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 Tribunal held that failure to issue a jurisdictional transfer order under Section 127 invalidates the assessment. It ruled tha...
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 : 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...
The Tribunal ruled that suspicion based on penny stock lists is insufficient to sustain additions. Revenue must prove real purchase and sale transactions through demat and banking records.
The Tribunal held that where consideration for a flat is paid through banking channels, stamp duty value as on the date of allotment must be adopted. Addition under Section 56(2)(x) based on registration-year valuation was quashed.
Upholding the CIT(A)s order, the Tribunal held that settled law bars additions made without factual verification. The case reinforces strict limits on arbitrary taxation of loan transactions.
ITAT deleted disallowance of depreciation, loan interest, and fuel expenses after finding cars were registered in the company’s name. Ad-hoc personal use disallowance without evidence was held unsustainable.
The Tribunal held that for years where assessments were already completed, additions under Section 153A cannot survive without incriminating material found during search. Large additions based on third-party statements and assumptions were therefore deleted.
The Tribunal held that interest on income-tax refund is taxable in the year of receipt and qualifies for Section 80-IA deduction, regardless of the year to which the refund relates.
The case examined whether short delays in filing mandatory exemption forms during the pandemic could be condoned. The High Court held that minor delays caused by COVID-19 were condonable and directed reprocessing of the return with exemption benefits.
The Tribunal held that a deduction cannot be disallowed merely due to delayed filing of Form 10CCB when it was available before processing. Procedural delay does not defeat a valid deduction claim.
Since the statutory notice under section 143(2) was issued by a non-jurisdictional officer, the assessment collapsed. The ruling affirms that valid notice by the competent authority is a sine qua non.
The Tribunal ruled that additions made on issues beyond limited scrutiny were without authority since proper conversion to complete scrutiny was not followed. The key takeaway is that violating CBDT instructions renders the entire assessment void.
