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 123 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 159 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 2004 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 1083 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 1716 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 117 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 336 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 78 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 252 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 75 Views 0 comment Print


Latest Judiciary


No Capital Gains for Joint Owner Without Beneficial Ownership: ITAT Mumbai

Income Tax : N...

March 18, 2025 36 Views 0 comment Print

Delhi HC dismisses writ against addition share application money as sham transaction

Income Tax : The Assessee is aggrieved by the information received pursuant to application under Right to Information Act, 2015, whereby the As...

March 17, 2025 48 Views 0 comment Print

Revisionary action u/s. 263 based on factual misconception bad-in-law

Income Tax : ITAT Mumbai held that exercising revisionary jurisdiction under section 263 of the Income Tax Act by PCIT on the basis of factual ...

March 17, 2025 57 Views 0 comment Print

Revisionary jurisdiction u/s. 263 not invocable as twin pre-conditions not satisfied

Income Tax : ITAT Ahmedabad held that assessment order passed u/s. 143(3) is neither erroneous nor prejudicial to the interest of revenue. Henc...

March 17, 2025 48 Views 0 comment Print

Voluntary Addition During Hearing is not Revising of Settlement Application: Gujarat HC

Income Tax : During pendency of the assessment proceedings, respondent No.1 filed application u/s. 245C(1) before the Income Tax Settlement Com...

March 17, 2025 42 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 1062 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 639 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 321 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 9705 Views 0 comment Print


Bar u/s 205 comes into force only after it is proved that TDS was deducted at source – ITAT Mumbai

October 14, 2011 799 Views 0 comment Print

ACIT, Mumbai Vs M/s Bajaj Auto Limited (ITAT Mumbai)- From the language of section 205 of the Act, it is clear that the bar operates as soon as it is established that the tax has been deducted at source and it is wholly irrelevant as to whether the tax deducted at source is paid to the credit of the Central Government of not and whether the TDS certificate in Form No. 16 has been issued or not. Also the mere fact that the employer may not issue the TDS certificate to the employee does not mean that the liability of the employer ceases. The liability to pay income-tax if deducted at source is upon the employer.

Expenses incurred on account of premature vacation of leased premises and on construction of temporary structures of leased premises are business expenditure

October 14, 2011 1117 Views 0 comment Print

Asera Software (India) Pvt. Ltd. Vs ACIT (ITAT Bangalore)- With respect to the disallowance of lease cancellation charges it is evident that this loss to the assessee was incurred due to appropriation of security deposit standing with the landlord in lieu of the loss of lease rent to the landlord. As far as the assessee is […]

When assessee has sufficient own funds, no disallowance for amount given on loan as interest free

October 14, 2011 5181 Views 0 comment Print

Ahuja Platinum Properties Pvt Ltd Vs JCIT (ITAT Mumbai)- The availability of interest free funds as given in the earlier part of this order is not in dispute. The Assessing Officer has proceeded on the assumption that the assessee did not establish the nexus between the interest free funds available with the assessee and interest free loans given to the sister concern. In this regard we find that the Hon’ble Bombay High Court in the case of CIT vs. Reliance Utilities and Power Ltd., 313 ITR 340 (Bom) had an occasion to examine the question with regard to disallowance of interest, where the assessee is in possession of both interest free funds as well as borrowed funds on which interest was paid by the assessee.

Whether when assessee provides software services, expenses incurred on development of software are revenue ?

October 14, 2011 1245 Views 0 comment Print

ACIT Vs M/s Aftek Infosys Limited (ITAT Mumbai)- Assessee’ s business is that of computer software services and products development. In order to supply software to its customers as per their requirements, the assessee has necessarily to incur certain expenses which go in making the product customised. When the sale proceeds are considered as revenue receipt, there is no reason for taking such expenses as not revenue because of the fact that there is no enduring benefit to the assessee by incurring such expenses.

If assessment order does not specify charging of interest, then it could not be charged or levied U/s. 156

October 14, 2011 2487 Views 1 comment Print

CIT Vs. M/s Dehradun Club Ltd. (Uttarakhand HC)- The learned counsel for the appellant submitted that the provision of charging interest under Section 234A, 234B & 234C of the Act is mandatory as held by the Supreme Court in Commissioner of Income Tax Vs. Anjum M. H. Ghaswala & others 252 I.T.R. 1. There is no quarrel with the aforesaid proposition laid down by the Supreme Court, but, at the same time, the assessment order must contain the imposition of interest and, only thereafter, a notice of demand could be issued under Section 156 of the Act.

Circular No. 8/2011- Income Tax Dated 14/10/2011

October 14, 2011 5117 Views 0 comment Print

The Board has received references expressing difficulties in implementation of provisions of Section 194A of the Act in a situation where in the course of the proceedings before Supreme Court/High Court/ any other court or tribunal , one or more than one litigant (hereinafter ‘the depositor’) is directed by the court that a specified amount be deposited in the bank either directly or through the court in order to protect the interest of litigants.

CBDT not given direction for targeting anyone for political reason

October 14, 2011 741 Views 0 comment Print

Chairman of the Central Board of Direct Taxes (CBDT) M C Joshi on Friday said on the sidelines of an Assocham function that it has not given direction for targeting anyone for political reasons and action against a member of team Anna would have come in normal manner. A specific case would have come up in normal manner …No direction, anything (has been ) given to anyone to treat any such case in a particular manner.

Composite consideration for share transfer and non-compete cannot be split up to tax non compete separately – ITAT Mumbai

October 14, 2011 1305 Views 0 comment Print

CIT Vs Savita N. Mandhana (ITAT Mumbai)- There is no dispute that the assessee has already included entire consideration for sale of shares, including what could be attributed to non compete obligations, as capital gains. In this view of the matter, the exercise of bifurcation between consideration attributable to sale of shares and for non compete obligations is rendered academic and infructuous.

Separate non-compete receipt in addition to share transfer taxable as business income – ITAT Mumbai

October 14, 2011 396 Views 0 comment Print

Ramesh D. Tainwala (ITAT Mumbai)- For proviso(i) to Sec.28(va)(a) to apply there must be transfer of the right to carry on any business. The Assessee in the present case was not carrying on any business on his own but was the promoter and director of the company whose shares were purchased by the Acquirer

Taxpayer did not constitute a Construction PE under the DTAA as the contract carried on by the Taxpayer did not exceed the threshold period provided under the DTAA

October 14, 2011 14312 Views 0 comment Print

CIT vs. M/s BKI/HAM v.o.f. (Uttarakhand High Court)-Tribunal in the assessment order 1995-96 as well as the appellate authority in the assessment order 1994-95 have categorically given a finding of fact that the entire duration of the contract was from 27th December, 1993 till 26th June, 1994, i.e., less than six months. Article 5 (3) of the treaty provided that in order to constitute a permanent establishment such site or project should continue for a period of more than six months.

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