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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


Understanding Standard Deduction: A Key Tax Benefit

Income Tax : The standard deduction is one of the most popular deductions because it makes tax filing easier by lowering taxable income without...

February 27, 2025 150 Views 1 comment Print

Residential Status of An Assessee in Income Tax Act, 1961

Income Tax : Learn how residential status affects tax liability under the Income Tax Act, 1961. Understand ROR, RNOR, and NR classifications an...

February 27, 2025 72 Views 0 comment Print

Section 87A Rebate post Bombay High Court Judgement

Income Tax : Bombay High Court, in Chamber of Tax Consultants v. Director General of Income Tax (Systems) (2025), ruled that flaws in the ITR u...

February 27, 2025 1395 Views 0 comment Print

Co-Browsing for Taxpayers: Easy ITR Filing Assistance

Income Tax : Co-browsing helps taxpayers file ITR, change settings, and navigate the tax portal with real-time help from agents. Secure, free, ...

February 27, 2025 159 Views 0 comment Print

Understanding Income Tax Brackets & Deductions: A Detailed Analysis

Income Tax : This article provides an in-depth analysis of India's tax brackets, key deductions, and recent amendments to income tax laws, help...

February 27, 2025 180 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 9777 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 10728 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 20109 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 1206 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 171 Views 0 comment Print


Latest Judiciary


ITAT Mumbai Allows Section 80P(2)(d) Deduction on Co-Op Bank Interest

Income Tax : ITAT Mumbai rules in favor of Pathare Prabhu CHS Ltd., allowing deduction under Section 80P(2)(d) for interest income from co-oper...

February 27, 2025 51 Views 0 comment Print

Interest from co-operative banks remains eligible for Section 80P(2)(d) deduction

Income Tax : ITAT Mumbai ruled in favor of Borivali Jankalyan Sahakari Patpedhi Ltd., allowing deduction under Section 80P for interest income ...

February 27, 2025 33 Views 0 comment Print

Substantive Additions Require Evidence; Protective Additions Apply to Ownership Uncertainty

Income Tax : ITAT Ahmedabad rules on undisclosed foreign accounts in the case of Manjulaben Bipinbhai Patel vs DCIT, addressing tax assessments...

February 27, 2025 42 Views 0 comment Print

Services without transfer of any technical knowledge doesn’t qualify as FTS: ITAT Mumbai

Income Tax : ITAT Mumbai held that receipts from maintenance and support services and additional services, without transfer of any technical kn...

February 27, 2025 57 Views 0 comment Print

Valuation of finished goods after following stock ageing effect justifiable

Income Tax : The assessee is engaged in the business of Manufacturing & Trading of Sarees, Salwar Suites and Dress Materials. A survey u/s 133A...

February 27, 2025 69 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 201 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 1818 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 10209 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 7956 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 915 Views 0 comment Print


CBDT New Rule 134 & Form 71: TDS Credit Application – Section 155(20)

August 30, 2023 30747 Views 1 comment Print

CBDT releases Rule 134 & Form 71 for TDS credit under Section 155(20). Learn about the new income tax rules, application process, and implications.

Depreciation u/s 32 not available in absence of any business activity

August 29, 2023 1239 Views 0 comment Print

ITAT Delhi held that depreciation under section 32 of the Income Tax Act not available as the assessee is not carrying on any business activity.

Navigating Equalisation Levy and TDS u/s 194O: A Comprehensive Exploration of E-commerce Taxation

August 29, 2023 5271 Views 0 comment Print

Dive deep into Intricacies of e-commerce taxation in India with a comprehensive look at Equalisation Levy and TDS under Section 194-O.

Disallowance of staff welfare expenditure resorting to adhoc base unsustainable

August 29, 2023 2154 Views 0 comment Print

ITAT Delhi held that disallowance of staff welfare expenditure on the adhoc basis unsustainable as AO failed to establish as to who the expenses are not incurred for business purpose.

Addition u/s 68 unsustainable as identity, creditworthiness and genuineness of transaction established

August 29, 2023 2880 Views 0 comment Print

ITAT Delhi held addition u/s 68 of the Income Tax Act unsustained as assessee duly satisfied the initial onus i.e. identity, creditworthiness and genuineness of the transaction established.

Initiation of Criminal Proceedings after TDS Deposit with Interest is invalid: HC

August 29, 2023 5040 Views 0 comment Print

Analysis of Jharkhand HC’s stance on TDS deposits, penalties, and implications on criminal proceedings when deposits are made with interest.

Tax incidence of joint development agreement and subsequent sale of flats is different

August 29, 2023 6678 Views 0 comment Print

ITAT Chennai held that the incidence of tax for joint development agreement (JDA) is different and incidence of tax for subsequent sale of flats is different.

PCIT Cannot set aside Assessment Order Solely Based on Differing Opinion

August 29, 2023 789 Views 0 comment Print

Explore the key details and implications of ITAT Ahmedabad’s ruling on the Shanti Multilink Pvt. Ltd. Vs PCIT case concerning the validity of an assessment order under section 263.

ITAT deletes disallowance made by AO without recording any reasons

August 29, 2023 822 Views 0 comment Print

Analysis of Pawan Aggarwal’s appeal against CIT(A) Ludhiana order regarding disallowance of expenses and building improvement costs. Outcome by ITAT Chandigarh.

Reopening after 4 years invalid if AO fails to Establish Assessee’s Failure to Disclose Material Facts

August 29, 2023 567 Views 0 comment Print

Analysis of Bombay HC ruling in Naroli Resorts vs ACIT on reopening tax assessment after four years. Did the assessee disclose all material facts?

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