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 : Understand key differences between legal and tax terms like Act vs Rule, Exemption vs Deduction, TDS vs TCS, and more for better c...
Income Tax : ITAT Mumbai ruled in favor of an auto-rickshaw driver, rejecting a ₹103 Crore income addition, citing insufficient investigation...
Income Tax : Understand the new 1% TCS on luxury goods above ₹10 lakh in India, effective April 2025. Learn which items are included, implica...
Income Tax : Learn about India's TCS on luxury goods. Effective April 2025, 1% TCS applies to sales over ₹10 lakh for watches, art, yachts, a...
Income Tax : Learn about the latest changes in TCS under Section 206C(1F) for luxury goods exceeding ₹10 lakh. Find the list of notified item...
Income Tax : Understand CBDT's Notification 38/2025 on non-deductible settlement expenses under Income-tax Act for SEBI, Competition Act violat...
Income Tax : Representation highlights long delays at NFAC affecting over 5 lakh appeals, urging CBDT to expedite resolutions and restore taxpa...
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
Income Tax : AO could not reject the LTCG Exemption claim based on mere surrounding circumstances or probabilities without presenting any legal...
Income Tax : ITAT Jaipur accepts LTCG claim of Vivek Agarwal; rejects AO's addition under Section 68, citing adequate evidence of share transac...
Income Tax : ITAT Kolkata deletes addition under Section 68, accepting LTCG on share sale by Kiran Kothari as genuine, rejecting AO's reliance ...
Income Tax : ITAT Bangalore rules software development as "production", allowing Bosch's claim under Sections 32(1)(iia) and 32AC for depreciat...
Income Tax : ITAT Bangalore denies Section 11 exemption to Al-Badar Trust, citing capitation fee collection as lacking charitable intent under ...
Income Tax : CBDT notification details income tax exemption for Mysore Palace Board. Covers income from palace, fees, rent from government agen...
Income Tax : CBDT notification clarifies that expenses to settle proceedings under SEBI, Securities Contracts, Depositories, and Competition Ac...
Income Tax : The Central Government notifies the National Mission for Clean Ganga as exempt from income tax under Section 10(46A), effective AY...
Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ｹ10 lakh, effectiv...
Income Tax : Latest income tax rule changes effective April 2025. Form 27EQ updated with new categories for tax collection at source on various...
The revised discussion paper on Direct Tax Code (DTC) proposes to introduce General Anti Avoidance Rules (GAAR ) to curb tax avoidance by disregarding any arrangement called ( Impermissible Avoidance Arrangement (IAA) ) entered or carried on in a manner
The assessee, a partnership firm, filed its return of income for asst. year 2006- 07 declaring the income under the head Capital Gains at Rs. 28,767,565/-, which are related to the gains obtained on sale of three immovable properties.
There is no such material referred to by the A.O. for making this addition and this addition was made by him on the basis of difference of alleged market price of the plot purchased by the assessee in January 1997 which was duly disclosed before the income tax department and no incriminating material is alleged to have been found in the course of search indicating that any extra payment in cash was made by the assessee on account of purchase of this plot. In the absence of any such material found in the course of search, no addition can be made in the course of block assessment on the basis of estimating of market price.
Notification No.46/2010-Income Tax It is hereby notified for general information that the organization Bhartiya Vaidayak Samanvaya Samiti, Nagpur has been approved by the Central Government for the purpose of clause (ii) of sub-section (I) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules,
One of the contentious provisions proposed by the DTC was the introduction the EET regime wherein long-term saving schemes (i.e. Government Provident Fund, Recognised Provident Fund, Public Provident Fund, Life Insurance etc.) were to be taxed at the time of withdrawal from such schemes.
The Direct Taxes Code is unlikely to give much relief to income tax payers as the finance ministry today said the higher slabs, proposed earlier, may be altered in the Bill. The move is aimed at offsetting the revenue losses arising from the new proposal to drop the earlier plan to tax provident and pension funds at the time of withdrawal and levy MAT on gross assets and not profits.
In a case where a company is dealing in the sale and purchase of shares, prima-facie the profits derived from the sale and purchase of shares would be treated to be business income of the assessee since the assessee is a trader in shares, that does not mean that a trading firm cannot make long term investment in shares and income from sale of such shares may fall under the head of capital gains but when a trading firm is involved the onus would be heavily on such a firm to show that this investment was actually a long term investment.
The assessee is entitled to deduction on account of R&D expenditure but the same has to be restricted in proportion to the turnover between the agricultural division and the commercial division, and the amount relatable to commercial division can alone be allowed as business expenditure
CBN Circular No. 1 1. Service Providers are made application users of CBN Application Software. Service Providers will access CBN database of Income Tax Department through Personal Computer (PC) installed in their premises and connected to Bharti network. 2. Service Providers will connect CBN Application as application users by running appropriate link in Internet Explorer.
CBN Instruction No. 4 Users who have assigned role to access Assessee Information System (AIS) module can now access CBN Application for Permanent Account Number (PAN) query. This facility can be accessed from menu option ‘CBN’ provided in AIS module main menu. They no longer have a need to login CBN server directly for PAN query. However, present facility has not been withdrawn and
