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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


Taxability of director remuneration: Salary or Business income

Income Tax : Understand whether director remuneration is taxed as salary or business income. Learn about tax implications, employer-employee re...

March 3, 2025 804 Views 0 comment Print

Amendments applicable from 1st April 2025

Income Tax : Explore major income tax updates for FY 2025-26, including revised tax slabs, TDS/TCS rules, rebates, and benefits for startups. S...

March 3, 2025 882 Views 0 comment Print

Impact of TDS Rationalization on Taxpayer Liquidity

Income Tax : Analyzing if increased TDS thresholds and reduced rates enhance taxpayer liquidity or just shift tax payments to advance tax. Read...

March 2, 2025 1986 Views 0 comment Print

Unexplained Income and Investments: Sections 69A and 69B

Income Tax : Overview of Income Tax Sections 69A, 69B, on unexplained income, investments, and expenditures. Key cases and interpretations incl...

March 2, 2025 657 Views 0 comment Print

Income Tax Rebate vs. Filing Requirements: A Common Misconception

Income Tax : Recent changes in India's income tax structure, particularly the introduction of rebates, have led to some confusion among taxpaye...

March 2, 2025 633 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 10233 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 11196 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 20172 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 1263 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 174 Views 0 comment Print


Latest Judiciary


Rejection of claim u/s. 80IAC not justified as audit report in Form 10CCB delayed due to technical problem

Income Tax : ITAT Pune held that delay in filing audit report in Form 10CCB due to technical problem is justifiable and hence denial of claim u...

March 3, 2025 279 Views 0 comment Print

Amount of sundry debtor doesn’t qualify as unexplained money u/s. 69A: ITAT Jaipur

Income Tax : ITAT Jaipur held that amount of sundry debtor recorded in books of account are not any money, bullion, jewellery or other valuable...

March 3, 2025 441 Views 0 comment Print

Reassessment not valid if no application of mind by AO: ITAT Pune

Income Tax : Aadhunik Infrastructure Development Pvt. Ltd. Vs DCIT (ITAT Pune) The Income Tax Appellate Tribunal (ITAT), Pune Bench “A,” ha...

March 2, 2025 501 Views 0 comment Print

Applicability of Sections 41(1) & 68 on Lease and Booking Advances as Ceased Liabilities – ITAT Ruling

Income Tax : ITAT Nagpur rules in ITO Vs N. Kumar Housing, addressing ₹5.2 crore addition under Sections 41(1) and 68. Liability cessation an...

March 2, 2025 201 Views 0 comment Print

No penalty under Section 271(1)(c) if income declared during search & seizure

Income Tax : ITAT Pune rules in Ramchandra Jadhavrao vs. ACIT that no penalty under Section 271(1)(c) applies if income is declared in return p...

March 2, 2025 423 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 372 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 2037 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 10947 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 8109 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 927 Views 0 comment Print


Bad debts written off in books allowable  

August 14, 2022 3261 Views 0 comment Print

To claim deduction on account of bad debts, two conditions have to be met by the Assessee i.e. (i) the bad debts must have been taken into account in computing the income of the Assessee of previous year or of an earlier/previous year and; (ii) the bad debts should have been written off in the accounts of the Assessee.

Income cannot be taxed merely based on TDS credit in Form 26AS

August 14, 2022 3624 Views 0 comment Print

ITAT not agreed with Conclusion that whatever income was shown in Form 26AS under assess’s PAN is his income

Withholding certificate at a low tax rate cannot be rejected for demand due to pending rectification applications

August 14, 2022 1389 Views 0 comment Print

Withholding certificate at a low tax rate rejected for huge outstanding demand, although same were due to pending rectification applications

No Section 153A/153C addition If no Incriminating Material found during Search

August 14, 2022 4893 Views 0 comment Print

If no incriminating material found during Income Tax search in respect of an issue, no addition for such issue can be made Sections 153A/153C

Disallowance without any cogent reasoning or working not sustainable

August 14, 2022 342 Views 0 comment Print

Addition by AO without providing any cogent reasoning or working, based on which such disallowances were made are not sustainable.

Cost imposed on Assessee for failure to appear on 8 occasions before CIT(A)

August 14, 2022 543 Views 0 comment Print

Asessee has failed to appear on 8 occasions before the ld. CIT(A). Conduct of assessee is clogging justice delivery system. Hence, ITAT directed the assessee to pay Rs.10,000/- to Prime Minister’s National Relief Fund

TDS on interest paid to China Development Bank- HC dismisses Stay Application

August 14, 2022 636 Views 0 comment Print

Disputed demand has arisen for failure of Tata Teleservices to deduct tax at source on interest payments made to China Development Bank

Section 54EC deduction on Short Term Capital Gain from depreciable assets

August 14, 2022 5301 Views 0 comment Print

Article explains How to claim deduction under section 54EC on Short Term Capital Gain on depreciable assets held for more than 36 Months. 

Income Tax Dept searches steel TMT Bars manufacturing group

August 14, 2022 735 Views 0 comment Print

Income Tax Department carried out a search operation on 03.08.2022 on two major groups engaged in the manufacturing of steel TMT Bars.

Deemed dividend provision not invocable on recipient of loan not being shareholder in payer company

August 13, 2022 1977 Views 0 comment Print

Held that provision of deemed dividend u/s 2(22)(e) cannot be invoked unless the recipient of loan is a shareholder of the company. If recipient of loan is not shareholder in a company from which loan is received, such loan cannot be assessed as deemed divided.

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