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 revised ITR forms for AY 2026-27 introduce new tax slabs, expanded ITR eligibility, and enhanced disclosure requirements. Unde...
Income Tax : The article argues that the daily backup requirement under Rule 46(8) applies only to books maintained in electronic mode, not mer...
Income Tax : Judicial authorities have held that Foreign Tax Credit is a substantive right and cannot be denied merely due to procedural delays...
Income Tax : This guide explains how unexplained cash credits under Section 68 and related provisions can attract steep taxation under Section ...
Income Tax : The document outlines how MAT and AMT ensure that companies and eligible non-corporate taxpayers pay a minimum level of income tax...
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 : ITAT Delhi held that reassessment cannot survive when additions are made on issues unrelated to the reasons recorded for reopening...
Income Tax : The Delhi ITAT held that reassessment initiated beyond three years was invalid because the alleged escaped income represented by p...
Income Tax : The Telangana High Court refused to interfere with the assessment order in writ proceedings, citing the availability of an effecti...
Income Tax : ITAT Delhi confirmed disallowance of a Section 80GGC claim after relying on investigation findings that the political party operat...
Income Tax : The Tribunal ruled that non-deduction of tax pursuant to subsisting High Court directions cannot attract liability under Sections ...
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...
Analysis of Income Tax Circular Requiring updation of Email address Mobile Number The Income Tax Dept. has mandated pre-filling of Mobile No. & Email ID before filing of return of an assessee vide its press release dated 26.06.2014. Further one Mobile No. and Email ID can not be used for more than 4 times for […]
Section 54- Investment in residential house Several disputes are in existence as to whether an assessee can buy more than one house under provisions of section 54 of the Income-tax Act, 1961. In the recent times High Courts and ITAT have taken a consistent view that in order to avail the exemption u/s 54 of […]
In Its Pre-budget Memorandum on Direct Taxes Apex Accounting Institute ICAI has suggested that deduction in respect of interest on housing loan in case of self occupied property should be increased from Rs. 1.5 Lakhs to Rs. 3 Lakhs. ICAI further suggested that Assessee should be allowed deduction equal to 30% from unrealised rent and ground rent shall be allowed as separate deduction while computing income under the head Income from House property.
In the Result Framework Document, 2014-15, the Board has resolved to augment the number of Aayakar Sewa Kendras from existing 189 already set up in the Income-tax department, by setting up additional 70 Aayakar Seva Kendras (ASK) all over the country in the current financial year i.e. 2014-15.
CA Umesh Sharma Karniti: Taxpayers please note recent changes in Income Tax Return Keeping conversation between Lord Krishna and Arjuna as the foundation, we will learn certain basic financial and tax matter in KARNITI series of articles. Let us try to get answers to our questions in a bit different and joyful manner. The character […]
Certification of deductions claimed under section 54, 54F, 54EC etc a) At present deductions u/s 54, 54F, 54EC etc. are not subject to any audit or certification. The possibility that the assessee claims inaccurate amount of deduction under such provisions cannot be ruled out. In order to reduce such possibility of furnishing of inaccurate particulars […]
Section 54EC-Capital gain not to be charged on investment in certain bonds Section 54EC provides that the capital gains arising from the transfer of a long term capital assets will be exempt, if the whole or part of the capital gain, is invested in the long term specified assets at any time within a period […]
There cannot be any dispute to the preposition that the penalty is leviable under Section 271(1) (c) when any person has concealed the particulars of his income or furnished inaccurate particulars of such income. The present is not a case of concealment of particulars of any income of the assessee.
In continuation of this Ministry’s circular no. 02/2014 dated 11.02.2014, it is hereby clarified the use of the word Commodity Exchange may be allowed only where a No Objection Certificate from the Forward Markets Commission (FMC) is furnished by the applicant. All other provisions of the Companies (Incorporation) Rules, 2014 will continue to be applicable.
It was held that for the purpose of computation of capital gain on transfer of flat on which depreciation has been claimed and which has been held for more than 3 Years has to be treated as short term capital gain u/s 50 of the IT Act, but for the purpose
