Sponsored
    Follow Us:

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


Key Tax Tasks to Complete Before March 31, 2025

Income Tax : Ensure tax compliance before March 31, 2025. Key tasks include filing returns, verifying TDS, updating accounts, and making necess...

March 18, 2025 1215 Views 0 comment Print

Key Income Tax Changes for Partnership Firms Starting April 1, 2025

Income Tax : Partnership firms must comply with new tax rules from April 1, 2025. Changes include higher partner remuneration limits and mandat...

March 18, 2025 1818 Views 0 comment Print

Tax Deduction at Source on Payments to Non-Residents

Income Tax : Learn about TDS on payments to non-residents, including business connection rules, royalty provisions, and significant economic pr...

March 17, 2025 3474 Views 0 comment Print

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 1152 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 1923 Views 0 comment Print


Latest News


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 339 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 468 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 102 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 276 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 78 Views 0 comment Print


Latest Judiciary


No deduction u/s 80IA in absence of agreement with Central Government/ State Government / Local Authority/Statutory Authority

Income Tax : Assessee was specifically asked to justify its claim as the agreement had to be with (a) Central Government (b) State Government (...

March 18, 2025 24 Views 0 comment Print

Dishonor of Cheques by Chartered Accountant amounted to “Other Misconduct was remanded back for reconsideration”

Income Tax : Appellant had approached this Court by way of the present intra Court appeal. It was held that BoD had failed to accord any reaso...

March 18, 2025 15 Views 0 comment Print

Other years cannot be extrapolated on the basis of survey conducted in particular year

Income Tax : Delhi High Court held that reassessment under section 148 of the Income Tax Act entirely based on course of survey not sustainable...

March 18, 2025 24 Views 0 comment Print

ITAT Ahmedabad Allows Deduction of GST Interest & Late Fees

Income Tax : ITAT Ahmedabad upholds deduction of GST interest & late fees, ruling they are compensatory, not penal. Read the key observations &...

March 18, 2025 84 Views 0 comment Print

Reassessment Beyond 10-Year Limit: HC Clarifies Scope of Finance Act, 2017 Amendments

Income Tax : Madras High Court rules in A.R. Safiullah Vs ACIT, quashing a tax notice under Section 153A for AY 2009-10, citing statutory limit...

March 18, 2025 705 Views 0 comment Print


Latest Notifications


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 2226 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 1077 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 663 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 648 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 324 Views 0 comment Print


Payment of statutory liabilities/miscellaneous expenses, etc made by the assessee to the C & F agency not covered u/s 194C

October 15, 2011 7787 Views 0 comment Print

ACIT Vs M/s P P Overseas (ITAT Mumbai) – Statutory liabilities such as customs duty, DEPB licence etc. which is actually the liability of the assessee and the receipt for the payment is issued by the concerned authority only in the name of the assessee. The C & F agents merely collected the payments from the assessee for payment to the concerned authorities. Such payments cannot be considered to be covered by section 194C as they are not for any work of the nature mentioned in Explanation III.

HC rules on the meaning of full value when assets attached with liabilities are received by shareholders as proceeds from liquidation

October 15, 2011 771 Views 0 comment Print

CIT Vs Shri Nayan Arvind Shah (Bombay High Court)- Whether the value of the assets, for the purpose of computation of capital gains in the hands of the shareholders in respect of assets received from the liquidator of a company, should be taken at the fair market value (FMV) or at the FMV as reduced by the liabilities attached to it. It was held that the FMV, as reduced by the liabilities attached to it, forms the basis for computation of capital gains.

Section 40 (a) (ia) applies even in respect of amount paid & not merely payable to contractors

October 15, 2011 1184 Views 0 comment Print

Valibhai Khanbhai Mankad vs DCIT (ITAT Ahmedabad) -Whether CIT(A) has erred in confirming the dis-allowance of Rs. 7,93,34,193/- u/s 40(a)(ia) on the ground that the assessee has filed Form No. 15J with CIT on 26.02.2009 instead of on or before 30th June, 2006 in as much the there is no failure to deduct tax at source under section 194C since the assessee has received Form No.15-I from the sub-contractors before making payment to them. Held , No The decision on deductibility of tax on payment made to sub-contractor is to be taken at time when contractor is releasing payments to sub-contractors and it is at that point of time second proviso to section 194C(3)(i) would come into play and when Form No. 15-I are submitted by sub-contractors to contractor, then contractor is not required to deduct tax from such payments, whereas compliance of third proviso can be deferred till 30th June of next financial year.

Stamp duty paid during the course of amalgamation and compensation paid to employees under VRS scheme is deductible as revenue expense

October 15, 2011 5846 Views 0 comment Print

These cross appeals are directed against separate orders of the CIT(A) relating to the assessment years 1998-99 and 1999-2000, respectively. The appeals arise out of the assessments made under section 143(3) of the Income tax Act, 1961. As they involve some common issues, they were heard together and are being disposed of by this common order for the sake of convenience.

Assessee not eligible for deduction u/s. 80RRA if the technical services provided by the assessee are not approved by the Govt.

October 15, 2011 1238 Views 0 comment Print

P A Chacko Muthalaly Vs ACIT (ITAT Mumbai)- If the approvals of the technical services have not been granted, obviously then assessee is not entitled for deduction u/s. 80RRA. The Tribunal cannot go beyond its scope to hold that CBDT was not correct in refusing the permission for which assessee could have taken appropriate steps before the Honourable High Court. In the light of this discussion we are of the view that assessee is not entitle for deduction u/s.80 RRA.

Payment made by the assessee to the society as society maintenance expenses are not covered under section 194C

October 15, 2011 76158 Views 2 comments Print

Mitsutor Shipping Agency Pvt Ltd Vs DCIT (ITAT Mumbai)- The assessee was owner of the premises in which it was carrying on business. The assessee paid maintenance charges to the society of Apartment Owners. According to the AO the assessee ought to have deducted tax at source on the payment of maintenance charges to the society as the payment by the assessee to the society was in the nature of contract and, therefore, the provisions of section 194C was applicable.

Assessee not eligible for deduction u/s 80IB on the amount disallowed by AO due to delayed payment of employee’s contribution of P.F

October 15, 2011 667 Views 0 comment Print

ITO Vs Millenium Writing Products Pvt Ltd. (ITAT Kolkata) Deduction u/s. 80IB of the Act is available to an assessee whose gross total income includes any profits and gains derived from eligible business as specified in the section. Here the assessee is claiming deduction on an item of disallowance made by the Assessing Officer on account of employees’ contribution to PF, which was not deposited within the due date. This is neither an item of profit or gain of eligible business nor an item of Profit & Loss Account or manufacturing account rather it is just an employees’ contribution to PF, which assessee has to collect from its employees and to deposit with the PF authorities within the due date prescribed.

When assessee has given his address in the e-return and the AO has also given TDS credit on the same, AO is not right in serving notice u/s 143(2) by affixting the same on some other address

October 15, 2011 1720 Views 0 comment Print

The revenue is in appeal against the order dated 03.09.2009 passed by ld. CIT(A) in the matter of assessment made by the Assessing Officer u/s 144 of the Income Tax Act, 1961 for the A.Y. 2006-07.

Under project completion method entire project as a whole is to be seen and hence transfer of some flats via registration is not conclusive of the year in which the income attributable to the project is to be taxed

October 15, 2011 4644 Views 0 comment Print

M/s Maitri Developers Vs ITO (ITAT Mumbai)- Project completion method is well recognised method as per AS-7. Under project completion method entire project as a whole is to be seen and hence transfer of some flats via registration is not conclusive of the year in which the income attributable to the project is to be taxed. Completion certificate is also not conclusive of the fact that the project was completed when the facility of drinking water shows it otherwise.

section 41(1) Merely because liability is more than 5 years old does not mean that there is a cessation or remission

October 15, 2011 661 Views 0 comment Print

ITO Vs Maharashtra State Co-operative, Consumers Federation Ltd. (ITAT Mumbai) -Whether CIT(A) was not justified in deleting the addition of Rs. 10,00,000/ – made by the AO under sect ion 41(1) of the Act . Assessee is an AOP being the Apex body of consumers co-operative societies in the State of Maharashtra. Its business is divided in 8 Divisional Offices and 13 Apna Bhandars which are retail out lets of federations. The federation is Semi – Government body sponsored and fully supported by the State Government federations.

Sponsored
Sponsored
Search Post by Date
March 2025
M T W T F S S
 12
3456789
10111213141516
17181920212223
24252627282930
31