Follow Us:

Income Tax

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


ITAT Quashes Section 153C Assessment Due to Lack of Independent Satisfaction

Income Tax : ITAT Jaipur held that proceedings under Section 153C are invalid where the Assessing Officer merely reproduces information from th...

June 20, 2026 51 Views 0 comment Print

FAQs on intimation under section 143(1) of Income Tax Act, 1961

Income Tax : The Income Tax Department explains how CPC processes returns under Section 143(1) by correcting apparent errors and incorrect clai...

June 20, 2026 6804 Views 0 comment Print

New Tax Audit Form 26 Expands Stock Reporting Requirements in 2026-27

Income Tax : Tax Audit Form 26 now requires reporting of both quantity and value of principal stock, purchases, and sales. The key takeaway is ...

June 19, 2026 567 Views 0 comment Print

Applicability of Section 332(1) of Income Tax Act, 2025 for Educational Institutions Covered by Schedule VII Sl. No. 19

Income Tax : This article examines whether educational institutions with receipts up to Rs. 5 crore must obtain RNPO registration to claim exem...

June 19, 2026 156 Views 0 comment Print

Redeemed My ELSS Fund After 3 Years – Is Gain Taxable & How Much?

Income Tax : This article explains why ELSS redemption gains are taxable despite offering tax deductions at the time of investment. It highligh...

June 19, 2026 153 Views 0 comment Print


Latest News


Advance Tax Collections Grow 15.30% due to Higher Corporate Tax Payments

Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...

June 19, 2026 147 Views 0 comment Print

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 6157 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 276 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 1833 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 3900 Views 1 comment Print


Latest Judiciary


ITAT Grants Full TDS Credit Despite Employer’s Failure to Deposit Tax

Income Tax : The Tribunal ruled that tax demand cannot be raised against an employee where TDS was deducted from salary but not deposited by th...

June 20, 2026 Views 0 comment Print

ITAT Deletes Bogus LTCG Addition on Green Crest Shares; Suspicion Cannot Replace Evidence

Income Tax : The Mumbai ITAT deleted the addition alleging bogus long-term capital gains from penny stock transactions after finding no evidenc...

June 20, 2026 9 Views 0 comment Print

TDS Under Section 194J Upheld for Coaching Institute Faculty

Income Tax : ITAT Cochin ruled that faculty engaged by a coaching institute were independent professionals and not employees. It held that TDS ...

June 20, 2026 27 Views 0 comment Print

Bad Debt Deduction Allowed as Effective Write-Off Need Not Close Debtor Account

Income Tax : The Bombay High Court held that bad debt deduction cannot be denied where the debt was effectively written off through accounting ...

June 20, 2026 27 Views 0 comment Print

No Section 270A Penalty if AO Did Not Specify Under-Reporting or Misreporting

Income Tax : The ITAT held that the Assessing Officer must clearly indicate whether the alleged default is under-reporting or misreporting, as ...

June 20, 2026 36 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 49182 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 753 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 591 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 228 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 183 Views 0 comment Print


No Section 271AAB penalty In absence of mechanism to report investment in tax return

August 21, 2019 1146 Views 0 comment Print

Where assessee was not required to maintain any books of account and there was no mechanism to report the investment in the tax return, the said investment could not be held as undisclosed investment and more so, undisclosed income so defined in section 271AAB, therefore, investment so found in purchase of Villa could not be termed as undisclosed income within the meaning of “undisclosed income” and penalty levied thereon was liable to be set aside.

Delay in depositing tax under IDS, 2016 for personal reasons cannot be condoned

August 21, 2019 3687 Views 0 comment Print

Sadhana R. Jain Vs CBDT & Anr (Bombay High Court) Reading of the  CBDT Circular dt. 28-3-2017, it would clearly emerge that while providing for a limited window, in cases where payments were made through banking channels but the deposit was made by the bank in the Government revenue few days after 30-11-2016 to condone […]

Tax administration not expected to collect taxes based on ignorances of assessee

August 21, 2019 1644 Views 0 comment Print

Shri Dilpreet Singh Vs ITO (ITAT Chandigarh) Section 148 Conclusive proof as to escapement of income at notice stage not required At the stage of issue of notice under section 148 of Income Tax Act, 1961, the only question to be seen is whether there was relevant material, on the basis of which a reasonable […]

Expense on Valuation of Know-How allowable under section 37(1)

August 21, 2019 2391 Views 0 comment Print

M/s. Theis Precision Steel India Private Limited Vs ITO (ITAT Mumbai) From perusal of Section 37 of the Act, we find that all expenditure incurred in the course of business of the assessee is allowable except personal expenditure and capital expenditure. Admittedly, professional fee has been paid for valuation of know-how of business and, therefore, […]

Income’ & ‘Expenditure’ Pertaining to Pre-Commencement Business Period: Whether Capital or Revenue?

August 21, 2019 56763 Views 1 comment Print

‘Income’ & ‘Expenditure’ Pertaining to Pre-Commencement Business Period: Whether Capital or Revenue? – An Insight for ‘Start-Ups’!!  “To be curious is a good thing and to work towards satisfying ones’ curiosity is even better.”- Mayank Mohanka Introduction: The critical question concerning the nature and taxability of ‘income’ and ‘expenditure’ pertaining to the ‘pre-commencement business/commercial production’ […]

7 Useful Income Tax Exemptions for the Salaried

August 20, 2019 14217 Views 1 comment Print

Discover 7 useful income tax exemptions for salaried employees. Learn how to reduce your tax liabilities and save money on your hard-earned income.

Section 50C provisions cannot be applied for section 69B addition

August 20, 2019 8259 Views 0 comment Print

Gayatri Enterprise Vs ITO (Gujarat High Court) Provisions of Section 50C of the Income Tax Act cannot be applied for the purpose of making addition under section 69B of the Act. We fail to understand why section 50C of the Act has been brought into play having regard to the facts of the present case. […]

No adjustment if impact of outstanding receivable considered in Working Capital

August 20, 2019 3321 Views 0 comment Print

M/s. Barco Electronic Systems (P.) Ltd. Vs. DCIT (ITAT Delhi) Facts of the Case ♣ Barco Electronic Systems Pvt. Ltd. ( taxpayer) is engaged in business of manufacturing of projectors and parts, trading in visual display products and provision of software development services. ♣ During the year under consideration, the taxpayer entered into various international […]

Taxation changes in Budget 2019

August 20, 2019 4323 Views 0 comment Print

In Budget 2019  there are Numerous  of changes related to  Income tax , related to compliance part , additional burden of Tax by imposing super rich surcharges and ,  step taken by giving  enhancing limit of exemption to boom and revive housing sector , Imposing TDS on Cash withdrawn  to curb  cash transaction, and encouraging […]

Depreciation Vs. Actual cost: Government subsidy for setting up new industry

August 20, 2019 7269 Views 0 comment Print

Pr. CIT Vs M/s. Welspun Steel Ltd. (Bombay High Court) If Government subsidy was intended as an incentive to encourage entrepreneurs to move to backward areas and establish industries. In such a case, specified percentage of the fixed capital cost, which was the basis for determining the subsidy, would be granted. The Court held that, […]

Search Post by Date
June 2026
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
2930