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 : From 1 April 2026, TDS and TCS compliance shifts to new form numbers and section references under the Income-tax Act, 2025. Busine...
Income Tax : Understand who must undergo a tax audit under Section 44AB, the applicable turnover limits, audit forms, filing procedure, due dat...
Income Tax : Income may become tax-free under the new tax regime because of the standard deduction and Section 87A rebate, but ITR filing may s...
Income Tax : This article explains the key situations where filing an Income Tax Return is compulsory, even if income is below the basic exempt...
Income Tax : Learn about the income tax benefits available to resident senior and very senior citizens, including higher exemption limits, dedu...
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : The Gujarat High Court upheld the ITAT's decision restricting the addition on alleged bogus purchases to 6% instead of sustaining ...
Income Tax : The Bombay High Court held that proceedings under Section 153C were barred by limitation as the assessments were not completed wit...
Income Tax : The Calcutta High Court held that an assessment cannot survive where the Assessing Officer having jurisdiction failed to issue a m...
Income Tax : The ITAT held that the assessment was invalid because it was completed by an Assistant Commissioner who lacked pecuniary jurisdict...
Income Tax : The ITAT held that the assessment was invalid because the mandatory notice under Section 143(2) was not issued by the Assessing Of...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
We find that the claim of depreciation in respect of license/ registration fee paid by the assessee to the Indian Railways is an asset whereon depreciation u/s. 32(1) is allowable.
Vivad se Vishwas can be availed by the appellant irrespective of whether the tax arrears have been paid either partly or fully or are outstanding.
PCIT Vs. Gulbrandsen Chemicals Pvt. Ltd. (Gujarat High Court) The Tribunal has taken into consideration the voluminous documentary evidence on record for the purpose of coming to the conclusion of adoption of TNMM by the assessee as the Most Appropriate Method of arriving at ALP. The Delhi High Court in the case of Make My […]
Since there was no employer-employee relationship between the assessee on one hand and the doctors on the other hand to whom the free samples were provided, the expenditure incurred for the same cannot be construed as fringe benefits to be brought within the additional tax net by levy of fringe benefit tax.
CIT (TDS) Vs Vodafone Cellular Ltd. (Bombay High Court) Whether provisions of Section 194H of the Income Tax Act, 1961 will be applicable in case of discounts given by the assessee to the distributors on account of prepaid SIM cards. Section 194H of the Act deals with commission or brokerage. It says that any person, […]
Even though assessee had made payments to related parties, yet in view of fact that there was no material on record to demonstrate that payment made was excessive and unreasonable having regard to market rate, disallowance made under section 40A(2) by AO was to be deleted.
It was held that whether the purchases were bogus or whether the parties from whom such purchases were allegedly made were bogus was essentially a question of fact. When the Tribunal had concluded that the assessee did make the purchase, as a natural corollary not the entire amount covered by such purchase but the profit element embedded therein would be subject to tax.
Amount paid as security deposit was taxable only on the year of termination of an agreement between the assessee and the dealer/distributor. Hence AO was not justified in treating the deposit as income each year irrespective of whether the dealership was terminated or not.
An assessee aggrieved by an order passed by the Assessing Officer(AO) may file an appeal against the same, to the DyCIT (A) or the CIT(A). As an alternative remedy the assessee may prefer an application to the CIT for revising the orders passed by the AO. A remedy U/s 264 is contemplated by the Legislature only to meet a situation faced by an aggrieved assessee
Article explains Who is eligible for pension/ family pension, What is the tax treatment for family pension received by the legal heirs of a deceased employee, Document to be filled for family pension in case of death, Documents to be filled when the name of the claimant member is not available in the records, What […]
