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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


Don’t Blindly Trust Form 16: One Small Error Can Trigger a Huge Tax Demand

Income Tax : The case demonstrates how an incorrect exemption claim based on Form 16 led to scrutiny and penalty proceedings. The Tribunal ulti...

June 15, 2026 396 Views 0 comment Print

Advance Tax Provisions, Challan, e-payment Utility & Examples

Income Tax : This article explains the advance tax provisions under the Income-tax Act, including liability thresholds, exemptions, and instalm...

June 15, 2026 194961 Views 14 comments Print

Income Tax Offences liable to prosecution

Income Tax : This article outlines major offences under the Income-tax Act that may result in prosecution, including tax evasion, non-payment o...

June 15, 2026 58691 Views 4 comments Print

Power of Commissioner to Reduce or Waive Income Tax Penalty

Income Tax : This article explains the statutory powers of the Principal Commissioner or Commissioner to waive or reduce penalties in genuine c...

June 15, 2026 64978 Views 3 comments Print

Decoding Exempt Incomes Under Income Tax Act, 2025: From Section 10 to 11

Income Tax : Summary: The Income Tax Act, 2025 introduces a significant structural reform by relocating the exempt income provisions previousl...

June 15, 2026 90 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 6106 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 258 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 1743 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 3813 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 3993 Views 0 comment Print


Latest Judiciary


Bangalore ITAT Quashes ₹2.61 Crore Addition; No Addition Possible Without Even Identifying the Bank Account

Income Tax : The ITAT condoned the delay after finding that assessment and appellate notices were sent to incorrect email addresses. The ruling...

June 15, 2026 Views 0 comment Print

Bangalore ITAT Deletes ₹1.13 Crore Cash Deposit Addition; Mere Suspicion Cannot Override Accepted Books

Income Tax : The ITAT observed that invoking the test of human probabilities cannot replace factual verification of books and bank records. Add...

June 15, 2026 30 Views 0 comment Print

No Escape from TDS on Identified Year-End Provisions; ITAT Grants Relief Where Tax Paid Before Return Due Date

Income Tax : The ITAT found that provisions for identified legal and professional expenses represented crystallized liabilities requiring TDS d...

June 15, 2026 30 Views 0 comment Print

Bombay HC Condones 113-Day Delay in Form 10B Filing Due to COVID 

Income Tax : The Court held that the delay in e-verification of Form 10B during the pandemic was supported by bona fide reasons. It ruled that ...

June 15, 2026 57 Views 0 comment Print

Entire Unaccounted Sales Cannot Be Taxed as Only Profit Element Is Assessable: ITAT Delhi

Income Tax : The Delhi ITAT held that the full value of unaccounted sales cannot automatically be treated as taxable income. It restricted the ...

June 15, 2026 36 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 48012 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 678 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 540 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 198 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 162 Views 0 comment Print


Interest expense on perpetual bonds allowable as deduction

October 3, 2022 2751 Views 0 comment Print

ITAT Mumbai held that mere RBI recognition of debt instrument as additional tier/ capital doesn’t change the nature of perpetual debt instrument. Hence, interest expenses on perpetual bonds, allowable as deduction under Section 36(1)(iii) of the Income Tax Act, 1961

Declared additional income taxable as business income & not deemed income

October 3, 2022 1665 Views 0 comment Print

ITAT Bangalore Held that declared additional income offered to tax as business income is sustainable when the only source of income is business income. Hence, the provisions of section 115BBE cannot be invoked to tax the income as ‘deemed income’.

No late fees under section 234 E of IT Act,1961 on TDS default before 01/06/2015

October 3, 2022 1089 Views 0 comment Print

Fee u/s. 234E for filing TDS returns belatedly could not be levied prior to 01/06/2015 as there was no machinery provision of sec. 200A .

Section 68 Additions Justified if Assessee fails to Prove Genuineness of Unsecured Loan

October 3, 2022 7479 Views 0 comment Print

Where assessee-firm claimed to have received unsecured loans during relevant years, however, it could not prove genuineness of unsecured loan taken and underneath sources for making these investments, addition made by Assessing Officer under section 68 was justified

Order Passed By AO not Erroneous if passed After Duly Examining Claim of Assessee

October 3, 2022 1116 Views 0 comment Print

Where Assessing Officer, after following directions of Principal Commissioner regarding examining of claim made by assessee for exemption under section 54F, passed an assessment order under section 143(3) read with section 263 holding that assessee was eligible for exemption as it held only one residential property during year, subsequent revision order passed by Principal Commissioner setting aside impugned assessment order as erroneous and prejudicial to interest of revenue was to be quashed

Section 54F Exemption allowable if Property is of Commercial Nature

October 3, 2022 15894 Views 0 comment Print

In case, Assessing Officer finds that if property is accounted in books of firm M/s. S.P. Hospital as a commercial property and the property is used for the purpose of hospital, then the Assessing Officer is directed to allow deduction under section 54F of the Act.

Section 269SS & 269T (Clause 31 TAR Form 3CD) Info Collection Excel Sheet

October 3, 2022 46086 Views 0 comment Print

The section 269SS and 269T of the Income Tax Act, 1961 prohibits acceptance / repayment of loan, deposit, specified sum etc. otherwise than by an account payee cheque, account payee bank draft, ECS through bank account etc. The violation of the above provisions may attract stringent penalty under section 271D and 271E respectively. The clause […]

Understanding Important Tax Audit Reporting Clauses with Funny QAs

October 2, 2022 12867 Views 0 comment Print

Understand important tax audit reporting clauses with funny Q&As. Learn and enjoy the Form 3CD Annexure in the Tax Audit Report (TAR) in a humorous and useful way.

Indexation benefit on installments paid allowed from flat date allotment

October 2, 2022 32811 Views 2 comments Print

Assessee was entitled to the benefit of indexation on the total cost of acquisition from the year of allotment of flat dehors the fact that assessee had paid installments over a period of time subsequent to the date of allotment.

Income from operating & maintaining IT Park is taxable as business income

October 2, 2022 1089 Views 0 comment Print

Income from letting out of premises/developing space along with other facilities in an industrial park, SEZ is taxable under business income

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