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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


Year-End Tax Checklist: Wrap Up Your Finances by March 31st

Income Tax : Plan your finances before March 31 with this year-end tax checklist. Learn about old vs. new tax regimes, investments, deductions,...

March 4, 2025 105 Views 0 comment Print

No Bad Debt Deduction for Non-Regular Business Activity: Delhi HC

Income Tax : Delhi HC ruled WGF Financial Services can't claim bad debt deduction under Sec. 36(1)(vii) as furnishing guarantees wasn't its reg...

March 4, 2025 84 Views 0 comment Print

Switzerland Suspends Unilateral MFN Clause Application in Tax Treaty with India

Income Tax : Switzerland halts the unilateral application of the MFN clause under its tax treaty with India from 2025, following the Indian Sup...

March 4, 2025 60 Views 0 comment Print

151 FAQs on Finance Bill (Budget) 2025 in India

Income Tax : Explore 151 FAQs on Finance Bill 2025, covering tax provisions, IFSC benefits, TDS/TCS, transfer pricing, and more for informed fi...

March 4, 2025 153 Views 0 comment Print

Search and Seizure: GST vs. Income Tax Key Differences

Income Tax : Compare GST and Income Tax search and seizure processes, highlighting key differences in scope, authority, and taxpayer rights. Le...

March 4, 2025 366 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 10302 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 11295 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 20190 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 1275 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


No GP Addition Without Discrepancy in Purchases & Sales: ITAT Mumbai

Income Tax : ITAT Mumbai rules on Nickunj Eximp case: Disputes over bogus purchases, demonetization cash deposits, and assessment procedures....

March 5, 2025 30 Views 0 comment Print

Delay in issuing Section 143(2) Notice Renders Reassessment Invalid: Delhi HC

Income Tax : The Delhi High Court quashed a tax reassessment notice issued to Indus Towers Ltd. for AY 2009-10, citing procedural lapses and mi...

March 5, 2025 39 Views 0 comment Print

Procedural Lapses Should Not Override Substantial Justice: ITAT condones Appeal filing delay

Income Tax : ITAT Mumbai condones a 314-day delay in Atlantic Bio Medical Pvt. Ltd.'s appeal, citing a bona fide mistake in tax filing and a ri...

March 5, 2025 33 Views 0 comment Print

JAO can issue Section 148 notice after Section 132 search: Gujarat HC

Income Tax : Gujarat High Court rules that a jurisdictional assessing officer cannot override the faceless assessment scheme under Section 151A...

March 4, 2025 12 Views 0 comment Print

Section 270A Penalty Doesn’t Require Mens Rea Presence: ITAT Bangalore

Income Tax : ITAT Bangalore held that that mens rea is not an essential condition for imposing penalties under civil acts. Penalty u/s. 270A of...

March 4, 2025 63 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 381 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 2166 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 11121 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 8142 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 942 Views 0 comment Print


Critical Analysis on Mandatory Binding Arbitration in India

May 18, 2022 2589 Views 0 comment Print

Explore the issue of mandatory binding arbitration in India and its critical analysis. Learn about the impact on double taxation avoidance agreements and dispute resolution mechanisms.

Is Blockchain-based Regulation of Transfer Pricing far-fetched?

May 18, 2022 699 Views 0 comment Print

The paper will firstly discuss cloud-based TP activities and the challenges to regulate them; secondly, analyse the feasibility of regulating cloud-based TP activities through blockchain smart contracts; and finally, scrutinise the risks of regulating cloud-based TP activities through blockchain-based RegTech and provide possible solutions for the same.

Source of international tax law

May 18, 2022 4191 Views 1 comment Print

International trade has existed from the most ancient civilisation of the world like Harappan, Mesopotamia, Egyptian and Roman civilisations. However, the volume of international trade was not so large in those days as it is today.

Excess Stock declared to bank is taxable as Unexplained Investment

May 18, 2022 4239 Views 0 comment Print

The entire controversy revolves around the question as to whether the assessee has been able to provide explanation for difference of stock between the stock submitted to the bank as on 28/3/2005 and the stock indicated in the audit report for the period ending 31/03/2005 relating to raw material, stock-in-process and finished goods.

AIS vs Form 26AS – a quick comparision

May 18, 2022 6279 Views 1 comment Print

Unlock insights into your financial landscape with AIS and Form 26AS. Understand every transaction reported by banks, registration offices, and more. Ensure compliance by reviewing taxpayer details, thresholds, and the two comprehensive sections of AIS. Explore Form 26AS for a holistic overview of tax-related information, from deductions to high-value transactions. Delve into Part A to Part H, covering income tax, refunds, assessments, and more. Stay informed, stay compliant – AIS and Form 26AS empower your financial clarity.

HC directs AO to consider representation of Assessee – Section 148A(d)

May 18, 2022 894 Views 0 comment Print

Purnadisha Trading Private Limited Vs Union of India (Calcutta High Court) Petitioner in this writ petition has challenged the impugned order dated March 30, 2022 under section 148A(d) of the Income Tax Act, 1961 (Annexure P1/p.21) on the grounds that the impugned order dated March 30, 2022 has been passed by the assessing officer concerned […]

Competent authority not prescribed for measurement of distance between municipal limit and agricultural land

May 17, 2022 6666 Views 0 comment Print

There is no specific authority who has been designated as being the ‘competent authority’ to measure distance between the land sold and the municipal limits.

Bankers Blunders resulting in flood of Section 148/148A notices

May 17, 2022 18501 Views 2 comments Print

Bankers Blunders resulting in flood of IT Notices U/s 148A, U/s 148 etc., leaving Bruises  to IT Assessees for no fault of them –Real Cases analysed

Change of opinion not constitutes reason to believe for Income escapement

May 17, 2022 1533 Views 0 comment Print

Change of opinion does not constitute justification and/or reason to believe that income chargeable to tax has escaped assessment.

Section 40A(3) : Cash payment to Labour contractor on principal-to-principal basis not allowable

May 17, 2022 14637 Views 0 comment Print

The case of the assessee is that the payments were covered under clause (k) of Rule 6DD, which provides that no disallowance will be made where the payment is made by any person to his agent who is required to make payment in cash for goods or services on behalf of such persons.

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