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 : Most income tax notices involve minor mismatches or routine verification and can be resolved by submitting clarifications or docum...
Income Tax : Explains how gratuity exemptions differ for government, private, and Gratuity Act–covered employees. Key takeaway: exemption is ...
Income Tax : Explains how Section 87A rebate applies only below fixed income limits, while the standard deduction continues to reduce taxable s...
Income Tax : Discover how identifying errors in Assessing Officer jurisdiction, notice issuance, and approval under Sections 148/148A can secur...
Income Tax : Explains the tax treatment and mandatory ITR disclosures for foreign ESOPs, highlighting the need to report shares annually and av...
Income Tax : West Bengal’s ITR filings rose to 52.99 lakh in AY 2024-25, with significant increases in middle- and higher-income brackets. Th...
Income Tax : The CBDT has initiated its second NUDGE campaign, sending reminders to taxpayers with undisclosed foreign assets to ensure accurat...
Income Tax : The C&AG’s audits ensure proper assessment, collection, and allocation of direct taxes, identifying evasion risks and improving ...
Income Tax : The CBI arrests ITAT officials and an advocate in Jaipur for bribery, seizing over Rs. 1 crore and exposing an organized network s...
Income Tax : Delhi ITAT cancels ₹22 crore tax addition based solely on WhatsApp chats from another phone, reaffirming privacy protections and...
Income Tax : The Tribunal held that the assessee proved substantial upgrades to a semi-constructed house using bills and contractor records. It...
Income Tax : The Tribunal held that the assessment was void because jurisdiction shifted between officers without a mandatory transfer order. I...
Income Tax : The Tribunal held that the AO cannot expand a limited scrutiny into full scrutiny without written approval from the Principal CIT....
Income Tax : The Tribunal held that freight amounts collected and passed on to airlines are mere reimbursements, not income. Only the assesseeâ...
Income Tax : Madras High Court held that payment made for International Private Leased Circuits [IPLC] doesn’t constitute royalty within the ...
Income Tax : Government initiatives under PMLA and Black Money Act target undisclosed crypto income, enhancing monitoring, enforcement, and com...
Income Tax : CBDT notifies a State Pollution Control Board as exempt under Section 10(46A), effective AY 2024-25. The decision confirms tax-fre...
Income Tax : A statutory authority has been formally notified for exemption under Section 10(46A) with effect from AY 2024-25. The approval is ...
Income Tax : CBDT notifies tax exemption for a development authority under Section 10(46A), effective from AY 2024-25. The ruling confirms retr...
Income Tax : The government notified a historic temple as eligible under Section 80G due to its cultural significance. Deductions apply only fo...
ITAT ruled that 5% tolerance for difference in stamp duty value and sale consideration applies retrospectively. This allowed assessee’s appeal against an addition under Section 56(2)(x).
ITAT Ahmedabad ruled that once sales have been recorded and taxed, they cannot again be treated as unexplained income under Section 69A, deleting addition made on alleged accommodation entries.
Tribunal restored issue of validity of reassessment under Section 148 for AY 2015-16 to CIT(A) for fresh adjudication, noting that assessee raised legal ground for first time before ITAT.
The ITAT Delhi allowed the appeal of Sunita Salhotra, quashing the Section 148 notice for AY 2015-16 as barred by the statutory limitation period that expired on March 31, 2022. The Tribunal relied on the Revenue’s concession in the Supreme Court’s Rajiv Bansal case regarding notices issued for this AY on or after April 1, 2021.
ITAT Bangalore ruled that a co-operative society can claim deduction under Section 57 for costs incurred in earning interest income from banks. Matter was sent back to AO for verification of claim.
Dismissing Revenue’s appeal, the Tribunal held that the assessee’s ₹1.9 crore FDR was a renewal of an earlier deposit used as bank guarantee security and not a new unexplained investment under Section 69.
High Court ruled that an AO’s failure to determine if a unit sale was a slump sale (S.50B) or short-term capital gain (S.50) made the assessment erroneous and reversible under Section 263.
ITAT Chandigarh allows the appeal of Ram Gopal Temple Trust against the CIT(E)’s rejection of its Section 12A registration application, holding that a statute-notified religious institution is not required to furnish a trust deed.
ITAT ruled that Thane Zilla Vidyasevak Sahakari Patpedhi Ltd. is eligible for deduction u/s 80P(2)(d) on Rs. 94.12 lakh interest income earned from deposits in a co-operative bank. Tribunal affirmed that a co-operative bank is classified as a co-operative society for this deduction.
ITAT Mumbai allowed Saurashtra Cement’s appeal, ruling that disallowance under Section 14A r/w Rule 8D cannot be made if Assessee did not earn any exempt income during financial year. Ruling deletes an addition of ₹1.15 crore.
