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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


Deductions Under Section 57 of Income Tax Act, 1961

Income Tax : Learn about deductions allowed under Section 57 of the Income Tax Act, 1961, for income from other sources, including family pensi...

March 19, 2025 30 Views 0 comment Print

Taxation On Online Gambling in India: A Win or Lose for Industry?

Income Tax : This blog explores the implications of this tax policy, the distinction between games of skill and chance, the applicability of Ta...

March 19, 2025 321 Views 0 comment Print

New Section 194T TDS Rules: Impact on Taxpayers, Effective April 2025

Income Tax : New TDS Rules Under Section 194T: Impact on Taxpayers & Businesses – Effective from 1st April 2025 Introduction The Finance ...

March 18, 2025 1350 Views 0 comment Print

AI, Automation, Recession, and Income Tax Law in India

Income Tax : Explore the economic impact of AI, automation, and recession on India. Understand how income tax laws may evolve to address unempl...

March 18, 2025 336 Views 0 comment Print

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 4482 Views 0 comment Print


Latest News


CBDT Seeks Input on Draft Income Tax Rules & Forms

Income Tax : CBDT invites stakeholder suggestions on simplifying Income Tax Rules and Forms under the Income Tax Bill, 2025. Submit feedback vi...

March 19, 2025 150 Views 0 comment Print

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 546 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 678 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 108 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 348 Views 0 comment Print


Latest Judiciary


Cost Allocation and Transfer Pricing – ITAT Bangalore Ruling

Income Tax : Advocate Amardeep Soni & Advocate Harsha Soni Gemplus India Pvt. Ltd. Vs ACIT (ITAT Bangalore) A Case Study of ITAT BANGALORE...

March 19, 2025 27 Views 0 comment Print

Reimbursements for seconded employees did not constitute FTS: Karnataka HC

Income Tax : Karnataka High Court rules on TDS applicability under Section 195 of the Income Tax Act in the case of Abbey Business Services Ind...

March 19, 2025 54 Views 0 comment Print

No section 50C Addition during ITR Processing under section 143(1): ITAT Delhi

Income Tax : ITAT Delhi rules that Section 50C adjustments cannot be made under Section 143(1) without referring valuation disputes to the DVO,...

March 19, 2025 405 Views 1 comment Print

No Addition Under Section 69 If Source Declared in Balance Sheet: ITAT Pune

Income Tax : ITAT Pune rules no addition under Section 69 if investment source is disclosed in the balance sheet. Partial relief granted for un...

March 19, 2025 228 Views 0 comment Print

CIT(A) Must Rule on Merits in Co-op Society’s Demonetization Cash Deposit Case: ITAT Cochin

Income Tax : ITAT Cochin remands Thrissur Co-op Society’s demonetization cash deposit case to CIT(A) for a fresh decision on merits after ex-...

March 19, 2025 258 Views 0 comment Print


Latest Notifications


CBDT allows data sharing with Delhi’s IT Dept. for social welfare scheme identification

Income Tax : CBDT allows data sharing with Delhi's IT Dept. for social welfare scheme identification under Income Tax Act Section 138. Read the...

March 19, 2025 18 Views 0 comment Print

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 4218 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 1110 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 690 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 660 Views 0 comment Print


Revised Indo-Swiss taxation treaty comes into effect

October 12, 2011 1295 Views 0 comment Print

The amended Indo-Swiss taxation treaty has came into effect, a development that will allow India to seek specific information on black money and tax evasion cases dating back to January 1, 2011. The revised taxation pact between the two countries came into force yesterday, at a time when the black money issue has triggered an intense political debate in India.

Know the Challan status of your tax payment on your mobile

October 11, 2011 4385 Views 0 comment Print

SMS BASED SERVICE FOR CHALLAN STATUS – NSDL provides CIN (Challan Identification Number) based view of direct tax challans to taxpayers to know the status of challan on its web-site. In addition to the above facility, NSDL has launched a Short Message Service (SMS) based facility to know the status of its challans. The procedure for availing this facility is as under:

Know Your Income Tax Refund Status Online

October 11, 2011 4877 Views 3 comments Print

Taxpayers can view status of refund 10 days after their refund has been sent by the Assessing Officer to the Refund Banker – by entering ‘PAN’ and ‘Assessment Year’ below. Status of ‘paid’ refund, being paid other than through ‘Refund Banker,’ can also be viewed at www.tin-nsdl.com by entering the ‘PAN’ and ‘Assessment Year’ below. ‘Refund paid’ status is also being reflected in the ‘Tax Credit Statements’ in Form 26AS.

Know Your PAN and TAN Application Status on SMS

October 11, 2011 17495 Views 1 comment Print

National Securities Depository Limited (NSDL) processes PAN and TAN applications on behalf of Income Tax Department. With a view to keep the applicant updated about the status of his application, NSDL has launched a Short Message Service (SMS) based facility. The applicant can send an SMS to 53030 with a message containing the word PAN followed by a space and the 15-digit acknowledgement number provided at the time of submission of application i.e., PAN ACKNOWLEDGEMENT NUMBER (e.g., PAN 123456789012345 – this is an illustrative acknowledgement number. Actual acknowledgement number should be provided in the SMS).

Notification No. 55/2011 – Income Tax Dated 10/10/2011

October 10, 2011 474 Views 0 comment Print

Notification No. 55/2011 – Income Tax [F.NO. 203/4/2011/ITA-II] – It is hereby notified for general information that the organization Indian Institute of Technology Rajasthan, Jodhpur has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from assessment year 2011-12 and onwards in the category of ‘Other Institution’, engaged in research activities subject to the following conditions, namely:-

Experts concerned over proposal to allow reopening of tax cases of 16 years

October 10, 2011 1954 Views 0 comment Print

Concerned over the CBDT panel’s proposal to allow reopening of tax filings of the past 16 years, experts and lawyers said it would only result in harassment of assessees without yielding any substantial gains to the exchequer.

Tax benefit on Premiums paid for Life insurance, Pension plans, medical insurance and taxability of sum received under life insurance policy

October 10, 2011 6794 Views 0 comment Print

Premiums paid for Life insurance – Deduction under Section 80C Category of assesses allowed deduction: Individual assessee and Hindu Undivided Family assessee. Eligible Savings: Premiums paid or deposited by assessee to effect or to keep in force insurance on the life of following persons: In case of individual assessee – Himself/Herself, spouse, children of such […]

Format of Decleration to be taken from Donee by Trusts for donation received towards Corpus Fund

October 10, 2011 80613 Views 3 comments Print

As we all know anonymous donations received by a trust are taxable, so every charitable trust has to keep the records of donation received which includes keeping the name, address and PAN of donee. If donations are received towards corpus than trust should obtain from donee an instruction mentioning his intention to treat the donation given by him as towards corpus of the trust. Given below is the format of instruction given by donee to trust to treat the donation given by him as towards the corpus fund:-

Government plans to allow reopening of income tax returns of past 16 years

October 9, 2011 4990 Views 0 comment Print

Government plans to allow reopening of income tax returns of past 16 years of suspected assessees, as against 6 years at present. The move is aimed at strengthening the mechanism to investigate black money cases. A Finance Ministry official said in New Delhi that extending the period of reopening returns is to unearth undisclosed income […]

E-Filing in F.Y 2011-12 – Quick Statistics (as on 30th September 2011)

October 9, 2011 2522 Views 0 comment Print

  QUICK HIGHLIGHTS OF E-FILING IN F.Y. 2011-12 (UPTO 30/9/2011) COMPARATIVE GROWTH OF E-FILING IN CURRENT YEAR FORM WISE RECEIPT OF E-RETURNS UPTO 30th SEPTEMBER S.N. FORM NAME F.Y. 2010-11 F.Y. 2011-12 PERCENT GROWTH IN F.Y. 2011-12 1 ITR-1 13,77,444 31,03,832 125.33% 2 ITR-2 5,13,170 9,74,222 89.84% 3 ITR-3 96,315 1,79,132 85.99% 4 ITR-4 & […]

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