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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


No TDS on Transport Payments: Declaration Format Under Income Tax Act 2025

Income Tax : Transporters can avoid TDS deduction by submitting a declaration confirming ownership of not more than ten goods vehicles. The key...

April 21, 2026 156 Views 0 comment Print

ITR Filing FY 2025-26: Step by Step Guide for Salaried Professionals

Income Tax : Highlights that selecting the incorrect portal tab can lead to data mismatches and filing errors. Emphasizes the need to use the c...

April 21, 2026 333 Views 0 comment Print

Selling Trust: The Quiet Problem of Product Mis-Selling in Indian Banking

Income Tax : Explains how commission-driven incentives in banks lead to mis-selling of financial products. Highlights the need for structural r...

April 21, 2026 150 Views 0 comment Print

Addition Deleted Due to Lack of Corroborative Evidence in Search-Based Case

Income Tax : ITAT held that additions based solely on third-party search material without independent evidence or cross-examination are invalid...

April 21, 2026 183 Views 0 comment Print

Computerization of Form 121 (Earlier Form 15G & Form 15H)

Income Tax : A new digital framework is suggested to replace manual Form 121 processes and streamline TDS exemption declarations. The proposal ...

April 21, 2026 2712 Views 0 comment Print


Latest News


CBDT Refutes Allegations of Tax Raid, Terms Claims Baseless; Complaint Filed with Election Commission & Police

Income Tax : The tax department clarified that no search or restriction was carried out against the individual. It termed the allegations basel...

April 21, 2026 54 Views 0 comment Print

CAAS Moves Supreme Court on ITAT Vacancies

Income Tax : The issue concerns massive backlog in ITAT caused by unfilled positions and delayed appointments. The intervention highlights that...

April 18, 2026 228 Views 0 comment Print

Massive Tax Irregularities Found Due to Improper Deductions by Banks & NBFCs: CAG

Income Tax : The audit found widespread incorrect claims of deductions for bad debts and reserves. It highlights the need for stricter verifica...

April 6, 2026 3336 Views 0 comment Print

Free Live Webinar: Decoding the New Income Tax Act, 2025

Income Tax : This webinar breaks down the major structural and conceptual changes introduced in the new Income Tax Act, 2025. It helps professi...

April 5, 2026 7959 Views 0 comment Print

Representation for enhancement of monetary limit for SMC cases before ITAT

Income Tax : A representation seeks doubling the SMC threshold due to inflation and higher dispute values. The key takeaway is that increasing ...

April 4, 2026 876 Views 0 comment Print


Latest Judiciary


SC Dismisses Appeal Due to Delay, HC Ruling on No PE and Offshore Taxability Stands

Income Tax : The Supreme Court declined to condone delay, thereby upholding the High Court’s conclusion that the liaison office did not const...

April 21, 2026 69 Views 0 comment Print

Offshore Supply Income Not Taxable in India Due to Absence of Business Connection: Delhi HC

Income Tax : The judgment confirms that income from offshore equipment supply is not taxable where transactions occur outside India. The liaiso...

April 21, 2026 102 Views 0 comment Print

Income Tax Appeal Reinstated as Delay due to Bona Fide Belief & COVID-19 Disruption

Income Tax : The Tribunal held that lack of awareness of the assessment order and limited knowledge of tax law constituted sufficient cause for...

April 21, 2026 66 Views 0 comment Print

Reopening Valid Where Income Escapement Based on Search-Derived Information

Income Tax : The Tribunal confirmed addition of unexplained investments where the assessee could not substantiate the source of deposits. The r...

April 21, 2026 69 Views 0 comment Print

Wage Arrears Deduction Allowed as Liability Accrued from Pay Revision Effective Date

Income Tax : The Tribunal held that wage arrears arising from pay revision constitute an accrued liability from the effective date. The provisi...

April 21, 2026 63 Views 0 comment Print


Latest Notifications


Income Tax Notification Corrected Due to Technical Errors in Rules & References

Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...

April 17, 2026 666 Views 0 comment Print

Transition from Form 15G/15H to Consolidated Form 121 for TDS-exempted Incomes

Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...

April 15, 2026 1956 Views 0 comment Print

Corrigendum to Notification of Income tax return Form U

Income Tax : CBDT clarified the presentation of error categories in Form U. The update ensures clearer reporting of incorrect income heads and ...

April 11, 2026 447 Views 0 comment Print

Corrigendum to Notification of Income tax return Form 7 (ITR 7)

Income Tax : The corrigendum corrects technical errors in multiple ITR schedules, including CG and CYLA. It ensures accurate reporting and smoo...

April 11, 2026 153 Views 0 comment Print

Corrigendum to Notification of Income tax return Form 6 (ITR 6)

Income Tax : CBDT corrected multiple clerical and structural errors across income tax return schedules. The changes ensure accurate reporting a...

April 11, 2026 168 Views 0 comment Print


Sec 68 Addition Set Aside – Documentary Evidence Accepted; Matter Remanded for Loan Repayment Verification

March 18, 2026 180 Views 0 comment Print

Tribunal set aside addition as the assessee established genuineness of loans through documentary evidence. However, it remanded the case to verify whether loans were repaid.

Recourse to residuary provision 37(1) not justified as provision u/s. 35D for amortization of preliminary expense exists

March 18, 2026 180 Views 0 comment Print

ITAT Kolkata held that professional fees for works related to acquisition of new unit or expansion of existing undertaking is governed by provisions of section 35D of the Income Tax Act. Thus, since there is a specific provision u/s. 35D for amortization of certain preliminary expenses, the recourse could not have been had to the residuary provision of section 37(1) of the Act.

Penalty U/s 271(1)(c) Deleted Due to Defective Notice – No Specific Charge Mentioned

March 18, 2026 174 Views 0 comment Print

Dazzler Confectionery Company Vs ITO (ITAT Mumbai) Penalty u/s 271(1)(c) Deleted Due to Defective Notice – No Specific Charge Mentioned AO levied penalty of ₹44.79 lakh u/s 271(1)(c) on disallowances relating to pre-operative expenses & 35D deduction. Penalty notice u/s 274 was issued using “concealment OR furnishing inaccurate particulars” without specifying the exact charge. Assessee […]

1040 vs 1040 NR – Understanding Which Tax Return You Need to File

March 18, 2026 507 Views 0 comment Print

This guide explains how to determine whether to file Form 1040 or 1040NR based on tax residency. Key takeaway: Correct residency status ensures accurate tax filing.

Sec 54 Benefit Upheld – Investment Within Time Sufficient, Possession Delay Not Fatal

March 18, 2026 588 Views 0 comment Print

The Tribunal clarified that possession is not a mandatory condition for claiming Section 54 exemption. It held that investment within the prescribed timeline satisfies the legal requirement.

Exemption Allowed as Corpus Donations Excluded from Annual Receipts U/s. 10(23C)(iiiad)

March 18, 2026 315 Views 0 comment Print

The Tribunal held that corpus donations received with specific directions are capital in nature and cannot be included in annual receipts. Since actual receipts were below ₹1 crore, exemption was allowed.

Stamp Duty Addition Deleted – Allotment Date Prevails for Sec 56(2)(x) Valuation

March 18, 2026 207 Views 0 comment Print

ITAT held that stamp duty value on registration date cannot be applied where allotment occurred earlier. Allotment date determines valuation under Section 56.

Assessment Quashed Due to 9-Month Delay in Recording Satisfaction Under Section 158BD

March 18, 2026 237 Views 0 comment Print

The Court held that recording satisfaction after a delay of nine months was not immediate as required by law. It upheld quashing of assessment proceedings and deletion of undisclosed income addition.

Deduction U/s 80P(2)(d) Allowed on Interest from Co-operative Bank – ITAT Mumbai

March 18, 2026 216 Views 0 comment Print

The Tribunal relied on Supreme Court rulings to hold that co-operative banks qualify as co-operative societies for deduction purposes. It allowed deduction on interest income under Section 80P(2)(d).

Reassessment u/s. 148 after four years untenable as full and true material facts disclosed

March 18, 2026 219 Views 0 comment Print

ITAT Chennai held that reassessment u/s. 148 of the Income Tax Act after expiry of four years not sustainable since there was no failure on the part of assessee to disclose fully and truly all material facts. Further, reassessment is invalid for non-furnishing of actual reasons recorded.

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