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 : The Income-tax Act, 2025 has officially replaced the Income-tax Act, 1961 from 1st April 2026. The new law focuses on simplified l...
Income Tax : The Income Tax Act 2025 has overhauled the 1961 law by introducing new section numbers, a unified “Tax Year,” and simplified c...
Income Tax : The Income Tax Act 2025 introduces mandatory reporting of high-value gifted immovable properties exceeding ₹45 lakh. The amendme...
Income Tax : The ITAT Surat held that agricultural land qualifies as “immovable property” under Section 56(2)(x) since the provision covers...
Income Tax : Businesses now face stricter seller-wise tracking, PAN verification, and reconciliation obligations under TDS on purchase provisio...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : The updated TDS challan system reportedly displays incorrect interest-related options under the Company Deductee category. Taxpaye...
Income Tax : The data shows a steady increase in net direct tax collections driven by higher corporate and non-corporate tax revenues. It highl...
Income Tax : The issue highlights delays caused by non-binding timelines in appellate proceedings. It proposes mandatory limits to ensure faste...
Income Tax : ITAT Bangalore held that sale of 25 plots did not amount to an adventure in the nature of trade because the properties were held f...
Income Tax : The Tribunal held that joint ownership alone cannot restrict Section 54 deduction where the entire source of investment for the ne...
Income Tax : The Tribunal ruled that under-reported income must be calculated as the difference between assessed income and income processed un...
Income Tax : The Tribunal deleted penalty under Section 271(1)(c) after substantially deleting the unexplained cash credit addition under Secti...
Income Tax : The Tribunal observed that delays in completion of housing projects by builders cannot deprive a taxpayer of Section 54 benefits w...
Income Tax : The Income Tax Department increased monetary thresholds for assigning cases between ITOs and D/ACITs in Delhi Region. The revised ...
Income Tax : The Principal Chief Commissioner of Income Tax (Exemptions) approved the company under Section 35(1)(iia) for scientific research ...
Income Tax : The consolidation into Form 121 introduces stricter documentation and reporting obligations. The decision emphasizes accountabilit...
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...
This article explains how residential status governs whether global income or only Indian income is taxable. It clarifies the classification rules for individuals and companies under Indian tax law.
The Tribunal held that mere booking of flats and receipt of token advances do not justify revenue recognition under the Percentage Completion Method without legally enforceable agreements.
The Court held that Section 119(2)(b) empowers condonation to avoid genuine hardship and rejected a hyper-technical denial of tax benefit. Delay in filing Form 10-IC was condoned and Section 115BAA benefit restored.
ITAT held that the 10% tolerance band under property valuation provisions applies retrospectively. The PCIT’s revision was set aside as it amounted to a change of opinion.
The Court ruled that an assessee cannot invoke Section 139(8A) after initiation of assessment proceedings under Section 143(2). It affirmed the disallowance of deductions and held that appeal is the proper remedy.
The Supreme Court upheld the High Court’s ruling that reassessment beyond three years requires sanction under Section 151(ii). Notices issued with approval from the wrong authority were invalid.
The Delhi High Court held that reassessment beyond three years requires approval under Section 151(ii). Notices issued with approval from the wrong authority were set aside.
The Supreme Court dismissed the Revenue’s plea and affirmed that TCS under Section 206C(1C) applies only to lease or licence holders paying royalty, not to offenders paying compounding fines.
The High Court held that TCS under Section 206C(1C) applies only to lease or licence holders paying royalty, not to offenders paying compounding fines. ITAT’s demand of TCS, interest, and penalty was set aside.
The Court held that reassessment proceedings cannot be quashed merely due to factual disputes. In absence of jurisdictional defect, the matter must be adjudicated by the Assessing Officer.
