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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


Orders Appointing Income Tax Ombudsmen in 5 cities

November 14, 2011 6146 Views 0 comment Print

rtment of Revenue, Ministry of Finance has, vide office order Nos. 299 to 303, all dated 8.11.2011 notified the appointments of Ombudsman at Bangaluru, Ahmedabad, Mumbai, Lucknow and New Delhi. OFFICE ORDER NO.303/2011-Ad.I (appointment of I.T. Ombudsman at New Delhi) -Dated : 08/11/2011

TPAs to deduct TDS u/s.194J on payment to hospital, No penalty u/s. 271C for non deduction

November 14, 2011 31754 Views 0 comment Print

Vipul Medcorp TPA Pvt Ltd & Ors v. CBDT (Delhi High Court)-The High Court held that payments made by the insurance company or the TPAs could be in the nature of business expenditure as per accounts/books maintained by them. However, tax has to be deducted under Section 194J of the Act if the payment is made to a resident person towards fees for professional services. Further, the nature of payment in the hands of the payee/recipient is relevant and that determines whether tax needs to be deducted or not. Section 194J of the Act does not specify that the payer must have availed and taken benefit of the professional services.

Transfer of shares by initial subscribers to a MOA does not amount to a change in shareholding as per section 79 of the Income-tax Act, 1961 and therefore, benefit of brought forward loss is available

November 13, 2011 10640 Views 0 comment Print

ITO V. M/s. S-Net Freight (India) P. Ltd. (ITAT Chennai) – The Tribunal order has recognised that beneficial ownership and legal ownership could be different and for the purpose of section 79 of the Act, the beneficial ownership was relevant. Accordingly, share transfers by nominees or trustees of the beneficial owner would not trigger the provisions of section 79 of the Act while the beneficial ownership did not change beyond 51 percent.

Understanding Transfer Pricing With Latest Case Laws Part 2

November 13, 2011 4791 Views 0 comment Print

Now a days, during transfer pricing assessment , the TPO are coming with unique ideas like valuation of intangibles , corporate guarantees, ratings provided by CRISIL etc. this all leads to corporate in a mysterious situation. Below are the summarized form of the latest judicial pronouncements on transfer pricing which will help corporate in better benchmarking of their international transactions with their foreign associate enterprises.

Quantum/Manner of computing remuneration should be stipulated in partnership deed

November 12, 2011 6821 Views 0 comment Print

Sood Brij & Associates vs. CIT (Delhi High Court) -On reading the supplementary partnership deed, in the present case, it is clear that the remuneration is not specified. The manner of computing the remuneration is not specified. On the other hand, the remuneration payable is left to future mutual agreement between the partners who are entitled to decide and quantify the quantum. Remuneration can be any amount or figure but not more than the maximum amount stated in Section 40(b)(v) of the Act. Therefore, the requirements of Section 40(b)(v) are not satisfied.

Excise duty Refund eligible for deduction u/s. 80IB(1)

November 12, 2011 11460 Views 0 comment Print

ACIT vs. The Total Packaging Services (ITAT Mumbai)- The payment of Central excise duty has a direct nexus with the manufacturing activity and similarly, the refund of the Central excise duty also has a direct nexus with the manufacturing activity. The issue of payment of Central excise duty would not arise in the absence of any industrial activity. There is, therefore, an inextricable link between the manufacturing activity, the payment of Central excise duty and its refund. So Assessee is eligible to deduction u/s. Sec. 80IB(1) on Excise Duty Refund/Modvat Credit.

Section 80IA(5)- Once the set off Loss & Depreciation of eligible unit prior to initial assessment year has taken place in an earlier year against the other income, the Revenue cannot rework the set off amount and bring it notionally

November 12, 2011 10169 Views 0 comment Print

Shri. Anil H. Lad v. DCIT (ITAT Bangalore)- Where the depreciation and loss of earlier assessment years have already been set off against other business income of those assessment years, there is no need for notionally carrying forward and setting off of the same depreciation and loss in computing the quantum of deduction available u/s.80I.

Railway Minister Announces Fresh Measures to Prevent Misuse of Tatkal Travel Scheme

November 11, 2011 2259 Views 0 comment Print

The advance reservation period of Tatkal scheme should be reduced from two days at present to one day excluding the day of journey from the train originating station. For example, if train is to depart from the originating station on the second of the month, the Tatkal quota for that particular train shall open at 0800 hours on the first of the month.

New Notification for Movies, TV Programmes Displaying Tobacco Products Comes into Effect from 14.11.2011

November 11, 2011 2170 Views 0 comment Print

The Ministry of Health and Family Welfare has notified the rules for Cigarettes and other Tobacco Products (Prohibition of Advertisement and Regulation of Trade and Commerce, Production, Supply and Distribution) [second amendment rules] 2011. These rules will be implemented from 14th November, 2011. The rules have been notified after consultation and taking into account the […]

Over 15000 Tax Disputes Involving Over 1.35 Lakhs Tax Proceedings Settled by Income Tax Settlement Commission

November 11, 2011 654 Views 0 comment Print

The Income Tax Settlement Commission, Ministry of Finance , has settled over 15000 tax disputes involving over 1.35 lakhs tax proceedings in its life time since 1976. In 2010-11, it passed 400 orders, in which it settled income amounting to 595 Crores, which was 187% over the returned income of 206 Crores in these cases. This was stated by Shri Ramji Sinha, Chairman, Income Tax Settlement Commission here today, while inaugurating the ‘K. N. Wanchoo Conference hall’, in order to commemorate Justice Kailas Nath Wanchoo, for his role in visualising the Income Tax Settlement Commission. The inauguration took place in the presence of eminent tax payers, members of bar association, and other senior officers of the Commission .

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