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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


Why Does India’s ITR Deadline Always Need an Extension?

Income Tax : The article argues that recurring demands for ITR deadline extensions arise from delayed AIS updates, late utility releases, and t...

June 9, 2026 516 Views 0 comment Print

Comprehensive Guide to Maintenance of Books of Accounts

Income Tax : Section 44AA mandates maintenance of books by specified professionals and eligible businesses based on income or turnover limits. ...

June 9, 2026 19626 Views 0 comment Print

Taxability of concessional or interest-free loan perquisite by Employee

Income Tax : Employer-provided interest-free or concessional loans are taxable as salary perquisites due to the financial benefit enjoyed by em...

June 9, 2026 45984 Views 1 comment Print

Taxation of Employee Stock Option Plan (ESOP)

Income Tax : ESOPs are taxed as salary perquisites on allotment based on FMV at exercise. Eligible start-up employees can defer TDS and tax pay...

June 9, 2026 41706 Views 0 comment Print

Updated Return of Income: Rules, Eligibility and Filing Process

Income Tax : Taxpayers can file updated returns within 48 months of the assessment year by paying additional tax. The provision promotes volunt...

June 9, 2026 14583 Views 0 comment Print


Latest News


Income Tax Superintendent Caught by CBI in Bribery Case Linked to PAN Deletion

Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...

June 6, 2026 6001 Views 0 comment Print

ITAT Prioritizes Old Appeals as Rising Pendency Requires Urgent Disposal Measures

Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...

June 5, 2026 213 Views 0 comment Print

Request for Rationalisation and Merger of TDS Return Codes 1023 & 1024

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...

June 4, 2026 1536 Views 0 comment Print

Reduce CASS 2026 Scrutiny Cases Due to New Income Tax Act Transition Challenges: ITGOA

Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...

May 21, 2026 3663 Views 1 comment Print

Representation for timely release of e-filing utilities for ITR for AY 2026-27

Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...

May 13, 2026 3936 Views 0 comment Print


Latest Judiciary


No Section 271D Penalty if No Assessment Was Made & No Satisfaction Was Recorded: ITAT Delhi

Income Tax : ITAT Delhi quashed a ₹65 lakh penalty under Section 271D after finding that no assessment was made for the relevant year and no ...

June 8, 2026 180 Views 0 comment Print

ITAT Quashes Reassessment as Moratorium Under IBC Barred Fresh Tax Proceedings

Income Tax : The Tribunal examined whether reassessment proceedings could be initiated after the NCLT declared a moratorium under the Insolvenc...

June 8, 2026 96 Views 0 comment Print

Loan Confirmations Alone cannot Prove Creditworthiness of Creditors: ITAT Mumbai

Income Tax : The Tribunal examined whether unsecured loans could be accepted solely on the basis of loan confirmations. It held that confirmati...

June 8, 2026 126 Views 0 comment Print

CSR Expenditure Not Automatically Bar Section 80G Deduction: ITAT Ahmedabad

Income Tax : The Tribunal examined whether donations made as part of CSR obligations could qualify for deduction under Section 80G. It held tha...

June 8, 2026 105 Views 0 comment Print

Gujarat HC Deletes LTCG Addition as Penny Stock Allegation Was Unsupported by Evidence

Income Tax : The Court upheld deletion of the LTCG addition after finding that the Revenue relied on assumptions rather than evidence. Document...

June 8, 2026 123 Views 0 comment Print


Latest Notifications


CBDT Issues Complete Income Tax Scrutiny Guidelines for FY 2026-27

Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...

June 7, 2026 39543 Views 1 comment Print

Income-Tax (Amendment) Commencement Ordinance, 2026

Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...

June 6, 2026 498 Views 0 comment Print

CBDT Notifies Infrastructure Sub-Sectors as Eligible Businesses Under Income Tax Act 2025

Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...

June 2, 2026 471 Views 0 comment Print

CBDT Approves National Institute of Advanced Studies as Scientific Research Institution  

Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...

May 30, 2026 150 Views 0 comment Print

CBDT Approves S. Nijalingappa Sugar Institute for Scientific Research Tax Benefit Eligibility 

Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...

May 30, 2026 132 Views 0 comment Print


ITR-1 & ITR-4: Income, Assets and Transactions That Can Never Be Reported

May 28, 2026 861 Views 0 comment Print

Taxpayers with foreign assets, high income, capital gains, or business complexities cannot file simplified ITR forms. Using the wrong form may result in defective returns and compliance notices.

Delhi ITAT Quashes ₹20.56 Lakh Penalty Due to Vague Notice Under Section 270A

May 28, 2026 144 Views 0 comment Print

The ITAT held that a penalty notice without specifying whether the case involved under-reporting or misreporting of income is legally unsustainable. The Tribunal ruled that such defective notices are void-ab-initio and cannot support penalty proceedings.

ITAT Allows Bad Debt Claim as Advances Were Given in Ordinary Course of Financing Business

May 28, 2026 204 Views 0 comment Print

The ITAT Bangalore held that advances written off were allowable as bad debts since the assessee was engaged in financing and lending activities as part of its regular business operations.

Indexed Factory Building Cost Allowed Despite ‘Vacant Land’ Deed; Stamp Duty Value Can’t Inflate Tax

May 28, 2026 99 Views 0 comment Print

: ITAT Bangalore held that indexed cost of construction cannot be denied merely because the sale deed described the property as a vacant plot. The Tribunal accepted documentary evidence such as rental income records, approved plans, contractor confirmations, and TDS details to establish existence of the building.

87A Rebate Allowed on STCG u/s 111A, CPC Denial Quashed: Bangalore ITAT

May 28, 2026 396 Views 0 comment Print

ITAT Bangalore held that rebate under Section 87A cannot be denied on short-term capital gains taxable under Section 111A where total income is below Rs. 7 lakh. The Tribunal ruled that no statutory prohibition existed during the relevant assessment year.

Reassessment Notices Quashed as ITBA Portal Dispatch Happened After Limitation Deadline

May 28, 2026 330 Views 0 comment Print

Telangana High Court held that reassessment notices under Section 148 were time-barred because they were dispatched from the ITBA portal after 31.03.2021. The Court ruled that mere digital signing or generation of notices within limitation was insufficient without actual dispatch.

Section 87A Rebate not Allowed on LTCG under section 112: Bangalore ITAT

May 28, 2026 903 Views 0 comment Print

The Tribunal ruled that long-term capital gains taxable under Section 112 form part of total income and qualify for Section 87A rebate if the prescribed income limit is satisfied. It also held that Finance Act 2025 amendments restricting the rebate are prospective.

P&H HC Refuses to Quash Section 148 Notice as Reassessment Proceedings Were Still Pending

May 28, 2026 213 Views 0 comment Print

The High Court held that writ jurisdiction should not be exercised at a premature stage when reassessment proceedings under the Income Tax Act are yet to be concluded. The petitioner was directed to pursue statutory remedies.

ITAT Restricts Demonetization Cash Deposit Addition to Rs.1 Lakh Because Earlier Withdrawals Were Ignored

May 28, 2026 153 Views 0 comment Print

The ITAT Agra held that the tax authorities failed to consider earlier cash withdrawals while treating demonetization deposits as unexplained. The Tribunal restricted the addition to Rs.1 lakh and granted substantial relief to the assessee.

No Section 68 Addition on Demonetisation Cash Deposits Supported by Business Receipts: ITAT Delhi

May 28, 2026 228 Views 0 comment Print

The ITAT held that cash deposits during demonetisation could not be treated as unexplained when the assessee had disclosed sales and provided debtor details. The Tribunal ruled that taxing the same receipts again under Section 68 would amount to double taxation.

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