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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


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 402 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 1206 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 132 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 1422 Views 0 comment Print

Finance (No. 2) Act 2024 – Key Amendments relating to Direct Taxes

Income Tax : The Finance (No 2) Act 2024 has been notified on 16th August 2024. The Finance Act sections 1 to 99 (Page 1 to 54) amends Income T...

August 18, 2024 4794 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 1149 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 303 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 540 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 255 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 3066 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 12 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 15 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 15 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 33 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 36 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 579 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 3144 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 12108 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 285 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.3335 Date of Issue: 21/7/1977

July 21, 1977 256 Views 0 comment Print

In exercise of the powers conferred by clause (v) of sub-section (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies Shri Sharada Pithmath, Dwarka, for the purpose of the said section for and from the assessment year(s) 1976-77.

Notification: S.O.3460 Date of Issue: 21/7/1977

July 21, 1977 202 Views 0 comment Print

In exercise of the powers conferred by clause (iv) of sub-section (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies The National Association for the Blind for the purposes of the said section for and from the assessment year(s) 1976-77.

Notification: S.O.3459 Date of Issue: 16/7/1977

July 16, 1977 238 Views 0 comment Print

In exercise of the powers conferred by clause (iv) of sub-section (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies J.D.T. Islam Orphanage Committee, Kozhikode, for the purpose of the said section for and from the assessment year(s) 1977-78.

Notification No. S.O.3458 Date of Issue: 16/7/1977

July 16, 1977 169 Views 0 comment Print

In exercise of the powers conferred by clause (iv) of sub-section (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies India Sponsorship Committee, Bombay, for the purpose of the said section for and from the assessment year(s) 1976-77.

Notification No S.O.3995 Date of Issue: 15/7/1977

July 15, 1977 274 Views 0 comment Print

It is hereby notified for general information that the approval given under section 35(1)(ii) of the Income-tax Act, 1961, to the Tamil Nadu Eye Relief Association, Madurai, by notification No. 237 (F. No. 203/44/72–ITA. II) dated 11th December, 1972, with effect from 11th December, 1972, is withdrawn with effect from 10th June, 1977, on the recommendation of the prescribed authority, the Indian Council of Medical Research, New Delhi.

Circular No. 228-Income Tax dated 14-7-1977

July 14, 1977 409 Views 0 comment Print

Circular : No. 228 -Income Tax In continuation of this Department’s Circular : No. 215 [F.No. 275/21/77-IT(B)], dated 31-3-1977 [clarification 2], a copy of the draft circular letter setting out the rates at which income-tax and surcharge should be deducted from interest on Government securities after June 17, 1977 is forwarded herewith

Circular No. 227-Income Tax dated 14-7-1977

July 14, 1977 390 Views 0 comment Print

Circular: No. 227 -Income Tax I am directed to invite a reference to this Department’s Circular No. 216 [F. No. 275/20/77-IT(B)], dated 31-3-1977 [Clarification 2] on the above subject Section 194D provides for the deduction of tax at source, at such rates as may be specified in this behalf by the Finance Act of the relevant year from payments of income by way of insurance commission, to a resident, whether an individual, a company or any other category of person.

Circular No. 226 -Income Tax dated 14-7-1977

July 14, 1977 270 Views 0 comment Print

Circular : No. 226 -Income Tax I am directed to invite a reference to this Department’s Circular No. 217 [F. No. 275/19/77-IT(B)], dated 31-3-1977 [Clarification I am directed to invite a reference to this Department’s Circular No. 217 [F. No. 275/19/77-IT(B)], dated 31-3-1977 [Clarification 2] on the above subject.

Notification No. S.O.2946 Date of Issue: 8/7/1977

July 8, 1977 253 Views 0 comment Print

Out of the total amount under non-recurring, M/s. K.C.P. Ltd. will donate an amount of Rs. 2.00 lakhs only once during the first year of implementation of the Scheme towards construction of buildings, etc. No further grants are to be given by K.C.P. Ltd.

Notification No. S.O.5 Date of Issue: 8/7/1977

July 8, 1977 244 Views 0 comment Print

It is hereby notified for general information that the approval given under section 35(1)(ii) of the Income-tax Act, 1961, to B. J. Medical College, Ahmedabad, by notification No. 150 (F. No. 10/58/67-IT) dated the 6th November, 1967, is withdrawn with effect from 1st April, 1977, on the recommendation of the prescribed authority, the Indian Council of Medical Research, New Delhi.

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