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 : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
Income Tax : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...
Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...
Income Tax : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : ITAT Mumbai held that adjustment of disallowance of deduction u/s 80P(2)(d) is not permissible adjustment under section 143(1) of ...
Income Tax : ITAT Agra held that confirming penalty under section 271B of the Income Tax Act before finalization of quantum assessment is unjus...
Income Tax : ITAT Delhi held that provisions of section 68 or 69A of the Income Tax Act for cash deposit during demonetization period unjustifi...
Income Tax : Delhi High Court held that suo moto disallowance with bona fide yet mistaken belief that amount is liable to be offered for taxati...
Income Tax : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
ITAT Mumbai held that addition towards unexplained expenditure u/s 69C of the Income Tax Act simply on the basis of scribbling note without any other oral/ documentary evidences is unwarranted and unsustainable.
ITAT Amritsar orders restoration of Bashir Ahmad Sofi’s case due to violation of natural justice. Ex parte orders quashed, fresh assessment directed.
Delve into the intricacies of the case Smt. Sekar Jayalakshmi Vs ITO (ITAT Chennai), analyzing the discrepancy between Section 68 and Section 69A of the Income Tax Act.
Delve into the Sharada Mohan Shetty Vs ITO case, analyzing the intricacies of Sec. 54F exemption claim, construction delays, and legal implications.
TDS is not applicable on the scrap value retained by the job worker in the given scenario. The payment subject to TDS should be based solely on the invoice value, as the work involved is the cutting of material into small pieces and the payable/payment is equivalent to the invoice value.
Taxpayers can claim a deduction under Section 89 of the Income Tax Act when they receive any part of their salary in advance or arrears. This rule also applies to arrears of family pensions. What is the relief under Section 89 of the IT Act? When employees receive back pay or compensation along with their […]
Explore the concept of Inverted Duty Structure on the Textile Industry under GST. Learn about the governments efforts to rectify the situation, its impact on manufacturers, and the process of claiming GST refund for Inverted Tax Structure. Get insights into the required forms and steps involved in filing a refund application, along with the formula for calculating the refund amount. Understand how addressing Inverted Duty Structure contributes to a favorable business environment, encourages investment, and promotes the growth of the Textile Industry in India.
In the Finance Act, 2023, an amendment was introduced in this provision to bring the consideration received from non-residents within the ambit of Clause (viib) of sub-section (2) of section 56 of the Income-tax Act, 1961.
Explore the increased tax exemption on leave encashment for non-government employees in India. Learn about the new limit, eligibility, and implications on retirement benefits.
Government vide its notification no. 28/2023 dated 22 May 2023, introduced rule 133 under Income Tax Rules (the Rule) to provide the mechanism of calculation of the net winnings. While computing the net winnings following terms have been defined which will be used in formula for computation.
