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 : The article explains how the Finance Acts, 2025 and 2026 have reshaped the Updated Return regime under Section 139(8A). It highlig...
Income Tax : The Supreme Court has remitted reassessment cases for fresh consideration after the retrospective insertion of Section 147A, leavi...
Income Tax : Learn the most frequent errors taxpayers make while filing Income Tax Returns for AY 2026-27 and how avoiding them can prevent not...
Income Tax : The article explains how the interaction of Section 87A, marginal relief, and Health & Education Cess can leave taxpayers earning ...
Income Tax : Learn who can apply for an advance ruling, applicable fees, withdrawal rules, and its binding effect under the Income-tax Act. The...
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 ITAT Hyderabad held that payments made for Google AdWords constitute advertising contracts under Section 194C and not fees for...
Income Tax : The ITAT Mumbai held that penalty under Section 270A cannot be sustained where the show cause notice and assessment order fail to ...
Income Tax : The ITAT Lucknow upheld deletion of the addition after finding that the cash deposits represented business receipts arising from d...
Income Tax : The ITAT Delhi deleted the addition under section 69A after finding that the assessee had substantiated the source of the jeweller...
Income Tax : The ITAT Raipur upheld the disallowance of 12.5% of disputed purchases after finding that the assessee failed to establish the act...
Income Tax : CBDT has approved a scientific research institution under the Income-tax Act, 2025 for tax years 2026-27 to 2030-31. The notificat...
Income Tax : CBDT has approved the University of Hyderabad for scientific research under Section 45 of the Income-tax Act, 2025. The approval i...
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...
ITAT Amritsar held that the scrutiny of cases selected on the basis of information received through Annual Information Return (AIR) would be limited only to the aspects of information received through AIR.
CBDT after representation from various stake holders has issued Circular No. 23/2016 dated 24.06.2016 regarding clarity of applicability of Section 206C(1D) on transactions where sale consideration received is partly in cash and partly in cheque. Question Clarification Whether Tax Collection at Source under section 206C(1D) at the rate of 1% will apply in cases where […]
In order to curb the cash economy, Finance Act 2016 has amended section 206C of the Income-tax Act to provide that the seller shall collect tax at the rate of one per cent from the purchaser on sale in cash of certain goods or provision of services exceeding two lakh rupees.
Even after amendment of the Trust Deed the main object of the trust was to promote education. Letting out was incidental and not the principle activity of the assessee trust.Thus carrying out such incidental activity and the income derived from it is used for the educational institute and not for any particular person & thus newly inserted proviso to section 2 (15) will apply only to entities.
Assessee had provided a corporate guarantee on behalf of its associated enterprise M/s. Thomas Cook Mauritius Operations Co. Ltd. for banking facilities availed by it from HSBC bank to the extent of Rs.6,01,80,000/-.
The Assessee filed application with AAR for for determination of the question regarding taxability of its profits arising from offshore sales. The AAR rejected the applications as notice Section 143(2)/ 142(1) were already issued prior to the filing of the application before the AAR, the transaction in respect of which the ruling of the AAR was sought was filed before the date of the application.
Section 139 (4) further provides that “Any person who has not furnished a return within the time allowed to him under sub-section (1), or within the time allowed under a notice issued under sub-section (1) of section 142, may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
Any unabsorbed depreciation available to an assessee on 1st day of April 2002 (A. Y. 2002-03) will be dealt with in accordance with the provisions of section 32(2) as amended by Finance Act, 2001. And once the Circular No. 14 of 2001 clarified that the restriction of 8 years for carry forward
This is to inform you that the Institute of Chartered Accountants of India (ICAI) jointly with the Ministry of Commerce & Industry and Ministry of Finance has proposed to launch a series of awareness programmes on Income Declaration Scheme, 2016(IDS) on 2nd July, 2016 across India.
The articles explains the provisions related to filing of Income Tax Return for Financial Year 2015-16 , Carry forward of loss from business specified u/s 35AD (i.e. businesses in respect of which certain capital expenditure are deductible), Provisions related to filing of Belated Return and Changes in Provisions related to Filing of Revised Return.
