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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


Income Tax Bill 2025: Key Proposals and Simplifications

Income Tax : Discover key changes in the Income Tax Bill 2025, including enhanced rebates, simplified trust provisions, and extended registrati...

March 15, 2025 381 Views 0 comment Print

Analysis of Section 194T of Income Tax Act 1961: TDS on Payments to Partners

Income Tax : Section 194T mandates 10% TDS on partner payments exceeding ₹20,000 annually, effective April 1, 2025. Learn its impact, complia...

March 15, 2025 594 Views 0 comment Print

Income from ‘Profits and Gains of Business or Profession’

Income Tax : Understand income tax rules for business & profession in India. Covers business, profession, vocation, occupation, and deduction g...

March 15, 2025 579 Views 0 comment Print

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 879 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 1527 Views 0 comment Print


Latest News


Corporate Tax Collection Trends & Foreign Investment Policies

Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...

March 16, 2025 24 Views 0 comment Print

Impact of New Income Tax Bill 2025 on Compliance & Revenue

Income Tax : The Income Tax Bill 2025 aims to simplify tax laws with no major policy changes. It enhances clarity, reduces ambiguities, and ali...

March 16, 2025 72 Views 0 comment Print

Govt Expects 12.65% Rise in Income Tax Collections Despite Tax Rate Cut

Income Tax : The Finance Bill 2025 projects a 12.65% rise in income tax collections despite tax cuts, with estimated receipts of ₹25.20 lakh ...

March 16, 2025 24 Views 0 comment Print

Impact of Tax Rate Reduction on Middle-Class & Savings

Income Tax : The Finance Bill 2025 revises tax slabs, reducing the burden on middle-class taxpayers. The changes aim to boost savings and consu...

March 16, 2025 33 Views 0 comment Print

Corporate Tax Revenue Collection and Statewise Distribution

Income Tax : Corporate tax revenue distribution follows Finance Commission guidelines, with states receiving 41% of shareable taxes. Incentives...

March 16, 2025 24 Views 0 comment Print


Latest Judiciary


Section 56(2)(viib) Not Applicable to Share premium Transactions Between Holding & Wholly-Owned Subsidiary

Income Tax : Delhi High Court sets aside DRP's order in FIS Payment case, directing a fresh review under ITAT rulings on Section 56(2)(viib). K...

March 16, 2025 33 Views 0 comment Print

ITAT deletes Section 56(2)(viib) addition & Upholds DCF method

Income Tax : ITAT Delhi upholds CIT(A) ruling in Kissandhan Agri case, rejecting tax addition under Section 56(2)(viib). AO’s valuation metho...

March 16, 2025 51 Views 0 comment Print

ITAT Mumbai Allows CSR Deduction Under Section 80G

Income Tax : ITAT Mumbai ruled in favor of Jamnagar Utilities, allowing CSR donations as deductions under Section 80G, rejecting the Revenue's ...

March 16, 2025 258 Views 0 comment Print

Section 115BBE not applicable to business income declared during survey: ITAT Pune

Income Tax : ITAT Pune ruled that Section 115BBE does not apply to business income declared in a survey. Read the case details and implications...

March 16, 2025 114 Views 0 comment Print

Addition for unverified creditors under Section 41(1) not automatic: ITAT Kolkata

Income Tax : ITAT Kolkata partly allows Utpal Sarkar’s appeal against DCIT, addressing bogus sundry creditors and inter-unit transactions. Ca...

March 15, 2025 219 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 1014 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 645 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 609 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 315 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 9672 Views 0 comment Print


ITAT Quashes 115BBE Addition for Assessee’s Age-Related Memory Challenge

November 9, 2023 3066 Views 0 comment Print

The ITAT Hyderabad quashes an addition under Section 115BBE due to an elderly assessee’s inability to recall income details within the specified time, highlighting the importance of considering age-related factors.

Worried About Proper Credit of Income Tax Deducted or Collected (TDS/TCS)

November 9, 2023 7767 Views 0 comment Print

Worried about TDS/TCS credit discrepancies in Form 26AS? Learn the reasons behind it and how to rectify them. Get expert guidance on tax compliance.

Delhi HC Upholds deletion of Pre-Operative Stage Expenses Disallowance

November 8, 2023 501 Views 0 comment Print

Delhi High Court upholds deletion of disallowance on expenses incurred during the pre-operative stage in the case of PCIT vs. Imperative Hospitality Pvt Ltd.

Delhi HC Set Aside non-speaking Income Tax Transfer Orders 

November 8, 2023 657 Views 0 comment Print

Delhi High Court sets aside Income Tax transfer orders for administrative convenience. Highlights the need for speaking orders with reasons and DIN compliance.

HC Sets Aside Assessment Order Due to AO’s Error in Including Previous Year’s Balance

November 8, 2023 468 Views 0 comment Print

Kerala High Court corrects a mistaken assessment by the AO, excluding previous year’s balance to determine the annual receipt for a specific Assessment Year.

SC dismisses SLP as Income Tax Amount is less than Rs. 2 crores

November 8, 2023 8151 Views 1 comment Print

The Supreme Court of India dismisses the SLP against tax recovery due to a low amount below Rs.2 crores, following CBDT Circular 17/2019.

Penalty u/s 271(1)(b) unjustified as special audit report u/s. 142(2A) submitted within extended time

November 8, 2023 465 Views 0 comment Print

ITAT Chandigarh held that imposition of penalty u/s. 271(1)(b) of the Income Tax Act unjustified as special audit completed u/s. 142(2A) and audit report submitted within the extended time limit provide by AO.

Tax Right Income, in Right Hands, under Right Head, in Right Year: ITAT

November 8, 2023 597 Views 0 comment Print

Read the full text of the ITAT Delhi order in the case of Economical Credit & Construction Co. Pvt. Ltd vs. ITO regarding income from land sale tax dispute.

Section 220(2) Does Not Allow Department to Levy Interest on Already Paid Tax

November 8, 2023 3414 Views 0 comment Print

Read the Kerala High Court’s judgment on Section 220(2) of the Income Tax Act and its non-retrospective effect on tax interest in Catherine Thomas vs. Principal Chief Commissioner of Income Tax.

ITAT Kolkata: Penalty Deleted – AO Cannot Demand P&L for Section 44AD Income

November 8, 2023 1206 Views 0 comment Print

The ITAT Kolkata has deleted the penalty in Prem Kumar Goutam vs. DCIT, ruling that the AO cannot demand a Profit and Loss Account for Section 44AD income. Get the details.

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