Sponsored
    Follow Us:

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


Income from Business and Profession under Income Tax Act 1961

Income Tax : In the realm of taxation, income is classified into various categories, with one of the most significant being Income from Busines...

March 13, 2025 654 Views 0 comment Print

Unlocking Mysteries of Gross Total Income and Income Tax Deductions

Income Tax : The Indian taxation framework, as delineated by the Income Tax Act of 1961, may initially seem daunting. Nevertheless, acquiring a...

March 13, 2025 1182 Views 0 comment Print

New Tax Slabs FY 2025-26: Revised Tax Rates & Key Changes

Income Tax : Check the updated tax slabs for FY 2025-26. Know the new tax rates, rebate changes, exemption limits, and comparison with the old ...

March 13, 2025 1548 Views 0 comment Print

New Tax Regime vs. Old Tax Regime: Which One is Better for You?

Income Tax : Compare India's old and new tax regimes. Learn about tax slabs, deductions, and which option suits your income and investment habi...

March 13, 2025 351 Views 0 comment Print

Understanding Concept of Tax Deducted at Source (TDS) in India

Income Tax : Learn about Tax Deducted at Source (TDS) in India, its applicability, key sections, deduction process, penalties, and recent updat...

March 13, 2025 252 Views 0 comment Print


Latest News


Pendency of 5,49,042 Appeals Before CIT(A)/NFAC: Request for Early Disposal

Income Tax : AIFTP urges swift disposal of 5,49,042 income-tax appeals pending with NFAC/CIT(A), some for over 5 years, to alleviate taxpayers'...

March 11, 2025 6693 Views 0 comment Print

Updated List of 30 Banks For Income Tax Payments on e-Filing Portal

Income Tax : Comprehensive list of 30 banks available at the e-Filing Portal's e-Pay Tax service. Find out the new and migrated banks, along wi...

March 7, 2025 40629 Views 4 comments Print

Advance Tax Installments/Payments of taxes

Income Tax : Learn about advance tax, who needs to pay it, due dates, payment methods, penalties, and exceptions. Understand advance tax instal...

March 5, 2025 6774 Views 0 comment Print

Include ‘Cost Accountant’ in definition of ‘Accountant’ under Income Tax Bill 2025: ICMAI

Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...

February 21, 2025 10716 Views 0 comment Print

Key Highlights of Finance Bill 2025: Income Tax Changes

Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...

February 19, 2025 12204 Views 0 comment Print


Latest Judiciary


Penny Stock: No Sections 68 & 69 Additions Solely on Suspicion or General Trends

Income Tax : ITAT Delhi overturns tax addition in Puja Gupta Vs ITO, ruling that share transactions were genuine. Revenue's reliance on suspici...

March 14, 2025 186 Views 0 comment Print

ITAT allows Section 10(38) Exemption on LTCG from Sell of Shares of Midland Polymers 

Income Tax : ITAT Mumbai rules in favor of Ramesh Rikhavdas Shah, rejecting AO’s additions on alleged penny stock transactions and commission...

March 14, 2025 45 Views 0 comment Print

ITAT allows Withdrawal of Appeals as taxpayer opted for Vivad Se Vishwas Scheme

Income Tax : ITAT Pune dismisses DCIT’s appeal against Danfoss Power Solutions as the company opts for the Vivad Se Vishwas Scheme to settle ...

March 14, 2025 63 Views 0 comment Print

Capital gains tax payable if demerger fails to fulfill Section 2(19AA) conditions

Income Tax : ITAT Ahmedabad issues ruling on Reckitt Benckiser’s tax appeal regarding demerger compliance under Section 2(19AA) and capital g...

March 14, 2025 39 Views 0 comment Print

Capital R&D Expenditure Allowed U/s 35(1)(iv), Weighted Deduction Denied for Lack of DSIR Approval

Income Tax : ITAT Chennai rules on Ashok Leyland's tax appeal regarding R&D deductions under Section 35(2AB). The tribunal allows partial relie...

March 14, 2025 45 Views 0 comment Print


Latest Notifications


CBDT notifies Power Finance Corp Zero Coupon Bond under section 2(48)

Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...

March 11, 2025 945 Views 0 comment Print

High-Risk and Non PAN Transaction Cases: Insight Portal Guidelines

Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...

March 7, 2025 630 Views 0 comment Print

High-Risk CRIU/VRU Cases and proceedings under Sections 148/148A

Income Tax : Learn about high-risk CRIU/VRU case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA port...

March 7, 2025 603 Views 0 comment Print

Assessment & Investigation of Benami, Foreign Assets & TDS Cases

Income Tax : Learn about suspected benami, undisclosed foreign assets, and TDS compliance cases assigned under Risk Management Strategy via the...

March 7, 2025 309 Views 0 comment Print

Income Tax Department identifies High-Risk Non-Filers for AY 2019-22

Income Tax : The IT Dept. has flagged high-risk non-filers for AY 2019-22 on the Insight Portal under RMS Cycle 5. Assessing Officers can revie...

March 7, 2025 9636 Views 0 comment Print


Notification No. S.O.1355, Date of Issue: 16.01.1961

January 16, 1961 666 Views 0 comment Print

It is hereby notified for general information that the institution mentioned below has been approved by the Secretary, Department of Science & Technology, New Delhi, the prescribed authority for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961, read with rule 6(iv) of the Income-tax Rules, 1962, under the category of “Association” in the area of other natural and applied sciences, subject to the following conditions :—

All India Reporter Ltd. v. Ramchandra D. Datar AIR 1961 SC 943

November 29, 1960 7562 Views 0 comment Print

In a civil suit the respondent obtained a decree against his employer the appellant company for a sum which included com- pensation for wrongful termination of his service, arrears of salary, interest and costs of the suit, and then applied for execution of the decree.

For Reassessment Issue of notice U/s. 148 is mandatory

December 13, 1958 5517 Views 0 comment Print

Y. Narayana Chetty Vs. ITO (Supreme Court) The notice prescribed by section 148 cannot be regarded as a mere procedural requirement. It is only if the said notice is served on the assessee that the ITO would be justified in taking proceedings against the assessee. If no notice is issued or if the notice issued is shown to be invalid, then the proceedings taken by the ITO would be illegal and void – Y. Narayana Chetty v. ITO [1959] 35 ITR 388 (SC); CIT v. Thayaballi Mulla Jeevaji Kapasi [1967] 66 ITR 147 (SC); CIT v. Kurban Hussain Ibrahimji Mithiborwala [1971] 82 ITR 821 (SC).

Obvious mistake of law cannot be rectified U/s. 154, while mistake apparent from record can be rectified

April 28, 1958 9012 Views 0 comment Print

Held, that the Income-tax Officer was justified in exercising his powers under s. 35 and rectifying the mistake. As a result of, the legal fiction about the retrospective operation of the Amendment Act, the subsequently inserted proviso must be read as.

Gemini Pictures Circuit Ltd. V. CIT (Madras High Court) 33 ITR 547 ( Mad.)

December 6, 1957 2073 Views 0 comment Print

The question arising for consideration both in the reference under section 66(2) of the Indian Income-tax Act as well as in W.P. No. 925 of 1955 are identical and relate to the proper rule to be applied for determining the amortisation of films for computing the income, profits and gains of the assessee which is carrying on business as a film distributor. The assessee in the Reference Case No. 27 of 1955 is the petitioner in the writ petition.

If Assessee denies receipt of income, it is for the revenue to prove the receipt

February 9, 1955 5601 Views 0 comment Print

In pursuance of the direction of this Court under Section 66(2), Indian Income-tax Act, 1922, in Miscellaneous Civil Case No. 143 of 1950, the Income-tax Appellate Tribunal, Bombay, has submitted the statement of case on the following question of law : “Whether on the material on record the Appellate Tribunal could reasonably come to a finding that the sum of Rs. 8,500 was an income undisclosed sources ?”

Assessment under income tax law can not be made on bare suspicion

October 29, 1954 3735 Views 0 comment Print

An assessment under section 23(3) of the Act cannot be made only on bare suspcion. An assessment so made without disclosing to the assessee the information supplied by the departmental representative and without giving any opportunity to the assessee to rebut the information so supplied and declining to take into consideration all materials which the assesses wanted to produce in support of his case constitutes a violation of the fundamental rules of justice and calls for the powers under Art. 136 of the Constitution.

Income estimate by applying a flat rate can be fair if AO exercises his judgment reasonably and not arbitrarily

December 9, 1948 2870 Views 0 comment Print

CIT v. S Sen & Others (Orissa High Court) 17 ITR 355 (Orissa) The proceeding arises out of two application consolidated because of the facts being identical, by the Commissioner of Income-tax/Excess profits Tax, Bihar and Orissa, under Section 66(1) of the Income-tax Act read with Section 21 of the Excess profits tax Act for the stating a case and a case stated for the opinion of this Court on the following three question of law :-

Sponsored
Sponsored
Search Post by Date
March 2025
M T W T F S S
 12
3456789
10111213141516
17181920212223
24252627282930
31