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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


Understanding Standard Deduction: A Key Tax Benefit

Income Tax : The standard deduction is one of the most popular deductions because it makes tax filing easier by lowering taxable income without...

February 27, 2025 207 Views 1 comment Print

Residential Status of An Assessee in Income Tax Act, 1961

Income Tax : Learn how residential status affects tax liability under the Income Tax Act, 1961. Understand ROR, RNOR, and NR classifications an...

February 27, 2025 93 Views 0 comment Print

Section 87A Rebate post Bombay High Court Judgement

Income Tax : Bombay High Court, in Chamber of Tax Consultants v. Director General of Income Tax (Systems) (2025), ruled that flaws in the ITR u...

February 27, 2025 1479 Views 0 comment Print

Co-Browsing for Taxpayers: Easy ITR Filing Assistance

Income Tax : Co-browsing helps taxpayers file ITR, change settings, and navigate the tax portal with real-time help from agents. Secure, free, ...

February 27, 2025 174 Views 0 comment Print

Understanding Income Tax Brackets & Deductions: A Detailed Analysis

Income Tax : This article provides an in-depth analysis of India's tax brackets, key deductions, and recent amendments to income tax laws, help...

February 27, 2025 189 Views 0 comment Print


Latest News


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 9786 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 10731 Views 0 comment Print

ICMAI on Non-inclusion of ‘Cost Accountant’ in Income Tax Bill 2025

Income Tax : ICMAI addresses the non-inclusion of 'Cost Accountant' in the Income Tax Bill 2025. The Council is engaging with policymakers to e...

February 17, 2025 20109 Views 3 comments Print

50 Corrections in Income-tax Bill, 2025: Lok Sabha Update

Income Tax : Lok Sabha issues corrigenda for the Income-tax Bill, 2025, correcting references, formatting, and legal citations. Read the key am...

February 15, 2025 1206 Views 0 comment Print

KSCAA Seeks Clarity on Eligibility of Appeals with Delay Condonation under VSVS

Income Tax : KSCAA's representation to CBDT highlights challenges in the Vivad Se Vishwas Scheme 2024, focusing on delayed appeals and suggesti...

February 15, 2025 171 Views 0 comment Print


Latest Judiciary


Compensation for Breach of Contract in Real Estate Business Allowable as Business Expense: ITAT Mumbai

Income Tax : ITAT Mumbai allows compensation for contract breach as business expense, dismisses revenue's appeal on advance additions in Logica...

February 28, 2025 33 Views 0 comment Print

Section 69 Addition: ITAT Directs CIT(A) to Reassess Case & Consider Additional Evidence

Income Tax : ITAT Ahmedabad remands case due to incorrect notice delivery, allowing reassessment of unexplained deposits and income under natur...

February 28, 2025 30 Views 0 comment Print

ITAT Chennai Directs Fresh Assessment in Demonetization Cash Deposit Case

Income Tax : ITAT Chennai remands case for fresh assessment, allowing Ramesh Sreenivasalu to submit documents on demonetization cash deposits. ...

February 28, 2025 24 Views 0 comment Print

Gross Profit Cannot Be Disturbed Without Rejecting Books of Accounts: ITAT Mumbai

Income Tax : ITAT Mumbai rules that trading results and gross profit cannot be disturbed if purchases, sales, and payments are substantiated. B...

February 28, 2025 21 Views 0 comment Print

Comparable cannot be excluded in Absence of Persistent Losses: ITAT Delhi

Income Tax : ITAT Delhi directs inclusion of Magma Advisory Services Ltd. in Honda R&D's comparable list, rejecting TPO's reasons and DR's func...

February 28, 2025 33 Views 0 comment Print


Latest Notifications


Select Committee of Lok Sabha to examine Income-Tax Bill, 2025

Income Tax : Details of the Lok Sabha Select Committee's sittings on March 6-7, 2025, to examine the Income-Tax Bill, 2025, with oral evidence ...

February 27, 2025 216 Views 0 comment Print

CBDT Amends Rules 12CA, 12CC & Forms 10IH, 64A, 64B, 64C, 64D, 64E & 64F

Income Tax : CBDT updates income tax rules and forms for business and securitization trusts. Notification 17/2025 amends Rules 12CA & 12CC, imp...

February 25, 2025 1827 Views 0 comment Print

All about Income Tax / TDS Deduction from Salaries for FY 2024-25

Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...

February 21, 2025 10224 Views 0 comment Print

CBDT extends Due Date for Filing Form 56F for AY 2024-25

Income Tax : CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for...

February 19, 2025 7962 Views 0 comment Print

Punjab RERA Notified for Income Tax Exemption under Section 10(46A)(b)

Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...

February 13, 2025 915 Views 0 comment Print


When fresh assessment is barred no further demand for recovery is possible

September 15, 2023 1041 Views 0 comment Print

Karnataka High Court held that even if the tax paid is found to be less than that payable, no further demand can be made for recovery of the balance amount when a fresh assessment is barred.

Co-op Society Providing Credit Facilities To Members Eligible For Section 80P Deduction: SC

September 15, 2023 10872 Views 0 comment Print

Supreme Court of India clarifies the eligibility of cooperative societies for Section 80P deductions under the Income Tax Act, based on their banking activities.

Streamline Your TDS/TCS Compliance with TDSMAN

September 15, 2023 8082 Views 0 comment Print

Simplify your TDS/TCS compliance with TDSMAN, the trusted software for over 18 years. Error-free returns, integration with IT portals, and unparalleled support. Try it now!

Income Tax illegally levied must be refunded: Bombay High Court

September 14, 2023 984 Views 0 comment Print

Bombay High Court held that subject to doctrine of unjust enrichment, the taxes illegally levied must be refunded.

Combatting Economic Inequality: India’s Fight Against Tax Havens

September 14, 2023 993 Views 0 comment Print

Explore impact of tax havens on income inequality in India, revenue loss, and legal reforms to address this pressing issue in global economy.

AO doesn’t have jurisdiction to assess/re-assess unabated assessment u/s. 153C without any incriminating material

September 14, 2023 1719 Views 0 comment Print

Bombay High Court held that jurisdiction to assess/ reassess u/s 153C of the Income Tax Act in respect of unabated/ completed assessments without any incriminating material found during the search unjustified.

Addition invoking section 41(1) unjustified in absence of any remission or cessation of liability

September 14, 2023 2346 Views 0 comment Print

ITAT Delhi held that addition by invoking provisions of section 41(1) of the Income Tax Act unjustified as liability reflected as outstanding in books of accounts and there is no evidence that such liability has ceased during the year.

Investment allowance u/s 32AC not allowable when depreciation already claimed on new asset

September 14, 2023 945 Views 0 comment Print

ITAT Chennai held that in case the assessee claims depreciation on the new asset, then, it cannot claim investment allowance under Section 32AC of the Income Tax Act.

Deeming provision of section 69-69D unjustified as nature and scope of unrecorded transactions explained

September 14, 2023 1065 Views 0 comment Print

ITAT Chandigarh held that transaction not recorded at the time of survey qualify as unrecorded transactions, however, the assessee has provided the necessary explanation about the nature and source of such unrecorded transactions and hence invoking deeming provisions of section 69-69D of the Income Tax Act unjustified.

Background screening receipts doesn’t qualify as Royalty/ FTS hence not taxable

September 14, 2023 819 Views 0 comment Print

ITAT Delhi held that receipts from background screening provided by the assessee to its customers in India cannot be regarded as Royalty or Fees for Technical Services (FTS) under Article 13 of the India-UK DTAA and hence not taxable in India.

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