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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


2024 Union Pre-Budget Wishlist: Personal Tax

Income Tax : Explore anticipated personal tax reforms in India's 2024 Union Budget, including tax rate adjustments, increased exemption limits,...

July 19, 2024 93 Views 0 comment Print

Benefits of E-Filing for Tax Saving Investments in India

Income Tax : Learn about the benefits of e-filing for tax saving investments in India, including ELSS, PPF, and more. Understand how e-filing c...

July 19, 2024 96 Views 0 comment Print

Section 44C of Income Tax Act, 1961 Deduction of head office expenditure in case of Non-residents

Income Tax : Discover how Section 44C of the Income Tax Act, 1961, governs the deduction of head office expenses for non-resident businesses in...

July 19, 2024 315 Views 0 comment Print

Income Tax Rebate u/s. 87A: Issues with ITR Filing Utility leading to Tax Notice

Income Tax : The recent changes in the ITR filing utilities have created significant challenges for taxpayers eligible for the section 87A reba...

July 19, 2024 2535 Views 0 comment Print

Different Income Tax Rates on Different types of Income

Income Tax : Understand Income Tax Act rates: Short Term Capital Gains @15% with STT, exceptions to 36-month rule, Long Term Capital Gains, and...

July 18, 2024 1200 Views 0 comment Print


Latest News


Faulty ITR Filing Utility not allowing legitimate section 87A rebate: Immediate Rectification demanded

Income Tax : Faulty Income Tax Return (ITR) Filing Utility are currently enforcing incorrect income tax liability by not allowing legitimate cl...

July 19, 2024 3264 Views 0 comment Print

Issues on Income Tax Portal: Request for ITR Deadline Extension

Income Tax : Addressing glitches in ITD portal, the Association of Tax Lawyers requests an extension for the ITR filing deadline due to signifi...

July 18, 2024 4971 Views 0 comment Print

Postmortem of Union Budget 2024: A Comprehensive Webinar

Income Tax : Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and inves...

July 18, 2024 4743 Views 3 comments Print

Representation to CBDT to Fix Glitches on Income Tax Portal

Income Tax : KSCAA addresses technical issues in the Income Tax Portal, urging CBDT for prompt resolution to ensure smooth filing of returns be...

July 17, 2024 5115 Views 1 comment Print

Direct Tax Collections for F.Y. 2024-25 as on 11.07.2024

Income Tax : Direct tax collections for FY 2024-25, as of July 11, 2024, show a 23.24% increase compared to FY 2023-24, with notable growth in ...

July 17, 2024 348 Views 0 comment Print


Latest Judiciary


Once Revision Order is Final, No Further Orders Can Be Passed: Meghalaya HC

Income Tax : Read the detailed judgment of Meghalaya High Court in PCIT vs North Eastern Electric Power Corporation Limited. Analysis of income...

July 19, 2024 45 Views 0 comment Print

Section 143(1) order issued without allowing 30 days to respond: ITAT quashed order

Income Tax : Read the full text of the ITAT Mumbai order regarding violation of Section 143(1) of the IT Act and the final assessment passed wi...

July 19, 2024 72 Views 0 comment Print

ITAT Directs Assessee to Prove Creditor’s Identity and Creditworthiness

Income Tax : Explore the detailed case of Sankpal Developers vs. ITO (ITAT Mumbai) regarding the treatment of unsecured loans under Section 68 ...

July 19, 2024 42 Views 0 comment Print

Without incriminating material, additions cannot be made to completed/unabated assessments

Income Tax : Detailed analysis of ACIT Vs Mansha Agencies Pvt Ltd (ITAT Mumbai) case where Mumbai ITAT rules that additions can't be made in un...

July 19, 2024 51 Views 0 comment Print

Addition for loans taken in earlier years: ITAT remands matter back to AO 

Income Tax : Explore Arun Babulal Shah Vs CIT (ITAT Mumbai) case where unsecured loans and business losses are analyzed. Detailed ITAT Mumbai o...

July 19, 2024 288 Views 0 comment Print


Latest Notifications


Notification No. 65/2024-Income Tax Dated: 18th July, 2024

Income Tax : Read about Income Tax Notification No. 65/2024 dated 18th July, 2024, amending provisions under section 10 of the Income-tax Act, ...

July 19, 2024 108 Views 0 comment Print

Notification No. 64/2024-Income Tax Dated: 18th July, 2024

Income Tax : Discover the latest amendment in Income Tax Notification No. 64/2024, extending the deadline to March 31, 2025. Learn about its im...

July 19, 2024 66 Views 0 comment Print

Notification No. 63/2024-Income Tax Dated: 18th July, 2024

Income Tax : CBDT extends tax exemption deadline under Section 10(23FE) to March 31, 2025. Read the full details of Notification No. 63/2024 an...

July 19, 2024 39 Views 0 comment Print

Notification No. 62/2024-Income Tax Dated: 18th July, 2024

Income Tax : Explore Notification No. 62/2024 issued by the Ministry of Finance, Department of Revenue, amending Income Tax Act provisions effe...

July 19, 2024 66 Views 0 comment Print

Notification No. 61/2024-Income Tax Dated: 18th July, 2024

Income Tax : Explore Notification No. 61/2024 regarding Income Tax Amendment under the Income-tax Act, 1961, effective from 31st March, 2025. G...

July 19, 2024 36 Views 0 comment Print


Notification: S.O.349 Date of Issue: 24/1/1967

January 24, 1967 310 Views 0 comment Print

In pursuance of sub-section (1) of section 54A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby approves the following investments for the purposes of that section in re

ITO must estimate Income on fair basis and not arbitrarily if Assessee not maintained sufficient books of account

January 19, 1967 1665 Views 0 comment Print

Badrinath Agarwal v. CIT (Allahabad High Court) 65 ITR 242 (All. ) In estimating the income the conditions of trade obtaining and the average margin of profit in the particular line of business are to be borne in mind. It is clear that these factors in the present case have been kept in view and, therefore, it is not possible to say that the estimate of income was arbitrary or capricious to justify holding that some error of law had been committed by the Tribunal in confirming the flat rate of 5% applied by the departmental authorities

Notification: S.O.289 Date of Issue: 19/1/1967

January 19, 1967 408 Views 0 comment Print

In pursuance of clause (42A) of section 2 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the 31st day of May, 1966, as the later date for the purposes of the period referred to in the said clause

Notification: S.O.372 Date of Issue: 11/1/1967

January 11, 1967 489 Views 0 comment Print

In exercise of the powers confered by sub-section (6) of section 88 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies Shri Madurakali Amman Temple (Siruvachur), Perambular Taluk, Tiruchirapalli Distt., Madras, to be of historic, archaeological and artistic importance for the purpose of the said section

CBDT Letter : F. No. 12/19/64-IT(A-I), dated 2-1-1967

January 2, 1967 7836 Views 0 comment Print

Reference is invited to the Central Board of Direct Taxes letter F. No. 12/19/64-IT(B), dated 22-2-1966 , where in it was intimated that the house rent allowance given at flat rates may be treated as exempt from income-tax without verification of the fact whether the employee concerned had paid any house rent and the allowance exempted is less than the difference between the actual expenditure on the house rent and 10 per cent of the salary of the employee.

Notification: S.O.3646 Date of Issue: 15/11/1966

November 15, 1966 403 Views 0 comment Print

Notification: S.O.3646 The Society for the Care, Treatment and Training of Children in Need of Special Care, Sewri Hills, Bombay has been approved by the Indian Council of Medical Research, the prescribed authority, for the pruposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (43 of 1961).

Notification: S.O.3277 Date of Issue: 13/10/1966

October 13, 1966 445 Views 0 comment Print

In exercise of the powers conferred by sub-section (6) of section 88 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies Sri Kaleshwaraswamy Temple, Kaleshwaram (v), Manthani Taluk, Karimnagar District, Andhra Pradesh, to be of historic, archaeological and artistic importance for the purpose of the said section

Shree Meenakshi Mills Ltd. vs Commissioner Of Income-Tax (Supreme Court)

September 20, 1966 11591 Views 0 comment Print

Expenditure incurred to resist in a civil proceeding the enforcement of a measure-legislative or executive, which imposes restrictions on the carrying on of a business or to obtain a declaration that the measure is invalid would.

Notification: S.O.2772 Date of Issue: 15/9/1966

September 15, 1966 445 Views 0 comment Print

In the notification of the Central Board of Direct Taxes No. S.O. 2451, dated the 10th August, 1966, published on pages 1225 to 1229 in Part II, Section 3, Sub-section (ii) of the Gazette of India, Extraordinary, da

Notification: S.O.2451 Date of Issue: 10/8/1966

August 10, 1966 418 Views 0 comment Print

Notification: S.O.2451 This Notification contains Amendment to Income-tax (Second Amendment) Rules, 1966 carried out on 10th August, 1966 not reproduced here as it is already contained in the body of the Rules itself

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