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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


FAQs on Compounding of Offences under Income Tax Act, 1961

Income Tax : The FAQs explain the revised CBDT guidelines on compounding offences under the Income-tax Act effective from 17 October 2024. They...

June 22, 2026 2166 Views 0 comment Print

FAQs on Exemption available from Capital gains under Income Tax Act, 1961

Income Tax : Learn the eligibility, investment conditions, exemption limits, timelines, and withdrawal provisions for capital gains exemptions ...

June 22, 2026 7050 Views 0 comment Print

FAQs on Disallowance of cash expenses or limit on cash transactions

Income Tax : This FAQ serves as a reference for the Income-tax Act provisions relating to cash receipts, loans, repayments, and electronic paym...

June 22, 2026 4758 Views 0 comment Print

FAQs on ICDS (Income Computation and Disclosure Standards)

Income Tax : This FAQ covers all ten notified ICDS, explaining their scope, applicability, disclosures, and treatment of various tax-related tr...

June 22, 2026 7509 Views 0 comment Print

FAQs on Penalty provisions under Income Tax Act, 1961

Income Tax : This guide explains when penalties can be imposed under various provisions of the Income-tax Act, 1961. It also outlines the appli...

June 22, 2026 5727 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 192 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 6181 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 282 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 1866 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 3951 Views 1 comment Print


Latest Judiciary


Pune ITAT Deletes ₹44.80 Crore Angel Tax Addition; AO Cannot Replace Assessee’s DCF Valuation with NAV Method

Income Tax : The Tribunal held that Rule 11UA gives the assessee the exclusive option to choose the valuation method for unquoted shares. While...

June 22, 2026 66 Views 0 comment Print

Pune ITAT Deletes ₹4.02 Crore ‘On-Money’ Addition; Third-Party Statements and Dumb Documents Not Enough

Income Tax : The Tribunal held that contradictory third-party statements and unverified allegations cannot form the sole basis for taxing alleg...

June 22, 2026 78 Views 0 comment Print

Pune ITAT Deletes ₹50 Lakh Penalty U/s 271D; Third-Party Statement Alone Cannot Prove Cash Loan

Income Tax : The ITAT held that an untested third-party statement, without supporting evidence or cross-examination, cannot form the sole basis...

June 22, 2026 102 Views 0 comment Print

Section 12AA Registration Benefit Allowed as Assessment Was Pending: ITAT Agra

Income Tax : The ITAT held that registration granted under Section 12AA before completion of assessment entitled the trust to claim exemption f...

June 22, 2026 114 Views 0 comment Print

Section 148 Notice Set Aside as AO Ignored Explanations & Supporting Materials

Income Tax : The Calcutta High Court set aside the Section 148A(3) order and Section 148 notice after finding that the Assessing Officer failed...

June 22, 2026 75 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 49548 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 786 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 615 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 234 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 192 Views 0 comment Print


Budget 2019 – 5 Major Changes

February 18, 2019 12129 Views 1 comment Print

Budget 2019 can be said as a boon to middle class tax payers if they plan their tax well in advance. The budget has brought some major changes to small tax payers , salaried tax payers and also a has some favourable impact on real estate sector in view of changes in house property income […]

Own a home in Dubai – Be prepared to receive an IT notice

February 17, 2019 33975 Views 9 comments Print

Own a home in Dubai? Beware! You are under Income-tax scanner Income Tax (IT) department is scrutinizing many Indians who have purchased properties in Dubai in the last few years under a new initiative. Based on the Intelligence gathered, the IT department’s Intelligence and Criminal Investigation (I&CI) wing has started issuing tax notices to Indian nationals who […]

Budget 2019 Summary / Highlight

February 17, 2019 4875 Views 0 comment Print

Article provide Summary / Highlight of Interim Union Budget 2019.  RATES OF INCOME-TAX Income – Tax The provisions of section 2 of, and the First Schedule to, the Finance Act, 2018 (13 of 2018. ), shall apply in relation to income-tax for the assessment year (2020-2021) or, as the case may be, the financial year […]

A Bundle of joy# Budget 2019?

February 17, 2019 1941 Views 1 comment Print

1. Standard deduction in respect of Salaried employees has been raised from Rs 40000 to Rs 50000: 2. Full tax rebate for individuals having taxable income upto Rs 500000 3. Increase in TDS threshold on interest on bank and post office deposits from Rs 10000 to Rs 40000 4. Section 54 Capital gain exemption now extends to two house properties (Once in a life time):

Immunity from penalty & prosecution in case of complaint U/s. 200 Cr. P.C

February 17, 2019 1485 Views 0 comment Print

In terms of the provisions of section 245H of the Act, no immunity from penalty and prosecution can be granted by the ITSC since the complaint under section 200 Cr.P.C. for offences punishable under section 276 CC of the Act, was instituted before the receipt of the application under section 245C.

Section 194IA(2) exemption limit applies to each transferee separately

February 17, 2019 10959 Views 0 comment Print

Limit of exemption of Rs. 50 lakh under section 194-IA(2) was applicable to each transferee separately as each transferee was a separate income tax entity therefore, the law has to be applied with reference to each transferee as an individual transferee / person and not with reference to the amount as per sale deed.

Long term capital gain cannot be treated as bogus on mere surmises

February 17, 2019 3681 Views 0 comment Print

Addition made by AO on the reason that assessee had introduced his own unaccounted money by way of bogus long term capital gain was not correct as AO had not brought any material on record to show that assessee had paid over and above purchase consideration of shares as claimed and evident from the bank account and assessee had produced the relevant record to show the allotment of shares by the company on payment of consideration by cheque.

Bonafide business transaction cannot be taxed U/s. 56(2)(vii)

February 17, 2019 3636 Views 0 comment Print

Difference between alleged fair market value of share and the subscribed value of shares cannot be assessed as income u/s 56(2)(vii)(c) as the transaction of issue of shares was carried out to comply with a covenant in the loan agreement with the bank to fund the acquisition of the business by the subsidiary in USA, therefore, such a bonafide business transaction could not be taxed under section 56(2)(vii) especially when there was not even a whisper about money laundering by the AO in the assessment order.

No stipulation in amended section 80A(5) restricting assessee from revising deduction

February 16, 2019 6711 Views 0 comment Print

Amended 80A (5) could not be read as a stipulation barring and restricting the assessee from revising the computation/claim for deduction made in accordance with Section 80A (5).

Gain on shares held for more than 12 months is long-term capital gain

February 16, 2019 2682 Views 0 comment Print

PCIT Vs Hardik Bharat Patel (Bombay High Court) CBDT Circular No. 6 of 2016 dated 29.2.2016 with regard to the issue of taxability of surplus on sale of shares and securities, – whether as capital gain or business income in case of long term holdings of shares and securities i.e in excess of 12 months. […]

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