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 : Budget 2026 has extended the due dates for ITR-3, ITR-4, and revised returns, offering taxpayers greater flexibility. Understandin...
Income Tax : Relocating to Sikkim does not automatically exempt you from income tax. This article explains who qualifies under Section 10(26AAA...
Income Tax : The article outlines practical methods through which business owners and professionals can legally minimise their tax burden. It h...
Income Tax : Section 54 grants exemption on long-term capital gains from the sale of a residential house because the proceeds are reinvested in...
Income Tax : The Income-tax Act mandates e-payment of direct taxes for companies and taxpayers covered under Section 44AB, while others may opt...
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 : The Jodhpur ITAT held that deduction under Section 80GGC cannot be denied merely on allegations against a political party in the a...
Income Tax : Assessment orders passed pursuant to express liberty granted by the High Court during pendency of settlement-related litigation re...
Income Tax : The ruling emphasizes that undisclosed business receipts and stock arising from an existing business cannot automatically be chara...
Income Tax : The Tribunal held that when sales are accepted and books of account are not rejected, the entire amount of disputed purchases cann...
Income Tax : The ITAT Pune held that the CIT(A)/NFAC cannot dismiss an appeal merely for non-prosecution without adjudicating the issues on mer...
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...
The Ministry of Consumer Affairs, Food & Public Distribution will soon convene a meeting to discuss the issue of misleading advertisements with various service sector ministries and related agencies. Expressing concern over such advertisements for various consumer products and services, the Minister for Consumer Affairs, Food & Public Distribution, Prof. K V Thomas has said that a committee of experts will be set to suggest measures to deal with misleading advertisement effectively.
CORRIGENDUM NO. 5/2010 [F.NO.142/13/2010-SO(TPL)], DATED 30-9-2010- In partial modification of Circular No. 5 of 2010, dated June 3, 2010, (i) in para 37.5 (page 333) of the said Circular, for the lines- The above amendment has been made applicable with effect from 1st April, 2009 and will accordingly apply in respect of assessment year 2009-10 and subsequent years.
Notification No. 33/2011 – Income Tax Section 10(23AAA) Of The Income-Tax Act, 1961 – Exemptions – Income Received By Any Person On Behalf Of Fund Established For Welfare Of Employees Or Their Dependents – Notified Purposes/Conditions For Establishment Of Fund – Amendment In Notification No.S.O.672(E), Dated 27-7-1995
Delhi High Court in the case of DCIT v. Cargill Global Trading (I) (P) Limited on the issue of whether discounting charges paid to a non-resident on discounting of bills of exchange (BEs) can be characterized as ‘interest’, liable for withholding held that the discounting charges are not in the nature of ‘interest’ since they are not payable in respect of money borrowed or debt incurred by the Taxpayer.
The Delhi Bench of the Income-tax Appellate Tribunal in the case of Tianjin Tianshi India Private Limited v. ITO, held that existence of actual cross border transaction and motive to shift profits outside India or evade taxes in India are not necessary pre conditions for Transfer Pricing (TP) provisions to apply.
Madras High Court has recently held in the case of CIT v R. Rajgopal [TS-222-HC-2011 (MAD)] that, as the salary was paid directly by the Indian subsidiary company, conditions of Article 16(2)(b) of the Indo-UK Treaty was not fulfilled. Accordingly, the taxpayer was not entitled to claim short stay exemption under Article 16(2) of the India-UK Treaty.
Hyderabad Distilleries And Wineries Pvt Ltd Vs DCIT (ITAT Hyderabad)- Whether selling and publicity expenses can be disallowed merely on the basis of statement of an auditor – Whether when the similar expenses were allowed by the AO to similar parties, no dis-allowance can be made only on the basis of assumptions and presumptions – Whether the dis-allowance made without giving the assessee an opportunity to cross examine the parties on the basis of whose statement the dis-allowance was made, is against the natural justice.
Notification No. 32/2011 – Income Tax Interest up to Rs 3500 in Post Office Savings Exempted from Income Tax – As per sub-clause (i) of clause (15) of Section 10 of the Income Tax Act, income by way of interest (among certain other incomes) will not form part of taxable income, if notified by the Government and subject to conditions in the notification.Government had notified vide number G.S.R. 607(E), dated the 9th June, 1989, certain securities, bonds etc, for this purpose. As per Sl. No. 9 of the table to this notification, interest from Post Office Savings Bank Account was not to be computed as income. Now, this is amended to restrict the exemption to interest up to Rs. 3500/- for individual account and Rs. 7000 in the case of joint account.
Shanti Bhushan vs. CIT (Delhi High Court) -Delhi High Court has disallowed the income tax deduction for expenses incurred on heart surgery by eminent lawyer Mr. Shanti Bhushan. It was argued by Mr. Bhushan that he suffered a heart attack due to professional work and the expenditure incurred by him on a heart operation must be deductible under Section 31 of the Income Tax (I-T) Act.
Gajendra Kumar T Agarwal vs. ITO (ITAT Mumbai) -Assessee was eligible for setting of losses of business of dealing in derivatives, incurred in the assessment years prior to the assessment year 2006-07, against the profits of the same business in assessment year 2006-07.
