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 : Taxation plays a key role in reducing income inequality through progressive tax policies, redistribution, and public services. Lea...
Income Tax : Understand tax obligations for freelancers in India, including GST, deductions, advance tax, and compliance strategies to manage t...
Income Tax : The standard deduction is one of the most popular deductions because it makes tax filing easier by lowering taxable income without...
Income Tax : Learn how residential status affects tax liability under the Income Tax Act, 1961. Understand ROR, RNOR, and NR classifications an...
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...
Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...
Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...
Income Tax : ICMAI addresses the non-inclusion of 'Cost Accountant' in the Income Tax Bill 2025. The Council is engaging with policymakers to e...
Income Tax : Lok Sabha issues corrigenda for the Income-tax Bill, 2025, correcting references, formatting, and legal citations. Read the key am...
Income Tax : KSCAA's representation to CBDT highlights challenges in the Vivad Se Vishwas Scheme 2024, focusing on delayed appeals and suggesti...
Income Tax : ITAT Chennai orders CIT(E) to reconsider Sri Ramajayam Educational Trust’s Form 10AB application, citing rejection on technical ...
Income Tax : Cooperative banks fall within definition of cooperative society under Section 2(19). ITAT concluded that assessee was entitled to ...
Income Tax : Gujarat High Court quashes ITAT order in PCIT Vs Ashokji Thakor, restoring AO and CIT(A) decisions on unexplained investments due ...
Income Tax : Madras High Court dismisses Siva Industries’ appeal due to a 2139-day delay, citing lack of diligence and bonafide reasons. Key ...
Income Tax : Gujarat High Court sets aside reassessment notice under Section 148 issued to Khushboo Anand Bhayani for F&O trading profits, citi...
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 ...
Income Tax : CBDT updates income tax rules and forms for business and securitization trusts. Notification 17/2025 amends Rules 12CA & 12CC, imp...
Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
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...
Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
In present facts of the case, the Hon’ble Tribunal remanded the matter to AO to reconsider disallowance made under Section 40(a)(i) pertaining to whether the assessee has made TDS under section 192 with respect the salary paid to the seconded employees in its entirety.
In the realm of taxation, legal absurdities occasionally surface, leaving individuals puzzled by the intricacies of the law. One such perplexing scenario arises when income tax notices are issued to deceased individuals. Common sense suggests that the deceased should be exempt from such obligations, but the legal implications surrounding this issue can be surprisingly complex.
ITAT Chennai held that penalty u/s 271D and 271E of the Income Tax Act duly leviable as reasonable cause for accepting loans and advances in cash in contravention of provisions of Sec.269SS & 269TT not explained.
Bombay High Court held that reopening of assessment under section 147 of the Income Tact Act unsustainable as there is no reason to believe that income has escaped assessment nor there is any tangible material.
ITAT Ahmedabad held that addition as unexplained credits to capital account unsustainable as gift from assessees aunt shown as credits to capital account.
Bombay High Court held that certificates issued by the Singapore Tax Authorities certifying that capital gain income would be brought to tax in Singapore is sufficient evidence for accepting the legal position.
ITAT Indore rules in favor of Manish Kumar Girdhari Lal Lath Vs ACIT, accepting assessee’s explanation due to lack of full information on credit card expenditure reported by third-party agencies, highlighting the importance of providing complete details for fair assessment.
Telangana High Court allowed credit for advance tax and TDS resulting into refund of Rs. 51.66 Crores on upload of migration order which was earlier not able to be uploaded.
ITAT Mumbai held that as the assessee ceases to be an ‘eligible assessee’ under provisions of section 144C of the Income Tax Act, extended time limit for assessment is not available to AO. Accordingly, order of TPO is barred by limitation.
ITAT Delhi held that addition under section 68 of the Income Tax Act unsustainable in as much as identity, creditworthiness of the creditors and genuineness of the transaction duly proved by the assessee.
