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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 543 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 858 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 651 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 1569 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 102 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 114 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 120 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 4785 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 423 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


IT department starts investigating 782 people suspected of having stashed unaccounted wealth outside India

November 18, 2011 3547 Views 0 comment Print

The Income Tax department has started investigating 782 people suspected of having stashed away unaccounted wealth in accounts with the HSBC Bank in Geneva. A senior official with the department, on condition of anonymity, said the newly created Directorate of Criminal Investigation has started sending notices to individuals, seeking explanation on the source of funds in these HSBC Bank accounts in Geneva.

Authorization of Specified Branches of SBI to receive, with immediate effect, subscriptions under Public Provident Fund Scheme, 1968 and Senior Cit

November 18, 2011 8336 Views 0 comment Print

Notification No. 7/9/2011 – Income Tax Central Government hereby authorises the following 50 branches of Bank of India to receive, with immediate effect, subscriptions under the Public Provident Fund Scheme, 1968 and Senior Citizens Savings Scheme Rules, 2004:—

Section 194I – TDS not deductible on transmission and wheeling charges paid by power trading companies as same in not rent

November 17, 2011 9566 Views 0 comment Print

GRID-CO Limited Vs. ACIT (ITAT Cuttack)-The Tribunal observed that Circular No. 5 and Circular No. 736 had given restricted meaning to the word ‘rent’. However, in view of the decisions relied by the tax department, the word ‘rent’ is to be given a wider meaning. Accordingly, the contention of the taxpayer on this aspect was rejected. Since, the taxpayer supplied power through the transmission lines of OPTCL, the taxpayer merely obtained a service from OPTCL which had the infrastructure in the form of equipment and transmission lines.

Deduction U/s. 80 HHC allowable in respect of addition made on account of creditors

November 17, 2011 7821 Views 0 comment Print

DCIT Vs. Divine International (ITAT Delhi) – The CIT(A) has denied the deduction in respect of the addition on account of the so called sundry creditors on the ground that as per the provisions of Section 80 HHC, it is only the income derived by the assessee from the export of such merchandise which is eligible and the addition on account of creditors cannot be considered as income derived from the exports.

Tax U/s. 195 not deductible on consideration for live broadcasting

November 16, 2011 8782 Views 0 comment Print

As the consideration for live broadcasting does not fall either u/s 9(1)(i) or u/s 9(1)(vi), in our considered opinion, such amount is not chargeable to tax under the provisions of this Act in the hands of non-resident. As such there is no question of deduction of tax at source. Asstt. DIT (Intl. Tax.) v. M/s.Neo Sports Broadcast Private Limited (ITAT mumbai) –

Mandatory use of jute in packaging foodgrains and Sugar for the Jute Year 2011-12

November 16, 2011 3036 Views 0 comment Print

In pursuance of the Jute Packaging Material (JPM) Act, the Cabinet Committee on Economic Affairs has approved the packaging of 90% of the production of foodgrains and 90% of the production of sugar in the jute packaging material for the Jute Year 2011-12 (July, 2011 to June, 2012), with the following exemptions: (i) Sugar packed for export but which could not be exported will be exempted from the operation of the Order on the basis of an assessment by and request of the Department of Food and Public Distribution. For such exemptions, separate guidelines will be prepared.

Government may impose stamp duty of Rs 300 per crore on transactions in commodities, stocks and other derivatives

November 16, 2011 6769 Views 0 comment Print

The government may impose a stamp duty of Rs 300 per crore (0.003%) on transactions in commodities, stocks and other derivatives, with the finance ministry moving a proposal to Cabinet for taking the final call, sources said. Despite strong opposition from the Ministry of Consumer Affairs (MCA), the finance ministry has placed the proposal before Cabinet, they said.

Union Finance Minister Shri Pranab Mukherjee’s Address on the Conclusion of 150 Years Celebrations of the C&AG of India

November 16, 2011 6624 Views 0 comment Print

The C&AG’s role in the audit of social sector spending is particularly crucial. While the Government is committed to allocate the required resources for socio-economic development programmes for creating improved employment opportunities, better health and education capacities, improved water supply and sanitation, agriculture self-sufficiency and food security, we have to ensure that every rupee that is spent on these initiatives gets the best returns.

New TDS software will alert about Unmatched challan, Invalid PAN, Challan pending amount

November 16, 2011 7091 Views 0 comment Print

Key features of NSDL Return Preparation Utility (RPU) version 2.6- Unmatched challan: On import of consolidated file in the NSDL RPU (version 2.6), an alert message “Statement contains unmatched challan. The same has been highlighted in red colour” will be provided if the consolidated file imported contains unmatched challan. Deductee/ Salary details records with invalid PAN: On import of consolidated file in the NSDL RPU (version 2.6), an alert message will be provided ‘Statement contains invalid PANs. The same has been highlighted in red colour’ if the statement contains invalid PAN in deductee/ salary detail records.

Income Tax Officer Sentenced In Bribery Case

November 16, 2011 3113 Views 0 comment Print

The Special Judge, CBI cases, Jabalpur has convicted Shri Y. Brahmane, the then Income Tax Inspector, Income Tax Office, Balaghat (MP) and sentenced him to undergo three years Rigorous Imprisonment with a fine of Rs. 3,000/- in a bribery case. Another accused Shri Sunil Hattele, Daily Wages Employee of Income Tax Office, Balaghat (MP) was also convicted and sentenced to undergo one year Rigorous Imprisonment in the same case.

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