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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


Old vs New Income Tax Regime: 7 Costly Mistakes to Avoid in FY 2026-27

Income Tax : Key mistakes taxpayers should avoid when choosing between old and new tax regimes for FY 2026-27, including deductions, deadlines,...

April 19, 2026 7764 Views 0 comment Print

Choose Your Subcontractor Wisely: A Costly ITAT Lesson

Income Tax : ITAT Kolkata remands case on disallowance of subcontractor expenses, stressing need for evidence, due diligence, and verification ...

April 19, 2026 2403 Views 0 comment Print

Concise Manual for Non-Profit Organizations under Income Tax Act 2025

Income Tax : The new law introduces a structured framework for NPO registration, income application, and taxation. It simplifies compliance but...

April 18, 2026 561 Views 0 comment Print

Form 41 for DTAA Claims: Complete Guide under Income Tax Act 2025  

Income Tax : Form 41 is now compulsory for non-residents claiming DTAA benefits, replacing Form 10F. The update mandates online filing and ensu...

April 18, 2026 2943 Views 0 comment Print

Notices under New Income Tax Act 2025 – Step-by-Step Response Guide

Income Tax : Notices are increasingly triggered by AIS/TIS mismatches and automated systems. Accurate reporting and reconciliation are key to a...

April 18, 2026 165 Views 0 comment Print


Latest News


CAAS Moves Supreme Court on ITAT Vacancies

Income Tax : The issue concerns massive backlog in ITAT caused by unfilled positions and delayed appointments. The intervention highlights that...

April 18, 2026 210 Views 0 comment Print

Massive Tax Irregularities Found Due to Improper Deductions by Banks & NBFCs: CAG

Income Tax : The audit found widespread incorrect claims of deductions for bad debts and reserves. It highlights the need for stricter verifica...

April 6, 2026 3300 Views 0 comment Print

Free Live Webinar: Decoding the New Income Tax Act, 2025

Income Tax : This webinar breaks down the major structural and conceptual changes introduced in the new Income Tax Act, 2025. It helps professi...

April 5, 2026 7935 Views 0 comment Print

Representation for enhancement of monetary limit for SMC cases before ITAT

Income Tax : A representation seeks doubling the SMC threshold due to inflation and higher dispute values. The key takeaway is that increasing ...

April 4, 2026 870 Views 0 comment Print

Income-tax Act, 2025 comes into force from 1st April, 2026

Income Tax : The government replaced the six-decade-old law with the Income-tax Act, 2025. The reform aims to simplify compliance through clear...

April 4, 2026 3516 Views 1 comment Print


Latest Judiciary


Interest on deposits linked to business setup was capital receipt and not taxable as ‘Income From Other Sources’

Income Tax : Interest earned on funds kept in bank during business setup, when those funds were directly linked to the project, was a capital r...

April 20, 2026 63 Views 0 comment Print

HC Upholds Delay Condonation u/s 119(2)(b) with Clarification on Successor Status; Not a Precedent

Income Tax : Karnataka High Court upholds condonation of delay u/s 119(2)(b) in IMA scam recovery case, clarifies respondent as successor/repre...

April 20, 2026 36 Views 0 comment Print

Reassessment on Deceased Assessee Invalid: HC Quashes Entire Proceedings, Permits Fresh Action Against LRs

Income Tax : Karnataka High Court quashes reassessment as Sec 148A(b) notice issued to deceased is void ab initio; all proceedings set aside, l...

April 20, 2026 60 Views 0 comment Print

Sec 69 Addition Set Aside for Reconsideration: HC Allows Fresh Evidence on Alleged Unexplained Investment

Income Tax : Karnataka High Court sets aside ₹45 lakh Sec 69 addition, remands to ITAT to consider fresh evidence on property transaction and...

April 20, 2026 39 Views 0 comment Print

HC Flags “Catch-22” in TDS Prosecution; Directs Liquidator to Act, Grants Limited Protection

Income Tax : Karnataka High Court flags catch-22 in TDS prosecution of ex-MD post-liquidation; directs Official Liquidator to act on representa...

April 20, 2026 111 Views 0 comment Print


Latest Notifications


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 17, 2026 543 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 15, 2026 1617 Views 0 comment Print

Corrigendum to Notification of Income tax return Form U

Income Tax : CBDT clarified the presentation of error categories in Form U. The update ensures clearer reporting of incorrect income heads and ...

April 11, 2026 429 Views 0 comment Print

Corrigendum to Notification of Income tax return Form 7 (ITR 7)

Income Tax : The corrigendum corrects technical errors in multiple ITR schedules, including CG and CYLA. It ensures accurate reporting and smoo...

April 11, 2026 150 Views 0 comment Print

Corrigendum to Notification of Income tax return Form 6 (ITR 6)

Income Tax : CBDT corrected multiple clerical and structural errors across income tax return schedules. The changes ensure accurate reporting a...

April 11, 2026 153 Views 0 comment Print


“Borrowed Satisfaction” for “Reason to believe” for reopening U/s 148 of I.Tax Act 1961

July 27, 2019 8232 Views 0 comment Print

Many a time reassessment proceedings are quashed or additions made in such proceedings are deleted by the Appellate Authorities much to the dismay of the Assessing Officers. One prime reason for such adverse appellate orders are on the ground of ‘borrowed satisfaction’ in much as the drafting of recorded reason to initiate the proceedings does not bring out satisfaction of the Assessing Officer himself .

Assessment of Bogus Purchases

July 27, 2019 28716 Views 0 comment Print

Surinder Jit Singh Chief Commissioner of Income Tax-3, New Delhi sjsingh59@gmail.com Surinder Jit Singh is graduate in Mechanical Engineering from Punjab Engineering College in 1981 and joined Income Tax Department in 1984 as an IRS officer and has worked at Chandigarh, Ludhiana, Pune, Bombay, Amritsar and at Delhi in various capacities including on the post […]

Section 54 Exemption cannot be denied for fault of developer

July 27, 2019 1530 Views 0 comment Print

Assessee was entitled to exemption under section 54 even if he had not taken possession nor the purchase deed had been executed within the period of three years because  the delay in obtaining possession and getting purchase deed executed was on account of the developer and was by reason beyond the control of assessee. 

Post-Liberalisation Direct Tax Reforms in India

July 27, 2019 6399 Views 0 comment Print

Ajai Das Mehrotra Pr. Chief Commissioner of Income Tax, Gujarat ahmedabad.pccit@incometax.gov.in Sh.Ajai Das Mehrotra, is an IRS officer of 1984 batch and is currently posted as Principal Chief Commissioner of Income Tax, Gujrat. He had worked extensively in the field of Assessment, Investigation and other direct taxation fields. He had attended 49th National Defence College […]

Addition u/s 69B justified in respect of unaccounted money paid in cash to sellers of land

July 27, 2019 4365 Views 0 comment Print

Addition under section 69B of unaccounted money invested in purchase of land by assessee by paying in cash to sellers of land was justified as assessee-purchaser had no evidence to controvert the same.

Section 194I of Income Tax Act, 1961 – TDS on Rent

July 26, 2019 406536 Views 11 comments Print

Section 194I was inserted vide the Finance Act, 1994. The present article covers the important section 194-I of the Income Tax Act, 1961, which deals with the provisions of ‘TDS on Rent’. Meaning of the term ‘Rent’ –  Before going into the nitty-gritty of the provisions of section 194-I of the Income Tax Act, 1961, first […]

Section 54/54F: New residential house need not be purchased by assessee in his own name

July 26, 2019 10260 Views 0 comment Print

Mrs. A. Vijayakumari Vs ITO (ITAT Chennai) The provisions of section 54 of the Act are beneficial and are to be considered liberally for reasonable bonafide cause but investment in residential property is mandatory which is not in dispute in this case. The Assessing Officer was not justified in rejecting the case law relied on […]

Extension of timeline for completion of assessments in OCM cases

July 26, 2019 1677 Views 0 comment Print

Extension of timeline for completion of assessments in OCM cases where no return has been filed in response to notice u/s.142(1) of the Income-tax Act,1961(‘Act’) and the assessments have to be completed u/s.144 of the Act

Tax Benefits on Home Loan for Joint Owners

July 26, 2019 36372 Views 10 comments Print

Income Tax benefits on Housing Loan for Joint Owner of Rs. 2 Lakh each Section 24(b) of Income Tax Act, 1961 (amended) Conditions for claiming Interest on Home Loan ↓ 1. Income Tax benefits on a joint home loan can be claimed by all the joint owners. 2. Ownership is required for joint owners i.e. […]

TDS Returns – Form 24Q – Amendments

July 26, 2019 7131 Views 0 comment Print

> Form 24Q is categorised in to 2 categories Annexure 1- Annexure 1 of Form 24Q has to be filed in each and every quarter with the details of dedcutee wise breakup of TDS against each specific challan Annexure 2 Annexure 2 of Form 24Q has to be filed only in Quarter 4 with the […]

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