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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


Section 43B(h) Income-tax Act – Boom or doom for Industry and Trade

Income Tax : Section 43B(h) mandates tax deductions only on actual payments to MSMEs, effective April 2024. Explore its potential impact on ind...

August 20, 2024 12 Views 0 comment Print

Scope of Income Tax Search Assessment – A Tabular Form

Income Tax : Discover the updated Income Tax assessment procedures for searches starting from September 2024, including tax rates, penalties, a...

August 19, 2024 1116 Views 0 comment Print

कैश लेन-देन पर होगी आयकर विभाग की नजर – बैंकिंग चैनल से ही बड़े खर्च करें

Income Tax : आयकर विभाग ने कैश लेन-देन पर कड़ी नजर रखने का निर्�...

August 19, 2024 1911 Views 0 comment Print

India-Mauritius: Implications of Principal Purpose Test

Income Tax : India and Mauritius have amended the DTAA, adding a principal purpose test (PPT) rule to close tax loopholes and align with global...

August 19, 2024 189 Views 0 comment Print

Tax Implications of Raksha Bandhan Gifts: What You Need to Know

Income Tax : Understand the tax implications of Raksha Bandhan gifts. Learn about exemptions for gifts from relatives and the tax rules for gif...

August 19, 2024 1995 Views 0 comment Print


Latest News


Tax Audit Under Income Tax Act: Detailed Live Course with Practical Insights

Income Tax : Join our live course from Aug 23-25, 2024, to master tax audits, including Form 3CD, financial statements, and GST, with practical...

August 19, 2024 1401 Views 0 comment Print

Join 5-Day Live & Online Income Tax Audit Course with Practical Examples

Income Tax : Join our 5-day live course from Sept 8-12, 2024, for an in-depth understanding of tax audits under Section 44AB, with practical in...

August 19, 2024 312 Views 0 comment Print

Live Course: Handling Faceless Income Tax Assessment with AI Tools like ChatGPT

Income Tax : Learn to handle faceless income tax assessments using AI tools like ChatGPT in a 2-hour live course on Sept 1, 2024. Enhance effic...

August 19, 2024 564 Views 0 comment Print

Direct Tax Collections FY 2024-25 Reach Rs. 6.93 Lakh Crores as on 11.08.2024

Income Tax : As of August 11, 2024, net direct tax collections for FY 2024-25 stand at Rs. 6.93 lakh crores, marking a 22.48% growth compared t...

August 13, 2024 258 Views 0 comment Print

FAQs on PFA & Defective for ITR 1 to 6 for AY 24-25

Income Tax : Understand PFA and defective return queries for ITR 1-6 for AY 24-25, including MAT applicability, TDS/TCS claims, and income disc...

August 10, 2024 3081 Views 0 comment Print


Latest Judiciary


Calcutta HC Remands Case for Fresh Assessment; Warns Against Non-Cooperation

Income Tax : Calcutta HC remands Somnath Commosales Pvt Ltd case to AO for fresh assessment. The final opportunity is granted; non-cooperation ...

August 19, 2024 135 Views 0 comment Print

MAT Credit Dispute: Section 263 notice not maintainable if exercise done by AO was not erroneous 

Income Tax : Calcutta HC dismisses appeal by revenue, upholds ITAT decision quashing PCIT order under Section 263 on MAT credit and doubtful de...

August 19, 2024 30 Views 0 comment Print

No income Tax addition based on document’s which did not explicitly mention assessee’s name

Income Tax : Calcutta High Court affirms ITAT's decision to delete income tax addition under Section 69 due to lack of direct evidence against ...

August 19, 2024 147 Views 0 comment Print

No Income Tax Additions based On Generalised Investigation Wing Report: ITAT Mumbai

Income Tax : ITAT Mumbai dismisses income tax additions for AY 2014-15, stating reliance on a generalized report without independent inquiry is...

August 19, 2024 207 Views 0 comment Print

Interest Income Linked to Business, cannot be treated as other income

Income Tax : ITAT Mumbai dismisses Revenue's appeal, upholds CIT(A) decision to delete addition of interest income from fixed deposits in Evita...

August 19, 2024 264 Views 0 comment Print


Latest Notifications


President Assents Finance (No 2) Bill, 2024 i.e. Finance (No. 2) Act, 2024

Income Tax : On August 16, 2024, President Droupadi Murmu officially granted her assent to the Finance (No 2) Bill, 2024. With this move, the b...

August 18, 2024 876 Views 0 comment Print

Finance (No. 2) Bill, 2024 – As Passed by Lok Sabha on 7.8.2024

Income Tax : Explore the Finance Bill 2024, detailing income tax rates, surcharges, and provisions for various taxpayers, including individuals...

August 13, 2024 3285 Views 0 comment Print

Guidelines for Handling High-Risk PAN Cases in Insight Portal

Income Tax : Insight Instruction No. 79 details procedures for managing high-risk PAN cases in the Insight portal, guiding tax officers through...

August 12, 2024 12390 Views 0 comment Print

Income Tax Exemption for UIDAI’s Specified Income 2024-2029

Income Tax : UIDAI's specified income receives tax exemption for AY 2024-2025 to 2028-2029 under Income-tax Act, 1961, as per the latest CBDT n...

August 12, 2024 294 Views 0 comment Print

Income Tax Exemption for West Bengal Transport Workers Social Security Scheme

Income Tax : West Bengal Transport Workers' Social Security Scheme receives tax exemption for specified income under Income-tax Act for AY 2021...

August 12, 2024 81 Views 0 comment Print


Notification: S.O.865 Date of Issue: 22/12/1977

December 22, 1977 361 Views 0 comment Print

It is hereby notified for general information that the following scientific research programme has been approved for the period specified below for the purposes of sub-section (2A) of section 35 of the Income-tax Act, 1961, by the Secretary, Department of Science & Technology, New Delhi.

Notification: S.O.867 Date of Issue: 22/12/1977

December 22, 1977 322 Views 0 comment Print

That the Kaul Science Foundation, Lucknow, will maintain a separate account of the sums received by it for scientific research in the field of natural or applied sciences (other than Agriculture/Animal Husbandry/Fisheries & Medicines.

Circular No. 235-Income Tax dated 19-12-1977

December 19, 1977 351 Views 0 comment Print

Circular No. 235 -Income Tax Attention is invited to Board’s Circular No. 225 [F. No. 275/13/77-IT(B)], dated 30-6-1977 on the above subject The exemption limit of taxable income was raised from Rs. 8,000 to Rs. 10,000 by the Finance (No. 2) Act, 1977. It has been represented that, before the enactment of the said Act, income-tax was deducted at source in the case of employees whose estimated annual salary income exceeded Rs. 8,000

Circular No. 234-Income Tax dated 17-12-1977

December 17, 1977 439 Views 0 comment Print

Circular No : 234-Income Tax Attention is invited to the Board’s Circular No. 7-D of 1957, dated 4-5-1957. A copy of Annexure ‘B’ to the said circular which contains guidelines for valuation of immovable properties is enclosed for ready reference [printed here as Annex

Notification: S.O.590 Date of Issue: 16/12/1977

December 16, 1977 229 Views 0 comment Print

In exercise of the powers conferred by sub-section (2)(b) of section 80G of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies ” Sri Pallikonda Ranganathaswami Temple, Nangur P. O., (via) Mangamadam, Sirkali Taluk, Tanjavur District ” to be a place of public worship of renown throughout the State of Tamil Nadu for the purposes of the said section.

Notification: S.O.591 Date of Issue: 16/12/1977

December 16, 1977 190 Views 0 comment Print

In exercise of the powers conferred by sub-section (2)(b) of section 80G of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies ” Sri Rajagopalaswami Temple, Kavalambadi, Nangur Post, Sirkali Taluk, Tanjore District ” to be a place of public worship of renown throughout the State of Tamil Nadu for the purposes of the said section.

Notification: S.O.589 Date of Issue: 16/12/1977

December 16, 1977 250 Views 0 comment Print

In exercise of the powers conferred by sub-section (2)(b) of section 80G of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies ” Sri Kudamadakoothar Temple, Nangur P. O., (via) Mangamadam, Sirkali Taluk, Tanjore District ” to be a place of public worship of renown throughout the State of Tamil Nadu for the purposes of the said section.

Notification: S.O.591 Date of Issue: 16/12/1977

December 16, 1977 274 Views 0 comment Print

In exercise of the powers conferred by sub-section (2)(b) of section 80G of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies ” Sri Rajagopalaswami Temple, Kavalambadi, Nangur Post, Sirkali Taluk, Tanjore District ” to be a place of public worship of renown throughout the State of Tamil Nadu for the purposes of the said section.

Notification: S.O.683 Date of Issue: 15/12/1977

December 15, 1977 355 Views 0 comment Print

That the institution will furnish annual returns of its scientific research activities to the Council for each financial year in such form as may be laid down and intimated to them for this purpose by 15th May, each year at the latest.

Notification: S.O.1033 Date of Issue: 12/12/1977

December 12, 1977 289 Views 0 comment Print

It is hereby notified for general information that the institution mentioned below has been approved by the Indian Council of Medical Research, the prescribed authority for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961, subject to the following conditions.

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