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 case demonstrates how an incorrect exemption claim based on Form 16 led to scrutiny and penalty proceedings. The Tribunal ulti...
Income Tax : This article explains the advance tax provisions under the Income-tax Act, including liability thresholds, exemptions, and instalm...
Income Tax : This article outlines major offences under the Income-tax Act that may result in prosecution, including tax evasion, non-payment o...
Income Tax : This article explains the statutory powers of the Principal Commissioner or Commissioner to waive or reduce penalties in genuine c...
Income Tax : Summary: The Income Tax Act, 2025 introduces a significant structural reform by relocating the exempt income provisions previousl...
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 : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : The Delhi ITAT held that additions made on transactions unrelated to the reasons recorded for reopening were beyond the Assessing ...
Income Tax : The ITAT Chandigarh held that once registration under Section 12AB had been directed to be granted, the primary basis for rejectin...
Income Tax : The Delhi ITAT found that the Assessing Officer lacked legal authority to reopen assessment years lying outside the ten-year block...
Income Tax : ITAT Chennai restored the matter to the Assessing Officer after finding that the assessment and appellate proceedings were conclud...
Income Tax : ITAT Kolkata upheld the deletion of disallowance relating to brought forward losses of an amalgamating company after finding that ...
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...
Key Features of Budget 2015-2016 Presented in Lok Sabha by Finance Minister 2015-16 INTRODUCTION Credibility of Indian economy has been re-established in the last nine months. Indian economy about to take-off on a fast growth trajectory. Most growth forecasts have upgraded Indian economic growth while downgrading global economic growth. Economically empowered States are equal partners […]
Finance Minister Arun Jaitley has Presented his First Full Union Budget for 2015-16 in Lok Sabha today. We have presented below the Finance Bill 2015 and Corrigenda to Finance Bill, 2015 Download Finance Bill, 2015 Download Corrigenda – Finance Bill, 2015
It is proposed that there will be no change in the rate of personal income-tax and the rate of tax for companies in respect of income earned in the financial year 2015-16, assessable in the assessment year 2016-17. It is further proposed to levy a surcharge @12% on individuals, HUFs, AOPs, BOIs, artificial juridical persons, firms, cooperative societies and local authorities having income exceeding ` 1 crore. Surcharge in the case of domestic companies having income exceeding ` 1 crore and upto ` 10 crore is proposed to be levied @ 7% and surcharge @ 12% is proposed to be levied on domestic companies having income exceeding ` 10 crore.
Tax proposals in Budget 2015-16 which benefits middle class tax payers. The proposals in this regard are as follows : Ø Increase in the limit of deduction in respect of health insurance premium from Rs. 15,000 to Rs. 25,000. o For senior citizens the limit will stand increased to Rs. 30,000 from the existing Rs. 20,000. […]
The Union Finance Minister Shri Arun Jaitley has said that a Bill to enact a new law to deal with black money is to be introduced in the current session of the Parliament. In his Budget Speech in the Lok Sabha here today, giving details of proposed key features of the law, the Finance Minister […]
Taxguru team brings out live updates on tax Proposals from Union Budget 2015-16 100% deduction for contribution to Swachch Bharat and Clean Ganga schemes Investment in Sukanya Samridhi Scheme will be fully exempted from tax No Change in Tax Slabs and 80C Limit Tax Benefits on Income upto Rs. 4.42 Lakh. Yoga included in the […]
Save as otherwise provided in the aforesaid Bill, clauses (3) to (79) shall come into force on the first day of April, 2015, viz. from financial year (FY) 2015-16, relevant to assessment year (AY) 2016-17. Further, it may be stated that there are some amendments which have come into operation from certain specified dates, whereas some others will come into operation with retrospective effect
In the short run, growth will receive a boost from the cumulative impact of reforms, lower oil prices, likely monetary policy easing facilitated by lower inflation and improved inflationary expectations, and forecasts of a normal monsoon in 2015-16. Using the new estimate for 2014-15 as the base, GDP growth at constant market prices is expected to accelerate to between 8.1 and 8.5 percent in 2015-16.
The Shome Committee/TARC has pitched for taxing large farmers with incomes above Rs. 50 lakh a year. The reason for this recommendation as given by TARC is that this will broaden the tax payer base and help mobilize additional revenue without affecting any but a miniscule proportion of the very large farmers whose annual income exceeds the threshold limit of Rs. 50 lakhs. Currently, the recommendations of the TARC are under examination of the Government.
Economic Survey 2014-15 acknowledges the green actions taken by India, including imposing significantly higher taxation of petroleum products and thereby reenergizing the renewable energy sector. India shifted from a carbon subsidization regime to one of significant carbon taxation regime, from a negative price to an implicit positive price on carbon emissions.
