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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 513 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 828 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 639 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 906 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 1554 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 45 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 99 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 42 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 45 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 45 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 99 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 111 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 3741 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 156 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 399 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 1020 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


How to know Date of birth on PAN Card

December 3, 2011 450241 Views 321 comments Print

You forgot your date of birth, which you written while submitting the Application with Income Tax Department and neither having a copy of PAN card to know your date of birth as per Income Tax Department Database. Is there a way to find date of birth online? No, there is no direct way to know your date of birth as per Income Tax records.

All about PAN, FAQ and documents required to issue PAN to resident and foreign resident

December 3, 2011 11534 Views 2 comments Print

Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application.

CBI demand details of the tax benefits availed by Dr Reddy’s during the reign of N Chandrababu Naidu

December 2, 2011 816 Views 0 comment Print

The Central Bureau of Investigation (CBI) on Wednesday issued a notice to Dr Reddy’s Laboratories seeking details of the tax benefits it had availed during the reign of N Chandrababu Naidu as chief minister in Andhra Pradesh.

Govt hopeful of panel report on DTC in winter session and DTC implementation from 1st April 2011

December 2, 2011 696 Views 0 comment Print

The government expects that the Parliamentary standing committee report on the Direct Tax Code (DTC) will be presented during the ongoing winter session to enable implementing tax reforms by April next, a senior Finance Ministry official said today.

Sum received on surrender of tenancy right is capital receipt and hence, not taxable

December 2, 2011 14542 Views 0 comment Print

CIT Vs Meera Chatterjee (Delhi High Court)- In the present case, the Assessing Officer has not held that it is possible to compute and calculate the cost of acquisition of the tenancy rights in the hands of the original tenant Ram Krishan Dalmia. The said exercise was not undertaken by him in the assessment order. In view of the aforesaid position, we are not required to determine, decide and compute income from capital gains under Section 45.

In response to Bribe demand farmers emptied three bags filled with 40 snakes in IT office

December 2, 2011 152630 Views 0 comment Print

Two farmers fed up with alleged bribery demands emptied three bags filled with slithering snakes in a busy tax office in northern India, an official said Wednesday. The 40 or so snakes of different sizes and species — including at least four deadly cobras — sent clerks and villagers climbing atop tables and scurrying out the door to escape the office in Basti, about 186 miles (300 kilometers) southeast of Lucknow, said Uttar Pradesh state official Ramsukh Sharma.

Payment to Foreign healthcare services companies for advising, recommending ,assisting in healthcare projects and for conducting education and training programmes are not royalty

December 1, 2011 1891 Views 0 comment Print

JDIT-OSD(IT) Vs. Harvard Medical International USA (ITAT Mumbai) The payment in question was purely for the purpose of advising, recommending and assisting in relation to healthcare projects. It was also for conducting education and training programmes. It was also for the purpose of review and giving feed back of various aspects and new cardiac hospital to be set up, recommendation on planned patient care delivery system.

Gains arising on sale of shares of foreign company by Non Resident (NR) to NR taxable in India if the foreign co only held Indian assets – AAR

December 1, 2011 1321 Views 0 comment Print

In Re Groupe Industrial Marcel Dassault (AAR)- It is true that a Double Taxation Avoidance Convention has to be construed on its terms. On a literal construction paragraph 5 would lead to the position that the transfer of shares of ShanH in this case, can be taxed only in France. But the contention of the Revenue is that the situs of the underlying assets cannot be ignored and the underlying assets and controlling interest are that of a company incorporated in India and a resident of India.

Negligent Assessee should not be given many opportunities just because that quantum of amount involved is high

December 1, 2011 718 Views 0 comment Print

CIT Vs. Gold Leaf Capital Corporation Ltd. (Delhi HC) – Tribunal noticed that there were two coursed open to it. First course was to draw an adverse inference against the assessee and second course was to restore the matter back to the AO. It chose second course only on the ground that the quantum of amount involved was high, that is hardly a ground or justification for restoring and giving premium to the assessee for its negligence.

To add the difference between Market Value and sale value , department has to prove that the assessee had received more than what is declared

December 1, 2011 1075 Views 0 comment Print

CIT Vs. Rajendra Seclease Ltd.(Delhi HC) – In absence of evidence to show either that the sales were sham transactions or that the market prices were in fact paid by the purchasers; the mere fact that the goods were sold at a concessional rate to benefit the purchasers at the expense of the company would not entitle the Income Tax department to assess the difference between the market price and the price paid by the purchasers, as profits of the company.

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