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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


Presumptive Audit Controversy: Profit Trigger vs Turnover Trigger

Income Tax : The issue concerns whether declaring profits below the presumptive rate automatically triggers tax audit or whether turnover thres...

June 16, 2026 21 Views 0 comment Print

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 1665 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 195402 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 58940 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 65197 Views 3 comments 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 6115 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 267 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 1749 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 3816 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 4005 Views 0 comment Print


Latest Judiciary


ITAT Upholds Section 270A Penalty as Assessee Failed to File Return Despite TDS on Interest Income

Income Tax : The ITAT ruled that deduction of TDS does not excuse failure to file an income tax return. The decision emphasizes that income dis...

June 16, 2026 24 Views 0 comment Print

ITAT Condones Appeal Delay as Income Tax Portal Glitches Constituted Sufficient Cause

Income Tax : The Tribunal held that technical glitches on the income tax portal, coupled with grievances raised by the taxpayer, justified cond...

June 16, 2026 57 Views 0 comment Print

PCIT’s 263 Order Quashed: Goodwill Depreciation Allowed in Slump Sale Acquisition

Income Tax : The ITAT upheld depreciation on goodwill arising from a slump sale acquisition after finding that the business was acquired throug...

June 16, 2026 51 Views 0 comment Print

Canara Bank Wins on Multiple Tax Issues; Bangalore ITAT Dismisses Revenue’s 18 Grounds of Appeal

Income Tax : The Tribunal held that the MAT provisions under Section 115JB do not apply to banking companies, following binding precedents in t...

June 16, 2026 54 Views 0 comment Print

No PAN of Farmers? No Problem: ITAT Deletes Ad Hoc Addition on Agricultural Commodity Purchases

Income Tax : The Tribunal ruled that audited books and quantitative reconciliation supported the genuineness of agricultural commodity purchase...

June 16, 2026 87 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 48363 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 687 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 549 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 204 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 165 Views 0 comment Print


Extend due date for filing Income-tax returns/Tax Audit Report

December 11, 2021 47580 Views 4 comments Print

Maharashtra Tax Practitioners’ Association has made an Appeal for extension of due date for furnishing of Income-tax returns, Tax audit reports etc. & also represented on Issues faced by us after launching of new website. MAHARASHTRA TAX PRACTITIONERS ASSOCIATION (Formerly known as The Western Maharashtra Tax Practitioners’ Association) “Dnyan Mandir”, Yadav Vyapar Bhavan, Shivaji Road, […]

Deferred Tax VS Accounting Standards

December 11, 2021 6936 Views 0 comment Print

Pre-financial Income derived by Financial Books will differ with Taxable Income. This difference in taxable liability is temporary imbalance between reported amount of Income and its taxable income. This difference in Tax deferred in the Books of accounts, according to the case, and is termed as Deferred Tax.

I-T dept Searches prominent real estate group of Surat

December 11, 2021 1026 Views 0 comment Print

Income Tax Department conducts search operations in Gujarat The Income Tax Department initiated search and seizure operation on 03.12.2021 on a prominent group of Surat, engaged in the business of construction of residential and commercial complexes, land transactions as well as real estate financing. The search action covered more than 40 premises spread over Surat and Mumbai. During the […]

Income Tax Department detects bogus purchases of around Rs. 250 crore

December 11, 2021 3093 Views 0 comment Print

Income Tax Department conducts search operations in West Bengal The Income Tax Department initiated search operation in the case of two major manufacturers and suppliers of refined lead, lead alloys and lead oxides on 07.12.2021. The search operation covered 24 premises spread over in the states of West Bengal and Uttar Pradesh. During the search and seizure action, […]

Tax Audit Applicability with Intricacies of Section 44AB, 44AD & 44ADA

December 11, 2021 39747 Views 2 comments Print

TAX AUDIT PROVISIONS ARE GOVERNED BY SECTION 44AB, 44AD AND 44ADA. If you see Section 44AB, then it provides that every business need to go for Tax audit if more than Rs. 1 crore Turnover in Previous year. However from AY 2021-22 every person carrying on business, whose turnover does not exceed Rs. 10 Crore, is not required to get their […]

Bombay HC decodes Non Obstante Clause

December 11, 2021 4248 Views 0 comment Print

Small Industries Development Bank of India Vs Central Board of Direct Taxes (Bombay High Court) Bombay high court in income tax matter in case of SIDBI vs CBDT … Explaining at length operative impact of non obstante clause A non-obstante clause is generally appended to a Section with a view to give the enacting part […]

Legality of roping in unconnected third party in Income Tax Search & Seizure action

December 10, 2021 5538 Views 0 comment Print

Legality of roping in an unconnected third party in the rigors of an Income Tax Search and Seizure action (including bank lockers of such unconnected third parties) Introduction:- The authority and power to conduct search and seizure operations is strident and caustic power authorized by law to be taken recourse to when the conditions mentioned […]

Extend Due Date for filing of Form GSTR 9, GSTR 9A & GSTR 9C

December 10, 2021 44310 Views 4 comments Print

That the due date for submission of Annual Return in Form GSTR-9, 9A and Reconcilation Statement in Form GSTR-9C (self-certified) reconciling the Annual Turnover with audited financial statement is 31st Dec., 2021 for the period from 01.04.2020 to 31.03.2021.

CBDT notifies Rule 21AK- Conditions for clause (4E) of section 10

December 10, 2021 2841 Views 0 comment Print

Rule 21AK. Conditions for the purpose of clause (4E) of section 10.- (1) The income accrued or arisen to, or received by, a non-resident as a result of transfer of non-deliverable forward contracts under clause (4E) of section 10 of the Act, shall be exempted subject to fulfillment of the following conditions, namely: ─

HC expresses displeasure on casual and don’t care approach of Revenue

December 10, 2021 1761 Views 0 comment Print

Bombay HC’s stern remarks on casual approach by Revenue in Amrutlal V. Rukhana Vs. Rao Ranvijay Singh, CIT. Lack of assistance results in loss of public money.

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