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 Delhi held that accumulation under section 11(1)(a) of the Income Tax Act is to be allowed at 15% of gross receipts. Accordin...
Income Tax : ITAT Chandigarh held that treating capital gains earned on sale of shares as bogus merely on the basis of warning letter of SEBI w...
Income Tax : Bombay High Court invalidates reassessment notice under Section 148 of the Income Tax Act, citing failure to meet jurisdictional c...
Income Tax : ITAT Jaipur held that exercise of revisionary power under section 263 of the Income Tax Act on the basis of audit objection is not...
Income Tax : Bombay High Court dismisses Shandilya Properties LLP's petition challenging an income tax assessment order, directing them to exha...
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...
CIT Vs. Annasaheb Patil Mathadi Kamgar Sahakari Pathpedi Limited (Supreme Court) There are concurrent findings recorded by CITA, ITAT and the High Court that the respondent/Assessee cannot be termed as Banks/Cooperative Banks and that being a credit society, they are entitled to exemption under Section 80(P) (2) of the Income Tax Act. Such finding of […]
Section 54F does not require one to one co-relation between capital gain arising out of transfer of long term capital asset and utilisation thereof for purchase /construction of residential house.
CIT(A) in his order while rejecting Books of Account does not specify defect in record. The basis of rejection appears to be best judgment of assessment
Jet Freight Logistics Limited Vs CIT Appeal (NFAC) (ITAT Mumbai) It is evident that assessee is in continuous need for payment of cash at various point of time and hence, assessee had to withdraw cash in order to satisfy its business requirements. Moreover, the assessee has got 9 branches all over India and such cash […]
Learn about E-PAN, a digital version of the Permanent Account Number issued by the Indian Income Tax Department. Get an Instant E-PAN in PDF format within 10 minutes for first-time Indian Resident Individual Taxpayers with a valid Aadhaar number. Understand the eligibility, application process, and important considerations. Stay financially fit with Financial Tree Company, your online return filing and tax consultancy partner.
Explore the provisions of updated return under Section 139(8A) of the Income Tax Act, including eligibility, conditions, and scenarios where it can be filed. Understand the implications for reducing total tax liability, increasing refunds, and carrying forward losses. Get insights into the circumstances in which an updated return cannot be furnished, ensuring compliance with income tax regulations. Explore the provisions of updated return under Section 139(8A) of the Income Tax Act, including eligibility, conditions, and scenarios where it can be filed. Understand the implications for reducing total tax liability, increasing refunds, and carrying forward losses. Get insights into the circumstances in which an updated return cannot be furnished, ensuring compliance with income tax regulations. Explore the provisions of updated return under Section 139(8A) of the Income Tax Act, including eligibility, conditions, and scenarios where it can be filed. Understand the implications for reducing total tax liability, increasing refunds, and carrying forward losses. Get insights into the circumstances in which an updated return cannot be furnished, ensuring compliance with income tax regulations.
ITAT Mumbai held that addition under section 69 of the Income Tax Act on unaccounted, undisclosed income on the basis of the seized loose papers sustained as assessee failed to discharge his onus by contradicting the facts found during search proceedings.
ITAT Mumbai held that disallowance of short term capital loss incurred on sale of shares by mechanically applying the information received from investigation wing is unsustainable in law.
ITAT Delhi held that benefit of exemption under section 54 of the Income Tax Act available even if capital gain is invested in purchasing more than one residential houses within stipulated time limit.
Asuda Holdings Private Limited Vs CIT (ITAT Mumbai) ITAT Mumbai held that there is a clear diversion of funds for non-business purpose as funds are borrowed @18% and lended the same to one of its directors at 13.5%. Accordingly, disallowance under section 36(1)(iii) sustained. Facts- AO observed that assessee has taken loan from M/s. Elevators […]
