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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 564 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 879 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 675 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 921 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 1608 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 48 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 114 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 48 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 48 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 48 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 120 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 135 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 5274 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 168 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 429 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


No TDS not on Payment of interest for delay in construction of Flats

November 28, 2011 2163 Views 0 comment Print

In this legal analysis, understand if interest paid by H.P. Housing Board is considered damages or interest under the Income-tax Act.

In case the AO finds that practically the land has been bought by the Developer and Developer has all dominant control over the project and has developed the land at his own cost and risks, the AO should allow the deduction to the assessee u/s 80IB(10)

November 28, 2011 1324 Views 0 comment Print

M/s. Rudraksh Developers Vs. ITO (ITAT Ahemdabad)- The facts involved in the case of the assessee are similar to the facts in the case of Radhe Developers (supra) and accordingly we are of the view that the assessee has acquired the dominant over the land and has developed the housing project by incurring all the expenses and taking all the risks involved therein. We may mention here that, in our opinion, the decision in the case of Radhe Developers (supra) will not apply in a case where the assessee has entered into the agreement for a fixed remuneration merely as a contractor to construct or develop the housing project on behalf of the landowner.

Finance Minister Pranab Mukherjee’s opening remarks in Kathmandau today after signing the DTAA

November 27, 2011 1256 Views 0 comment Print

As you know, I am here primarily to sign the Double Taxation Avoidance Agreement (DTAA) as was agreed during the visit of Prime Minister of Nepal to India on October 20-23, 2011. I am happy that we have revised the Double Taxation Avoidance Agreement today. The revised DTAA will provide tax stability to the residents of India and Nepal and facilitate mutual economic cooperation as well as stimulate the flow of investment, technology and services between India and Nepal. In the revised DTAA the threshold withholding tax rates on dividends, interest, etc., are rationalised to reflect the present day situation and developments in the area of international taxation.

Automated Form-16A for F.Y. 2011-2012 / A.Y. 2012-2013

November 27, 2011 12892 Views 0 comment Print

Download Automated Form-16A for the Financial Year 2011-2012 and Assessment Year 2012-2013 in excel format.

Commission to a foreign agent without tax deduction for services outside India cannot be disallowed

November 26, 2011 4093 Views 0 comment Print

Dy. CIT VS M/s. Divi’s Laboratories Ltd. (ITAT Hyderabad) – Section 195 of the Act has to be read along with the charging sections 4, 5 and 9 of the Act. One should not read section 195 to mean that the moment there is a remittance; the obligation to deduct TDS automatically arises. If we were to accept such contention, it would mean that on mere payment in India, income would be said to arise or accrue in India.

Tax paid by employer on behalf of employee is perquisite

November 26, 2011 5620 Views 1 comment Print

Mr. Isao Sakai Vs. JCIT (ITAT Delhi) Tax paid by the employer on behalf of the employee is perquisite and can not be included in salary for valuation of concessional accommodation / Rent- Free House Property etc.

Proof of service outside India pre-requisite for beneficial tax claim – ITAT Pune

November 26, 2011 2492 Views 0 comment Print

Madhukar Vinayak Dhavale Vs. ITO, International taxation (ITAT Pune)- An individual who leaves India as a crew member of an Indian ship will be a non-resident if his stay in India is less than 182 days in the tax year.The assessee has not produced any evidence to support his claim that he stayed outside India for the purpose of employment beyond 158 days.

Transfer Pricing – Comparable rejected by TPO without giving cogent reasons must be presumed to be comparable and DR cannot argue to the contrary

November 26, 2011 3531 Views 0 comment Print

ACIT vs. Maersk Global Service Center (ITAT Mumbai) -The Special Bench of the Tribunal in Mahindra & Mahindra Limited Vs. DCIT [(2009) 122 TTJ (Mum.) (SB) 577] has laid down the proposition to the effect that the Departmental Representative has no jurisdiction to go beyond the order passed by the A.O. It has further been observed in this case that the scope of argument of the Departmental Representative should be confined to supporting ordefending the impugned order and he cannot be permitted to set up an altogether different case.

Gujrat HC decides at what stage it can be held that there had been an international transaction between taxpayer and its Associated Enterprises

November 26, 2011 967 Views 0 comment Print

HC decides at what stage it can be held that there had been an international transaction between taxpayer and its Assocaited Enterprises

TDS – AO not having jurisdiction cannot pass the order just because assessment was getting time barred – Bombay HC

November 26, 2011 3574 Views 0 comment Print

Indian Newspaper Society vs. ITO (TDS) (Bombay High Court) – The Petitioner is assessed at New Delhi. The PAN and TAN numbers are allotted to the Petitioner under Sections 139A and 203A by the Assessing Officer at New Delhi. All returns including the TDS returns have been filed at New Delhi. The Assessing Officer recorded the submissions of the Petitioner which advert to these facts and the contention based thereon that the jurisdiction would lie with the Income Tax Authorities at New Delhi.

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