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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


Tax Deduction at Source on Payments to Non-Residents

Income Tax : Learn about TDS on payments to non-residents, including business connection rules, royalty provisions, and significant economic pr...

March 17, 2025 480 Views 0 comment Print

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 1053 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 1635 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 855 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 996 Views 0 comment Print


Latest News


Direct Tax & Advance Tax Collections for F.Y. 2024-25 as on 16.03.2025

Income Tax : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...

March 17, 2025 6 Views 0 comment Print

CBDT Clarifies Guidance on Principal Purpose Test (PPT)

Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...

March 17, 2025 297 Views 0 comment Print

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 72 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 246 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 72 Views 0 comment Print


Latest Judiciary


Writ dismissed as no question of law arises: Delhi HC

Income Tax : The Assessee is aggrieved by the information received pursuant to application under Right to Information Act, 2015, whereby the As...

March 17, 2025 30 Views 0 comment Print

Revisionary action u/s. 263 based on factual misconception bad-in-law

Income Tax : ITAT Mumbai held that exercising revisionary jurisdiction under section 263 of the Income Tax Act by PCIT on the basis of factual ...

March 17, 2025 42 Views 0 comment Print

Revisionary jurisdiction u/s. 263 not invocable as twin pre-conditions not satisfied

Income Tax : ITAT Ahmedabad held that assessment order passed u/s. 143(3) is neither erroneous nor prejudicial to the interest of revenue. Henc...

March 17, 2025 30 Views 0 comment Print

Voluntary addition during hearing cannot be equated with revision of settlement application

Income Tax : During pendency of the assessment proceedings, respondent No.1 filed application u/s. 245C(1) before the Income Tax Settlement Com...

March 17, 2025 30 Views 0 comment Print

Writ dismissed as alternate and efficacious remedy available: Bombay HC

Income Tax : Bombay High Court held that exercising extraordinary jurisdiction under Article 226 of the Constitution of India not justified as ...

March 17, 2025 33 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 1050 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 654 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 627 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 318 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 9699 Views 0 comment Print


Audit Requirements for LLPs in FY 2022-23 and 2023-24: Tax and Statutory Audits

September 15, 2023 145983 Views 3 comments Print

Learn about mandatory tax and statutory audit requirements for LLPs in India, including penalties for non-compliance & filing deadlines for FY 2022-23

Request to Postpone Form 10B & 10BB Applicability

September 15, 2023 5670 Views 0 comment Print

Chartered Accountants Association, Ahmedabad, requests a one-year postponement of Form 10B & 10BB applicability, citing voluminous data requirements and late notification.

Benefit of indexed cost of acquisition available based on payments dates

September 15, 2023 1737 Views 0 comment Print

ITAT Delhi held that held that benefit of indexed cost of acquisition should be available to assessee based on payments made. Accordingly, AO directed to re-compute gain.

Understanding Marginal Relief in Indian Income Tax

September 15, 2023 7500 Views 1 comment Print

Learn about the concept of Marginal Relief in Indian income tax, how it applies to individuals and companies, and its impact on tax liability.

Treatment of cash deposited out of sales as income u/s 68 unjustified as sales not disputed

September 15, 2023 3177 Views 0 comment Print

ITAT Delhi held that the cash deposited out of sales cannot be treated as income u/s 68 of the Income Tax Act once the sales are not disputed by the revenue.

Setting off of speculative losses against non-speculative profit unsustainable

September 15, 2023 390 Views 0 comment Print

ITAT Mumbai held that loss arising on settlement of contracts has to be treated as speculation loss and speculative losses are not eligible for set off against the non-speculation profit.

Higher rate of tax in case of foreign company is not in violation of non-discrimination clause

September 15, 2023 594 Views 0 comment Print

ITAT Mumbai held that rate of tax in case of foreign company is higher than rate of tax in case of domestic company and as per the Explanation in the Section 90, inserted in the IT Act with retrospective effect from 01-04-1962 the should not be regarded as violation of nondiscrimination clause.

Payment of guarantee fees to holding company for loan advanced to third party is deductible u/s. 37

September 15, 2023 726 Views 0 comment Print

ITAT Mumbai held that guarantee fees paid to holding company for loan advanced by assessee to third party is commercial/ business expediency and hence allowable as deduction under Section 37 of the Income Tax Act.

Payment of guarantee fee to Gujarat Government is revenue expenditure

September 15, 2023 321 Views 0 comment Print

ITAT Ahmedabad held that payment of guarantee fee to the Govt. of Gujarat in consideration of guarantee issued by it for repayment of unsecured loan is revenue expenditure.

Delay in filing of an appeal by departmental officers not condoned in absence of sufficient cause

September 15, 2023 1197 Views 0 comment Print

Delhi High Court held that delay of 498 days in filing of an appeal under section 260A of the Income Tax Act by the department officers cannot be condoned without sufficient cause being shown.

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