Chief Justice S H Kapadia on Friday, the sources said.

Analysis of SC judgment in the case of Vodafone International Holdings B.V. Vs. UOI

January 23, 2012 7739 Views 0 comment Print

Vodafone International Holdings B.V. (VIHB), a Dutch based Vodafone entity, acquired a controlling stake in Hutchison Essar Limited [(HEL), now known as Vodafone Essar Limited VEL)], an Indian company, from Cayman Islands based Hutchison Telecommunications International Limited (HTIL) by acquiring shares of CGP Investment (CGP), a Cayman Islands company [which belonged to (HTIL)] in February 2007. CGP held various Mauritian companies, which in turn held a majority stake in HEL.

Income arising from sale of shares to be taxed as ‘Long term capital gain’ and not as ‘Income from other sources’

January 23, 2012 1321 Views 0 comment Print

Smt. Amita Agarwal v. ACIT (ITAT Agra) -Assessee filed her return wherein income arising from sale of shares was shown as ‘Long-term Capital gain’ – Assessing Officer, however, brought said amount to tax under head ‘Income from other sources’ – On appeal before Tribunal, Judicial Member, allowed assessee’s claim in light of overwhelming evidences produced by her to prove genuineness of transaction – Accountant Member, however, in view of order passed in case of Baijnath Agarwal v. Asstt. CIT [2010] 40 SOT 475 (Agra)(TM) took a different view

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