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 : Learn about deductions allowed under Section 57 of the Income Tax Act, 1961, for income from other sources, including family pensi...
Income Tax : This blog explores the implications of this tax policy, the distinction between games of skill and chance, the applicability of Ta...
Income Tax : New TDS Rules Under Section 194T: Impact on Taxpayers & Businesses – Effective from 1st April 2025 Introduction The Finance ...
Income Tax : Explore the economic impact of AI, automation, and recession on India. Understand how income tax laws may evolve to address unempl...
Income Tax : Ensure tax compliance before March 31, 2025. Key tasks include filing returns, verifying TDS, updating accounts, and making necess...
Income Tax : CBDT invites stakeholder suggestions on simplifying Income Tax Rules and Forms under the Income Tax Bill, 2025. Submit feedback vi...
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 ...
Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...
Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws with no major policy changes. It enhances clarity, reduces ambiguities, and ali...
Income Tax : Advocate Amardeep Soni & Advocate Harsha Soni Gemplus India Pvt. Ltd. Vs ACIT (ITAT Bangalore) A Case Study of ITAT BANGALORE...
Income Tax : Karnataka High Court rules on TDS applicability under Section 195 of the Income Tax Act in the case of Abbey Business Services Ind...
Income Tax : ITAT Delhi rules that Section 50C adjustments cannot be made under Section 143(1) without referring valuation disputes to the DVO,...
Income Tax : ITAT Pune rules no addition under Section 69 if investment source is disclosed in the balance sheet. Partial relief granted for un...
Income Tax : ITAT Cochin remands Thrissur Co-op Society’s demonetization cash deposit case to CIT(A) for a fresh decision on merits after ex-...
Income Tax : CBDT allows data sharing with Delhi's IT Dept. for social welfare scheme identification under Income Tax Act Section 138. Read the...
Income Tax : CBDT issues FAQs on revised guidelines for compounding offences under Income Tax Act, 1961. Covers filing procedures, fees, compet...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Income Tax : Learn about high-risk CRIU/VRU case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA port...
Explore provisions under the Income Tax Act related to PAN surrender or cancellation, covering scenarios like duplicate PAN, death, business discontinuation, and dissolution of firms. Understand the absence of a specific procedure for surrendering or canceling PAN, implications under Section 272B, and questions regarding the responsibility for canceling PAN after business discontinuation or firm dissolution.
As a consequence, any loss incurred by way of an expenditure by an assessee for any purpose which is an offence or which is prohibited by law is not deductible in terms of Explanation 1 to Section 37 of the Act.
AO even after knowing about death of assessee, framed assessment in the name of Deceased which is bad in law and so assessment is annulled
ITAT Ahmedabad held that penalty under section 271(1)(c) of the Income Tax Act not leviable as assessee claimed the deduction u/s. 80P(2)(a)(i) of the Act, with respect to the interest income under a bonafide belief.
ITAT Mumbai held that dividend declared, distributed or paid by a domestic company to a non-resident shareholder will attract Additional Income Tax (Tax on Distributed Profits) referred to in Sec.115-O of the Act and not at the rate of tax applicable to the non-resident shareholder(s) as specified in the relevant DTAA.
ITAT Bangalore held that distribution fees paid by Google India Private Ltd. (Google India) cannot be treated as DAPE (Dependent Agent Permanent Establishment) of Google Ireland Ltd (Google Ireland). Accordingly, distribution fees paid by Google India to Google Ireland doesn’t attract TDS u/s. 195.
ITAT Mumbai held that reimbursement of Indian salary and other benefits to the member companies by PII pertaining to all seconded personnel, technical personnel whether posted in India or overseas is not fee for technical services within the ambit of definition of explanation 2 to section 9(1)(vii) of the Act. Hence, TDS not deductible.
Gig economy or jobs can be in Layman’s term defined as employment received through small and brief appointments made by people who require it, that are made through different sorts of mediums. The mediums predominantly being technological in recent times but also has significance outside the domain too.
ITAT Mumbai held that action of Pr. CIT invoking jurisdiction u/s 263 of the Income Tax Act unjustified as order passed by the A.O. does not satisfy the twin conditions of erroneous and prejudicial to the interest of the revenue.
ITAT Delhi held that as per amendment to section 153C of the Income Tax Act the six assessment years immediately preceding the AY relevant to the previous year in which search is conducted or requisition is made will come into the purview of block assessment years.
