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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


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 51 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 2169 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 7062 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 4773 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 7530 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 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 3951 Views 1 comment Print


Latest Judiciary


Sales Tax Subsidy Linked to Capital Investment is Capital Receipt: ITAT Mumbai

Income Tax : The ITAT Mumbai held that sales tax and similar State Government incentives were capital receipts because the schemes were intende...

June 22, 2026 54 Views 0 comment Print

Section 263 Revision Invalid as AO Had Already Examined Key Issues: ITAT Visakhapatnam

Income Tax : The ITAT Visakhapatnam held that the Commissioner cannot invoke Section 263 where the Assessing Officer has already conducted inqu...

June 22, 2026 57 Views 0 comment Print

Section 80P Deduction Denied as No Valid Return Was Filed: ITAT Visakhapatnam

Income Tax : The ITAT Visakhapatnam held that deduction under Section 80P cannot be allowed where the assessee failed to file a valid return of...

June 22, 2026 54 Views 0 comment Print

Foreign Tax Credit Allowed as Delayed Form 67 Filing Is Procedural: ITAT Visakhapatnam

Income Tax : The Tribunal directed the Assessing Officer to grant Foreign Tax Credit, observing that delayed filing of Form No. 67 is only a pr...

June 22, 2026 57 Views 0 comment Print

Reassessment Quashed as AO Relied on Borrowed Satisfaction Without Independent Analysis

Income Tax : The ITAT Jaipur held that reassessment under Section 147 was invalid because the Assessing Officer merely relied on Investigation ...

June 22, 2026 57 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 49560 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 789 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


In case of share capital identity, genuineness and creditworthiness of the cash creditor is to be proved by assessee

August 11, 2015 2274 Views 0 comment Print

In the case of DCIT Vs. M/s. Soni Hospital Pvt. Ltd. Jaipur bench of ITAT have held that that in case of share capital, the creditworthiness along with genuineness of transaction, identity of person is also required to be proved by the assessee.

Receipts having no nexus with educational activities, not to be considered in Annual credit receipts u/s 10(23C)(iiiad)

August 11, 2015 1153 Views 0 comment Print

ITAT Jaipur held In the case of ACIT vs. M/s Public Rose Shiksha Samiti that on verification of the total receipt mentioned by the Assessing Officer , there was a transaction of sale of land for Rs. 47,90,000/-. The Hon’ble Madras High Court has considered the issue of annual receipts

Reasoned speaking order is mandatory for passing any judicial order

August 11, 2015 5049 Views 0 comment Print

Punjab & Haryana High Court held in CIT(A) Vs M/s Rashtriya Vikas party that for passing any order reasons for conclusions should be given accompanying that order then only that order would be considered as complete order.

Section 43(5)(d) applicable only on derivatives trading (future & options) and not on share trading

August 11, 2015 18871 Views 0 comment Print

In the case of ACE India Medical Systems Vs. ACIT Jaipur Bench of ITAT held that from the bare reading of the section 43 (5) (d) it is prima facie clear that Section 43(5)(d) is for trading in derivatives not trading of shares.

Bogus sales / purchases- Addition based on mere statement of supplier not justified

August 11, 2015 2263 Views 0 comment Print

ITAT Mumbai has held in the case of ACIT vs. Tristar Jewellery Exports Pvt. Ltd. That Reliance on statement of supplier who confesses to providing accommodation entries without giving assessee right of cross-examination violates principles of natural justice.

Interest demand u/s 220(2) till admission of application by Settlement Commission is valid

August 11, 2015 3204 Views 0 comment Print

Position that interest can be charged pursuant to proceedings in normal course up to the date of decision u/s 245D(1) of the Income Tax Act to proceed with the application appears to be prevailing.

Non-Compete Fees received on sale of business after 01/04/2003 is taxable as Business income u/s 28(va)

August 11, 2015 2033 Views 0 comment Print

It is only vide the Finance Act, 2002 which came into effect from 1st April, 2003 the said capital receipt was now taxable under section 28(va). It is clarified by the Supreme Court that section 28(va) of the Act was amendatory and not clarificatory

Section 43B- Liability for services rendered but payment not received

August 11, 2015 3257 Views 0 comment Print

Section 43B does not contemplate liability to pay the service tax before actual receipt of the funds in the account of the assesee. Liability to pay service tax into the treasury will arise only upon the assessee receiving the funds and not otherwise.

Search Assessment can be made only on the basis of incriminating material found during search

August 11, 2015 1394 Views 0 comment Print

In an appeal no.523/2013, the assessee was engaged in the operation of a Container Freight Station (CFS). It filed a return of income on 08.10.2008 declaring total income at Rs. Nil after claiming deduction of Rs.210713675/- u/s 80IA(4) of the Income Tax Act,1961

Issue of Share at Premium- Modus Operandi of Conversion of Black Money into White

August 11, 2015 6615 Views 0 comment Print

In these cases there are 18 different assessees who filed appeal before ITAT aggrieved from the order u/s 263 passed by CITs. In original proceedings AO passed orders with nominal additions after investigation by way of summoning various subscribers to share capital of assessee companies.

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