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.
Income Tax : The article explains how ESOP taxation in unlisted companies occurs at both exercise and buyback stages. It highlights perquisite ...
Income Tax : The FAQs explain the revised CBDT guidelines on compounding offences under the Income-tax Act effective from 17 October 2024. They...
Income Tax : Learn the eligibility, investment conditions, exemption limits, timelines, and withdrawal provisions for capital gains exemptions ...
Income Tax : This FAQ serves as a reference for the Income-tax Act provisions relating to cash receipts, loans, repayments, and electronic paym...
Income Tax : This FAQ covers all ten notified ICDS, explaining their scope, applicability, disclosures, and treatment of various tax-related tr...
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : The ITAT Mumbai held that sales tax and similar State Government incentives were capital receipts because the schemes were intende...
Income Tax : The ITAT Visakhapatnam held that the Commissioner cannot invoke Section 263 where the Assessing Officer has already conducted inqu...
Income Tax : The ITAT Visakhapatnam held that deduction under Section 80P cannot be allowed where the assessee failed to file a valid return of...
Income Tax : The Tribunal directed the Assessing Officer to grant Foreign Tax Credit, observing that delayed filing of Form No. 67 is only a pr...
Income Tax : The ITAT Jaipur held that reassessment under Section 147 was invalid because the Assessing Officer merely relied on Investigation ...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
1. While allowing deduction under section 10B, the deduction is to be allowed to eligible undertaking, even the income being in negative. 2. Cutting and polishing of precious and semi precious stones constitutes manufacturing as contemplated in section 10B, 3. No fresh fact or fresh material which formed the reasons to believe for reopening of the assessment except the order passed by the AO, there being no other reason given by the AO for re-opening the assessment, notice issued under section 148 of the Act quashed.
PCIT Vs. Softbrands India P. Ltd (Karnataka High Court The existence of a substantial question of law is sine qua non for maintaining an appeal before the High Court. While the appeal to High Court under Section 260-A of the Act may be a First appeal in the sense from the order of final fact […]
M/s. Midas Polymer Compounds Pvt. Ltd. Vs ACIT (ITAT Cochin) There was a delay of 2819 days in filing the appeal before the Tribunal. The assessee has stated the reasons in the condonation petition accompanied by an affidavit which has been cited in the earlier para. The assessee filed an affidavit explaining the reasons and […]
We all know about the popularly know deductions like deduction u/s. 80C & 80D. But many times we use to forget to claim many other deductions which are available under the Income Tax Act, which can reduce our tax burden significantly. In this article we discussed 10 such lesser know deductions which taxpayers tend to forget to claim while filing there Income Tax Return.
The Income Tax Act allows a salaried individual to claim certain deductions in order to save on taxes. However, to avail the benefits of such deductions, the individual must ensure proper tax planning during the year. Such deductions are allowed on the Gross Total Income (GTI), and income tax is levied on the balance income, […]
Shrikant Mohta Vs CIT (Calcutta High Court) When search operations are conducted under Section 132 of the Act, the obligation of the assessee to file any return remains suspended till such time that a notice is issued for such purpose under Section 153A(1) (a) of the Act. If the return is filed by the assessee within the reasonable time […]
The aforesaid appeal has been filed by the assessee against the impugned order dated 25.11.2014 passed by Ld. CIT (Appeals)-XXX, New Delhi for the quantum of assessment passed u/s.143(3)/153A for the Assessment Year 2011-12. In the grounds of appeal, the assessee has raised the following grounds.
Shaifaly Girdharwal It is the time of year when most of people invest in various products to claim the deduction under Income Tax Act. Surprising that most of them choose either bank FD’s or PPF as their first priority for Tax saving although from so many years Equity Linked Savings Scheme (ELSS) has emerged as […]
Sh. Naresh Kumar Luhadia Vs DCIT (ITAT Jaipur) Full picture of how travelling expenses and conveyance expenses were being incurred by assessee was brought to the notice of AO in writing but AO, instead of appreciating facts and circumstances of the case, just made simple observation that assessee’s reply was very general in nature. There […]
Challenging the order,dated 30/09/2016 CIT(A)- Mumbai-I the assessee has filed the present appeal.Assessee-Company,engaged in the business of manufacturing and selling of shaving products and systems,filed its original return of income on 30/11/2011 declaring total Loss at Rs.19.78 crores.The Assessing Officer (AO)completed assessment u/s. 143 (3) r.w.s. 92CA of the Act on 31/03/2016 determining income of the assessee at Rs.32,68,71,48,000/-
