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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 543 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 858 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 651 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 921 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 1569 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 45 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 102 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 48 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 48 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 48 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 114 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 120 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 4785 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 168 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 423 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 1020 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


Maintainability of writ against section 263 revision power, while appeal before CIT(A) is pending

September 13, 2023 1977 Views 0 comment Print

Kerala High Court’s judgment on the maintainability of a writ petition against IT Act Section 263 during the pendency of an appeal before CIT(Appeals).

Section 263 Revision Sustained as AO not examined Seized Documents

September 13, 2023 597 Views 0 comment Print

ITAT Chennai held that assessment order passed without examining the seized documents is prejudicial to the interest of revenue and hence the revisionary order passed under section 263 of the Income Tax Act duly sustainable.

Addition u/s. 69A towards unexplained money based on unsigned unexecuted draft agreement unsustainable

September 13, 2023 5715 Views 0 comment Print

ITAT Delhi held that towards unexplained money u/s. 69A of the Income Tax Act merely on the basis of unsigned unexecuted draft agreement to sale without any other collaborative evidence is unsustainable in law.

Loss due to embezzlement by employees allowable as deduction u/s 28

September 13, 2023 2655 Views 0 comment Print

ITAT Mumbai held that that loss arising due to embezzlement by the employees should be treated as incidental to the business such loss so suffered is allowable as deduction under section 28 of the Income Tax Act.

TPO’s scope is limited to computing arm’s length price of a transaction

September 13, 2023 564 Views 0 comment Print

ITAT Delhi deleted TP adjustment on payment of model fee for export to AEs stating that scope of TPO is limited to determination of arm’s length price and TPO cannot adjudge commercial expediency of a transaction.

Reopening of assessment without any fresh tangible material unsustainable

September 13, 2023 1053 Views 0 comment Print

ITAT Ahmedabad held that reopening of assessment under section 147 of the Income Tax Act initiated on a mere change of opinion without any fresh tangible material unsustainable in law.

ITAT Orders Fresh Adjudication: Section 68 Addition without allowing cross-examination

September 13, 2023 864 Views 0 comment Print

Analysis of the Shiv Charan Vs ITO case by ITAT Delhi, where a fresh adjudication was ordered on income tax addition u/s 68, focusing on procedural fairness.

Foreign Assignment Allowances for Overseas Services Not Taxable in India

September 13, 2023 1239 Views 0 comment Print

Understanding the ITAT Hyderabad decision in Durga Prasad Sana Vs ITO. Why foreign assignment allowances received outside India aren’t taxed in India.

Failure to Furnish Income Return Deemed as Concealment: Penalty Justified

September 13, 2023 1161 Views 0 comment Print

Analysis of ITAT Chennai decision on V.S.J. Marketing Pvt. Vs DCIT. ITAT upholds penalty for failure to furnish Return of Income as concealment of income.

Notification No. 71/2023- Income-Tax Dated: 12th September, 2023

September 12, 2023 17031 Views 1 comment Print

Ministry of Finance (Department of Revenue) (Central Board of Direct Taxes) Notification No. 71/2023- Income-Tax Dated: 12th September, 2023 S.O. 3981(E).—In exercise of the powers conferred by sub-clause (d) of clause (viiab) of section 47 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendments in the notification […]

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