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 new law introduces a structured framework for NPO registration, income application, and taxation. It simplifies compliance but...
Income Tax : Form 41 is now compulsory for non-residents claiming DTAA benefits, replacing Form 10F. The update mandates online filing and ensu...
Income Tax : Notices are increasingly triggered by AIS/TIS mismatches and automated systems. Accurate reporting and reconciliation are key to a...
Income Tax : The new rules replace old form numbers with a structured sequence across categories. The update simplifies compliance and improves...
Income Tax : Tax authorities are increasingly questioning decision logic behind TDS deductions. The lack of recorded reasoning in ERPs makes co...
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 government replaced the six-decade-old law with the Income-tax Act, 2025. The reform aims to simplify compliance through clear...
Income Tax : The issue was whether a reassessment notice issued by a jurisdictional officer instead of a faceless officer is valid. The Court h...
Income Tax : The Tribunal held that addition under Section 41(1) cannot be made without proof of actual cessation of liability. It found that m...
Income Tax : The Tribunal ruled that surrender of tenancy rights occurs only upon receiving new property possession. As possession was given la...
Income Tax : The issue involved taxing capital gains from a development agreement in multiple years. The court held the same income cannot be t...
Income Tax : The Tribunal held that enhancement of income without issuing notice under section 251(2) is invalid. Such action violates principl...
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...
Each spouse must disclose jointly held foreign accounts and securities in Schedule FA, even if only one spouse reports the income. Proper classification as “Beneficiary” for the non-funding spouse avoids penalties and inconsistencies.
Indian ROR taxpayers must disclose all foreign assets and interests in Schedule FA, even if non-taxable abroad. Non-compliance can trigger strict penalties under the Black Money Act, though a ₹20 lakh carve-out now applies.
The Supreme Court ruled that payments under non-compete agreements are revenue expenditures if they protect business without creating new assets. Companies can claim such fees as ordinary business expenses under Section 37(1).
The tribunal held that remuneration received by a professional partner qualifies as professional income. The key takeaway is that such receipts can be taxed under Section 44ADA.
The tribunal held that cash deposits of a petrol pump operator during demonetisation could not be fully treated as unexplained. Only a lump sum addition was sustained, recognizing the business nature of receipts.
Explains when IT services qualify for 44AD or 44ADA, highlighting classification risk and compliance requirements under the “cash ≤ 5%” rule.
Explains deadlines for belated returns and the updated ITR-U window, helping taxpayers avoid escalating additional tax under section 140B.
Explains how holding period over or under 24 months affects capital gains classification and company tax liability on industrial plot sales.
ITO Vs Oval Investment Pvt. Ltd (ITAT Delhi) AIS/Form 10DB Mismatch Not Conclusive- Share & F&O Profits Taxable Only in Real Owner’s Hands- Commission Agent Cannot Be Taxed on Principal’s Trading Income dismissed the Revenue’s appeal and upheld deletion of additions aggregating to ₹4.13 crore, holding that share trading, F&O and dividend income belonged to the […]
Chennai ITAT held that reassessment notices issued by a JAO after 29-03-2022 are invalid under the mandatory faceless assessment framework, quashing all consequential orders while preserving the Revenue’s right to revive proceedings if Apex Court rules otherwise.
