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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 Maintenance of books of accounts under Income Tax Act, 1961

Income Tax : This guide explains who is required to maintain books of account under Section 44AA based on business, profession, turnover, and i...

June 23, 2026 5949 Views 0 comment Print

FAQs on Section 80TTA and Section 80TTB deduction

Income Tax : Learn the difference between Sections 80TTA and 80TTB, including eligibility, deduction limits, and the types of interest income c...

June 23, 2026 8187 Views 0 comment Print

ESOP Buyback in Unlisted Companies: Two-Tax Problem Employees Aren’t Prepared For

Income Tax : The article explains how ESOP taxation in unlisted companies occurs at both exercise and buyback stages. It highlights perquisite ...

June 22, 2026 546 Views 0 comment Print

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 2205 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 7125 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 207 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 6184 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 285 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 3957 Views 1 comment Print


Latest Judiciary


ITAT Quashes ₹85 Crore TP Adjustment as TPO Order Lacked Digital Signature

Income Tax : The ITAT held that a transfer pricing order issued without authentication or a digital signature is invalid in law. Consequently, ...

June 23, 2026 30 Views 0 comment Print

Opening Cash Balance Cannot Be Treated Unexplained Solely for Non-Disclosure

Income Tax : The ITAT held that an opening cash balance cannot be treated as unexplained merely because the previous year's income tax return r...

June 23, 2026 411 Views 0 comment Print

Interest Disallowance Remanded as AO Made Addition Without Proper Verification: ITAT Ranchi

Income Tax : The ITAT held that the Assessing Officer disallowed interest expenditure without adequately verifying the records or confronting t...

June 23, 2026 42 Views 0 comment Print

ITAT Deletes Bogus LTCG Addition in absence of Independent Inquiry & Corresponding Bank Credits

Income Tax : The ITAT held that the Assessing Officer failed to produce any material establishing a connection between the assessee and the all...

June 23, 2026 45 Views 0 comment Print

ITAT Reduces Profit Estimation to 3% as 8% Was Excessive for Electronics Trading Business

Income Tax : The ITAT held that estimating profit at 8% on deposits in undisclosed bank accounts was excessive considering the nature and margi...

June 23, 2026 45 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 49644 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 792 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 621 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 240 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 201 Views 0 comment Print


Sec. 40(b)(v)- ‘Allocable profit’ means book profit before partner’s remuneration: HC

September 19, 2015 4474 Views 1 comment Print

CIT vs. Vaish Associates (Delhi High Court) A plain reading of Clause 6(a) leads to a conclusion that the term’ allocable profits’ was used to mean ‘book profits’ as used in Section 40(b)(v)of the Act or otherwise the reference to the section in the Clause has no meaning.

Addition based on third party evidence not tenable if no evidence found from assessee

September 19, 2015 9718 Views 0 comment Print

Shri Vinit Ranawat vs. ACIT (ITAT Pune)- Referring to the provisions of section 153A he submitted that the same is to be invoked for making an assessment of the person searched on the basis of the material found during the course of search on that person.

Assessment order liable to set aside, if JCIT approval is without application of mind

September 19, 2015 1930 Views 0 comment Print

In the case of Smt. Shreelekha Damani, vs. The DCIT (OSD-1)CR-7 ITAT has held that In our considered opinion, the power vested in the Joint Commissioner/Addl Commissioner to grant or not to grant approval is coupled with a duty.

CIT cannot revoke section 263 when AO adopts one view out of two possible views : HC

September 19, 2015 669 Views 0 comment Print

Bombay High court held In the case of M/s Vijay Udhyog vs. CIT that where two opinion or views are available and one of the view is taken by the AO, cannot be a basis for revision of order u/s 263. Also none of the clauses of section 80I(2)(i) to (iv) prohibit the assessee from taking other industrial undertakings on hire and use it for the purpose of manufacturing activity.

Deduction u/s 54EC allowable on investment after six months if bonds were not available

September 19, 2015 2450 Views 0 comment Print

In the case of ACIT Vs Shri Kamlakar Moghe it was held by Nagpur Bench of Bombay HC that deduction u/s 54EC can be claimed by the assessee despite making the investment in REC bonds beyond six months if the delay was due to non-availability of the REC Bonds.

Demand for extension of Tax Audit Due Date: A Practical Permanent Solution

September 19, 2015 9814 Views 0 comment Print

Almost each year due to one and other reason tax consultants or tax payers demand extension of due date for filing Tax Audit Report under section 44AB of The Income Tax Act 1961 and Income Tax Return under section 139 of The Income Tax Act 1961.

CBDT selected cases for Scrutiny under CASS- AO to issue Notice by 30.09.2015

September 18, 2015 5294 Views 0 comment Print

2nd Cycle of program for Computer Aided Scrutiny Selection of Cases (CASS) for the current year has been finalized. The selected cases are now visible to the Assessing Officers. Assessing Officers are requested to ensure that all the notices issued under section 143(2) should be served to the assessees on or before 30.09.2015.

Specially designed ponds for rearing of prawns can be treated as a Plant

September 17, 2015 2939 Views 0 comment Print

Victory Aqua Farm Ltd vs ACIT (Supreme Court) The assessee has claimed depreciation in respect of these ponds by contending that these prawn ponds are tools to its business and therefore constitute ‘plant’ within the meaning of Section 32 of the Income-tax Act, 1961.

Photocopy of a document is acceptable evidence in income tax assessment proceedings

September 17, 2015 9629 Views 0 comment Print

Punjab & Haryana High Court in the case of Vikrant Dutt Chaudhary Vs. CIT held that photocopy of a document will always constitute relevant “material” for the purpose of assessment because the very use of word material in sec 143(3) clearly shows that the AO is not bound by the technical rules of evidence

Delhi HC dismisses ITR/TAR Due Date Extension Appeal

September 17, 2015 5248 Views 0 comment Print

In the case of Avinash Gupta and Ors V/s Union of India and Ors It was held by Delhi High Court that in this case it is pleaded that the petition is in the nature of public interest. However, the petition is not drafted as a Public Interest Litigation (PIL)

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