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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


Has Income-tax Act, 2025 Replaced Income-tax Act, 1961?

Income Tax : The Income-tax Act, 2025 has officially replaced the Income-tax Act, 1961 from 1st April 2026. The new law focuses on simplified l...

May 25, 2026 183 Views 1 comment Print

All About Exempted Income and Deductions under New Income Tax Act, 2025

Income Tax : The Income Tax Act 2025 has overhauled the 1961 law by introducing new section numbers, a unified “Tax Year,” and simplified c...

May 25, 2026 468 Views 0 comment Print

Income Tax Act 2025: SFT Reporting, PAN Rules, Faceless Assessments & Revision Powers

Income Tax : The Income Tax Act 2025 introduces mandatory reporting of high-value gifted immovable properties exceeding ₹45 lakh. The amendme...

May 25, 2026 630 Views 0 comment Print

Agricultural Land Also Covered Under Section 56(2)(x): ITAT Surat

Income Tax : The ITAT Surat held that agricultural land qualifies as “immovable property” under Section 56(2)(x) since the provision covers...

May 25, 2026 285 Views 0 comment Print

How TDS on Purchase of Goods Changed Business Compliance in India?

Income Tax : Businesses now face stricter seller-wise tracking, PAN verification, and reconciliation obligations under TDS on purchase provisio...

May 25, 2026 192 Views 0 comment Print


Latest News


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 3228 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 3804 Views 0 comment Print

Errors in New TDS Challans Under Income Tax Act 2025 Create Compliance Risks

Income Tax : The updated TDS challan system reportedly displays incorrect interest-related options under the Company Deductee category. Taxpaye...

May 7, 2026 1209 Views 0 comment Print

Direct Tax Collections for F.Y. 2025-26 as on 31.03.2026

Income Tax : The data shows a steady increase in net direct tax collections driven by higher corporate and non-corporate tax revenues. It highl...

May 5, 2026 540 Views 0 comment Print

Mandatory Time Limit for Appeal Disposal Suggested Due to Huge Pendency Before CIT(A)

Income Tax : The issue highlights delays caused by non-binding timelines in appellate proceedings. It proposes mandatory limits to ensure faste...

May 2, 2026 891 Views 0 comment Print


Latest Judiciary


Section 271D Penalty Cannot Survive After Reassessment Itself is Quashed: Mumbai ITAT

Income Tax : ITAT Mumbai ruled that once reassessment proceedings are quashed as void ab initio, the satisfaction recorded therein for initiati...

May 25, 2026 66 Views 0 comment Print

Entire Time-Share Membership Fee Cannot Be Taxed in Year of Receipt: Madras HC

Income Tax : The Madras High Court held that membership fees received for long-term time-share agreements could not be fully taxed in the first...

May 25, 2026 3 Views 0 comment Print

ITAT Quashes Reassessment over Incorrect PAN & for Non-Consideration of Reply

Income Tax : The ITAT Chandigarh held that reassessment proceedings initiated under an incorrect and obsolete PAN suffered from a jurisdictiona...

May 25, 2026 9 Views 0 comment Print

Wholesale & Retail Markets Cannot Be Treated Alike for TP Benchmarking: ITAT Delhi

Income Tax : ITAT Delhi deleted transfer pricing adjustments after holding that retail and after-sales businesses could not be compared with wh...

May 25, 2026 12 Views 0 comment Print

Bombay HC Quashes Section 271-D Penalty as Quantum Appeal Was Pending

Income Tax : The Bombay High Court held that penalty proceedings under Section 271-D cannot continue independently when the appeal against the ...

May 25, 2026 24 Views 0 comment Print


Latest Notifications


CBDT Revises monetary limits for jurisdiction of Wards & Circles in JAO charges in Delhi

Income Tax : The Income Tax Department increased monetary thresholds for assigning cases between ITOs and D/ACITs in Delhi Region. The revised ...

May 16, 2026 1248 Views 0 comment Print

CBDT Grants Section 35 Approval to Shree Hari Arogyam Foundation

Income Tax : The Principal Chief Commissioner of Income Tax (Exemptions) approved the company under Section 35(1)(iia) for scientific research ...

May 15, 2026 210 Views 0 comment Print

Mandatory PAN Requirement Introduced for Post Office Transactions Under Income Tax Rules 2026

Income Tax : The consolidation into Form 121 introduces stricter documentation and reporting obligations. The decision emphasizes accountabilit...

April 27, 2026 1050 Views 0 comment Print

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 16, 2026 1389 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 13, 2026 4200 Views 0 comment Print


Section 11 Exemption Issue Restored – AO Failed to Examine Charitable Claim Beyond Mutuality – ITAT Mumbai

February 21, 2026 441 Views 0 comment Print

The Tribunal set aside denial of exemption where authorities taxed interest and other receipts without examining eligibility under Section 11. The issue was remanded for fresh adjudication.

Additions Based Solely on Investigation Report & Assumed 3% Commission Unsustainable: ITAT Mumbai

February 21, 2026 729 Views 0 comment Print

ITAT Mumbai deleted ₹2 crore additions, holding assessment based solely on third-party investigation report and assumed 3% commission unsustainable without independent evidence or proof under Sec 69A.

Bogus Purchase Disallowance – Issue of 12.5% vs 100% Addition Remanded to CIT(A) for Fresh Fact Verification – ITAT Mumbai

February 21, 2026 408 Views 0 comment Print

The Tribunal found inconsistencies in the CIT(A)’s findings while restricting addition to 12.5% of purchases. As key facts were not properly examined, the issue was restored for fresh adjudication.

Penalty U/s 271(1)(c) Deleted – Bogus Purchase Additions Based on Estimation Cannot Trigger Penalty – ITAT Mumbai

February 21, 2026 699 Views 0 comment Print

he Tribunal emphasized that assessment and penalty proceedings are distinct and strict proof of concealment is required. Estimated additions alone cannot justify penalty under Section 271(1)(c).

Manual Signing in E-Proceedings Violates CBDT Instruction 1/2018 – Reassessment U/s 147/143(3) Quashed, ITAT Delhi

February 21, 2026 888 Views 0 comment Print

The Tribunal ruled that assessment orders in e-proceedings must be digitally signed as per CBDT instructions. A manually signed order was held illegal and liable to be quashed.

Delay in Form 67 Not Fatal – Foreign Tax Credit to be Allowed: ITAT Mumbai

February 21, 2026 606 Views 0 comment Print

ITAT Mumbai allowed foreign tax credit of ₹90,208 despite delay in filing Form 67, holding Rule 128 directory and procedural lapse cannot defeat substantive Sec 90/DTAA claim.

Alleged Cash On-Money Addition Deleted – Third-Party Pen Drive & Statements Without Cross-Examination or Direct Evidence Insufficient – ITAT Mumbai

February 21, 2026 981 Views 0 comment Print

The Tribunal ruled that entries found in a third-party pen drive cannot justify addition without independent corroboration. Failure to allow cross-examination violated principles of natural justice, leading to deletion.

Faceless Assessment under Income Tax Act: Transparency or Trouble?

February 21, 2026 963 Views 0 comment Print

Introduced to eliminate human interface and enhance accountability, faceless assessment has improved digital transparency but raised concerns over natural justice and technical glitches.

Section 54 Exemption Allowed – Possession Date of Under-Construction Flat Relevant, Not Agreement Date – ITAT Mumbai

February 21, 2026 1095 Views 0 comment Print

The Tribunal held that the relevant date for Section 54 is possession of the new residential house, not the agreement date. Since possession was taken within two years of sale, exemption was allowed.

Concept of Income under the Income Tax Act 1961

February 21, 2026 1248 Views 0 comment Print

This article explains how Section 2(24) adopts an inclusive definition of income, covering monetary, non-monetary, and even illegal gains. It highlights key judicial doctrines that determine taxability.

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