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 : Transporters can avoid TDS deduction by submitting a declaration confirming ownership of not more than ten goods vehicles. The key...
Income Tax : Highlights that selecting the incorrect portal tab can lead to data mismatches and filing errors. Emphasizes the need to use the c...
Income Tax : Explains how commission-driven incentives in banks lead to mis-selling of financial products. Highlights the need for structural r...
Income Tax : ITAT held that additions based solely on third-party search material without independent evidence or cross-examination are invalid...
Income Tax : A new digital framework is suggested to replace manual Form 121 processes and streamline TDS exemption declarations. The proposal ...
Income Tax : The tax department clarified that no search or restriction was carried out against the individual. It termed the allegations basel...
Income Tax : The issue concerns massive backlog in ITAT caused by unfilled positions and delayed appointments. The intervention highlights that...
Income Tax : The audit found widespread incorrect claims of deductions for bad debts and reserves. It highlights the need for stricter verifica...
Income Tax : This webinar breaks down the major structural and conceptual changes introduced in the new Income Tax Act, 2025. It helps professi...
Income Tax : A representation seeks doubling the SMC threshold due to inflation and higher dispute values. The key takeaway is that increasing ...
Income Tax : The Supreme Court declined to condone delay, thereby upholding the High Court’s conclusion that the liaison office did not const...
Income Tax : The judgment confirms that income from offshore equipment supply is not taxable where transactions occur outside India. The liaiso...
Income Tax : The Tribunal held that lack of awareness of the assessment order and limited knowledge of tax law constituted sufficient cause for...
Income Tax : The Tribunal confirmed addition of unexplained investments where the assessee could not substantiate the source of deposits. The r...
Income Tax : The Tribunal held that wage arrears arising from pay revision constitute an accrued liability from the effective date. The provisi...
Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
Income Tax : CBDT clarified the presentation of error categories in Form U. The update ensures clearer reporting of incorrect income heads and ...
Income Tax : The corrigendum corrects technical errors in multiple ITR schedules, including CG and CYLA. It ensures accurate reporting and smoo...
Income Tax : CBDT corrected multiple clerical and structural errors across income tax return schedules. The changes ensure accurate reporting a...
Rule 26 clarifies when payments exceeding ₹10,000 in cash will not face disallowance under sections 36(4) and 36(5). It outlines specific institutional, agricultural, employee, and banking-related exemptions.
ITAT Indore held that Section 249(4)(b) does not apply in reassessment proceedings where no advance tax obligation arises. The dismissal of appeal without examining merits was set aside and the matter remanded for fresh adjudication.
ITAT Raipur held that Section 249(4)(b) applies only where advance tax was legally payable. In absence of taxable income and advance tax liability, dismissal of appeal was set aside and matter restored for decision on merits.
Rule 25 restricts depreciation to 40% WDV for specified taxpayers opting for concessional tax regimes. The rule clarifies computation method and eligibility conditions.
Rule 24 specifies ownership, government agreement, and operational conditions for a public facility to qualify as an infrastructure facility under Section 32(e), ensuring regulated tax benefits.
Rule 23 introduces a calendar month-based formula for computing the pro rata discount on zero coupon bonds, ensuring accurate year-wise taxation under Section 32(d).
Rules 19 and 20 of the Draft Income-tax Rules, 2026 prescribe an ₹8 lakh gross total income threshold and lay down strict eligibility and compensation limits for claiming deduction on voluntary retirement or separation, ensuring controlled tax relief.
Rule 21 defines unrealised rent as unpaid and irrecoverable rent subject to eviction, non-occupation, and recovery conditions, strengthening evidentiary standards. Rule 22 standardizes the computation of aggregate average advances for rural branches by mandating month-end aggregation and systematic averaging.
This analysis explores how income tax systems attempt to reconcile equal treatment of similarly placed taxpayers with progressive redistribution based on ability to pay. It highlights structural tensions between neutrality and fairness, emphasizing the need for balanced tax design.
Rules 17 and 18 of the Draft Income-tax Rules, 2026 prescribe a ₹4 lakh salary benchmark and lay down detailed hospital and disease conditions for claiming medical perquisite exemptions, ensuring regulated and transparent tax benefits.
