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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


Zero Tax Liability on ₹20.54 Lakh Salary Under Old Tax Regime – A Case Study

Income Tax : The issue is whether high-income earners can reduce tax liability under the old regime. The analysis shows that structured allowan...

April 23, 2026 123 Views 0 comment Print

Unaccounted cash receipt Addition Invalid Due to Denial of Cross-Examination in Third-Party Document Case

Income Tax : The ruling clarifies that unverified excel sheets seized from third parties cannot justify additions without corroborative evidenc...

April 23, 2026 129 Views 0 comment Print

Key Changes in Income Tax Forms under Income Tax Act 2025 (Part-1)

Income Tax : The new law replaces the 1961 Act with a simplified, structured tax system. It reduces compliance burden through streamlined forms...

April 23, 2026 42 Views 0 comment Print

US Taxation – IRS Audits

Income Tax : The article explains how IRS audits are initiated and conducted to verify tax return accuracy. It highlights taxpayer duties, righ...

April 22, 2026 510 Views 0 comment Print

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 2763 Views 3 comments 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 222 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 264 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 3375 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 7986 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 882 Views 0 comment Print


Latest Judiciary


Bombay HC Quashed Reassessment Notice to Linkedin as Approval Granted by Incorrect Authority

Income Tax : The case examined whether reassessment approval beyond three years was issued by the competent authority. The court held that appr...

April 23, 2026 54 Views 0 comment Print

Interest on Non-Surplus Funds Not Taxable as Income from Other Sources: Delhi HC

Income Tax : The case examined whether interest earned on temporarily parked funds is taxable. The court held that funds earmarked for asset ac...

April 23, 2026 45 Views 0 comment Print

Income Tax Reassessment Quashed Due to Approval from wrong Authority: ITAT Pune

Income Tax : The Tribunal held that reassessment proceedings were invalid as approval was taken from the wrong authority beyond three years. It...

April 23, 2026 69 Views 0 comment Print

Interest Not Taxable Due to Direct Nexus with Real Estate Project: Delhi HC

Income Tax : The court examined whether interest on FDRs could be taxed as other income. It held that where funds are linked to a project, the ...

April 23, 2026 93 Views 0 comment Print

Interest Linked to Project Funds Is Capital Receipt & Not Taxable as other Income: Delhi HC

Income Tax : The court examined whether interest on share capital parked temporarily could be taxed. It held that where funds are directly link...

April 23, 2026 66 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 768 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 2358 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 471 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 162 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 201 Views 0 comment Print


Comparable cannot be excluded in Absence of Persistent Losses: ITAT Delhi

February 28, 2025 588 Views 0 comment Print

ITAT Delhi directs inclusion of Magma Advisory Services Ltd. in Honda R&D’s comparable list, rejecting TPO’s reasons and DR’s functional disparity claims.

Incorrect Income Reporting by Assessee, ITAT Restores Appeal to AO for Reassessment

February 28, 2025 633 Views 0 comment Print

ITAT Bangalore remands MBM Developers Vs DCIT case for reassessment, directing the AO to verify income recognition and expense allocation.

ITAT Allows Withdrawal of Appeal with Option to Reinstate if Vivad Se Vishwas Application Fails

February 28, 2025 801 Views 0 comment Print

ITAT Bangalore dismisses the appeal in Ramrao Mannaji Nandakumari Vs ITO after the assessee opts for settlement under Vivad Se Vishwas Scheme 2024.

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

February 27, 2025 1323 Views 0 comment Print

ITAT Mumbai rules in favor of Pathare Prabhu CHS Ltd., allowing deduction under Section 80P(2)(d) for interest income from co-operative banks. Read details of the judgment.

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

February 27, 2025 918 Views 0 comment Print

ITAT Mumbai ruled in favor of Borivali Jankalyan Sahakari Patpedhi Ltd., allowing deduction under Section 80P for interest income from co-operative banks.

Substantive Additions Require Evidence; Protective Additions Apply to Ownership Uncertainty

February 27, 2025 840 Views 0 comment Print

ITAT Ahmedabad rules on undisclosed foreign accounts in the case of Manjulaben Bipinbhai Patel vs DCIT, addressing tax assessments and legal implications.

Understanding Standard Deduction: A Key Tax Benefit

February 27, 2025 2526 Views 1 comment Print

The standard deduction is one of the most popular deductions because it makes tax filing easier by lowering taxable income without requiring itemization of deductions. This blog examines the standard deduction’s advantages, qualifying requirements, most current revisions, and contrasts with itemized deductions.

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

February 27, 2025 885 Views 0 comment Print

ITAT Mumbai held that receipts from maintenance and support services and additional services, without transfer of any technical knowledge, know-how, skill, etc., are not in the nature of Fee for Technical Services (FTS) and hence not taxable in India.

Residential Status of An Assessee in Income Tax Act, 1961

February 27, 2025 7152 Views 0 comment Print

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

Valuation of finished goods after following stock ageing effect justifiable

February 27, 2025 882 Views 0 comment Print

The assessee is engaged in the business of Manufacturing & Trading of Sarees, Salwar Suites and Dress Materials. A survey u/s 133A of the Act was carried out on the business premises of the assessee on 26.11.2014.

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