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Latest Articles


TDS Rate Chart (FY 2024-25; AY 2025-26)

Income Tax : Understand TDS rates, exemptions, and sections for FY 2024-25. Stay compliant to avoid penalties. Comprehensive TDS rate chart for...

March 29, 2024 276 Views 0 comment Print

Taxation of Debt Funds

Income Tax : Explore the changes in taxation of debt mutual funds pre and post April 2023. Learn about impacts, benefits, and strategies. Inves...

March 29, 2024 75 Views 0 comment Print

TOP 7 Tax Saving Options Other Than 80C- For FY 2023-24

Income Tax : Explore top tax-saving options beyond Section 80C for FY 2023-24, including NPS, health insurance premiums, medical expenses, home...

March 29, 2024 3777 Views 0 comment Print

Form 10 IE Or Form 10 IEA: Which Form Is to Be Filed and By Whom?

Income Tax : Confused about which form to file for tax regime choice? Understand the differences between Form 10IE and Form 10IEA, filing dates...

March 29, 2024 654 Views 1 comment Print

Analysis of Karnataka Compulsory Gratuity Insurance Rules, 2024

Income Tax : Understand the nuances of Gratuity - eligibility, exemptions, tax implications for employers & employees, and recent regulatory ch...

March 29, 2024 594 Views 0 comment Print


Latest News


24X7 Control Room to monitor cash movements for General Elections 2024

Income Tax : Ministry of Finance sets up a 24X7 Control Room for Lok Sabha Elections 2024 in Delhi to monitor cash movements. Toll-free number:...

March 20, 2024 420 Views 0 comment Print

Direct Tax Collections Surge: FY 2023-24 Records Remarkable Growth

Income Tax : Ministry of Finance reveals impressive growth in India's direct tax collections for FY 2023-24, with net collections up by 19.88%,...

March 20, 2024 3813 Views 0 comment Print

Income Tax Dept admits Inconsistencies in Securities Market Data (SFT-17)

Income Tax : Income Tax Department has identified certain inconsistencies in the Statement of Financial Transactions (SFT-17) data related to s...

March 12, 2024 393 Views 0 comment Print

Ministry of Finance Launches e-Campaign for Advance Tax Compliance

Income Tax : The Income Tax Department, under the Ministry of Finance, is set to initiate an e-campaign aimed at enhancing taxpayer compliance ...

March 10, 2024 486 Views 0 comment Print

Guide to Filing Updated Returns Under Section 139(8A)

Income Tax : Learn how to file updated returns under Section 139(8A) of the Income Tax Act within 24 months from the assessment year end. Know ...

March 9, 2024 1611 Views 0 comment Print


Latest Notifications


Changes in ITR form V and Acknowledgement for A.Y 2024 25

Income Tax : Explore amendments in ITR form V & Acknowledgement for A.Y 2024-25 as per Income Tax Act, 1961 & Rules, 1962. Understand filing pr...

March 27, 2024 11517 Views 0 comment Print

Notification No. 36/2024: Income Tax Exemption- National Mission for Clean Ganga

Income Tax : Explore Notification No. 36/2024 by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, concerning the ...

March 26, 2024 228 Views 0 comment Print

CBDT notifies ‘Principal Secretary, Planning Department, UP U/s. 138(1)(a)(iii)

Income Tax : Stay informed with Ministry of Finance Notification No. 35/2024. Learn about the latest specification of 'Principal Secretary, Pla...

March 22, 2024 402 Views 0 comment Print

Corrigendum to Income Tax Notification No. 27 of 2024

Income Tax : Understand the implications of the corrigendum to Income Tax Notification No. 27 of 2024. Get insights into the changes and their ...

March 19, 2024 2682 Views 0 comment Print

CBDT Amends India-Spain Double Taxation Avoidance Agreement (DTAA)

Income Tax : Explore the Notification No. 33/2024 on the agreement between India and Spain for tax exchange. Understand its implications and ch...

March 19, 2024 405 Views 0 comment Print


No functional incomparability if TPO not reject a comparable on same ground

April 22, 2012 1414 Views 0 comment Print

If TPO does not reject a comparable on the ground of functional incomparability then neither the AO or the revenue can take a plea of functional incomparability of the comparables chosen by the assessee in its TP Study. We are, therefore, of the view that the assessee’s operative margin has to be held as within the range of 5% of the arithmetic mean of 18.97% of comparable companies and the same has to be accepted as ALP. For the reasons given above, the addition made by the AO and confirmed by the DRP is directed to be deleted.

Principle of mutuality cannot be destroyed just because funds not parked with members

April 22, 2012 1438 Views 0 comment Print

we are of the view that the principle of mutuality is fully applicable and the interest earned on the fixed deposits with the bank and other institutions is fully covered within the parameters of mutuality. We fully endorse the view taken by CIT(A) in the case of Hill Properties Ltd. ITA No. 6223, 6249/Mum/09, that the principle of mutuality cannot be destroyed simply because the funds were not parked with members but with third parties who are not members of the Society.

Difference between premium paid by Company & surrender value not taxable in the hands of Directors

April 22, 2012 1086 Views 0 comment Print

Delhi High Court has recently in a batch of appeals filed by the Income Tax Department against Escorts Heart Institute & Research Centre Ltd and their employee directors held, inter alia, that the assignment of the Keyman insurance policies taken by the Company in respect of the Directors, at the surrender value fixed by the insurer did not give rise to a taxable benefit in the hands of the Directors. Hence the difference between the premium paid by the Company and the surrender value was not taxable in the hands of the Directors.

Know case status pending at HC on Mobile

April 21, 2012 2350 Views 0 comment Print

How to get the case status? The litigant or the lawyer who sends the SMS should know case number of the case for which the case status to be known and then he/she should follow the steps given below for sending the SMS.

FM defends Retrospective Tax Amendments

April 21, 2012 2161 Views 0 comment Print

Finance Minister Shri Mukherjee informed that the tax changes proposed are not substantive but clarificatory in nature as the changes reiterated only the intent of the legislation. During the meeting, it was also pointed out that as per Section 149 of the Income Tax Act, no tax cases can be opened beyond 6 years.

TDS on Salary Calculator for F.Y. 2012-13

April 21, 2012 59094 Views 0 comment Print

TDS on Salary Calculator for Financial Year 2012-13 / Assessment year 2013-14. The Calculator attached is in excel format which can calculate TDS liability of up to 50 employees. Calculator have facility to prepare and print computation of Income for all the Employees.

Advisory services is technical services under Article 13.4 of India-French DTAC

April 20, 2012 1128 Views 0 comment Print

As regards consultancy services, the question is whether such services are made available in the context of the DTAC between India and France read with the DTAC between India and US relied on by the applicant. It is seen that the advice and assistance rendered by the French Company to the applicant are not transient in nature and are capable of being used by the applicant on its own. It is true that some of the consultancy services rendered may not have that quality of permanency and may be a one time assistance, but advice on business strategy, on general management, on marketing and commercial matters,

Automatic Due Date Reminder for F.Y. 2012-13

April 20, 2012 37784 Views 0 comment Print

Automatic Due Date Reminder Calender for Financial Year 2012-13-This Calender contains due dates of all the statutory and other Reports to be presented to Management and Banks.

Operation of Rule 8D only from 2008-09 onwards

April 20, 2012 582 Views 0 comment Print

The matter came up in appeal before ITAT in the assessee’s own case and other cases in ITAs No. 453,454,456/M/2010 & 458 & 455/M/2010. During the continuance of these appeals, Hon’ble Bombay High Court came up with the decision in Godrej & Boyce Manufacturing Co. Ltd. V/s DCIT, reported in 328 ITR 81 (Bom), wherein the Hon’ble Bombay High Court held that the operation of Rule 8D shall only be from 2008-09 onwards, and not being retrospective.

S. 90(2) applies to the extent beneficial to assessee

April 20, 2012 6570 Views 0 comment Print

Coming to the issue as to whether the AADT with Malasia would disentitle the deduction we agree with the submissions of the assessee that the whole world income is taxable in the hands of the assessee under the provisions of the Act and when it is done so, section 90(2) mandates that the provisions of this Act shall apply to the extent they are more beneficial to the assessee.

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