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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


No TDS on Transport Payments: Declaration Format Under Income Tax Act 2025

Income Tax : Transporters can avoid TDS deduction by submitting a declaration confirming ownership of not more than ten goods vehicles. The key...

April 21, 2026 3 Views 0 comment Print

ITR Filing FY 2025-26: Step by Step Guide for Salaried Professionals

Income Tax : Highlights that selecting the incorrect portal tab can lead to data mismatches and filing errors. Emphasizes the need to use the c...

April 21, 2026 270 Views 0 comment Print

Selling Trust: The Quiet Problem of Product Mis-Selling in Indian Banking

Income Tax : Explains how commission-driven incentives in banks lead to mis-selling of financial products. Highlights the need for structural r...

April 21, 2026 135 Views 0 comment Print

Addition Deleted Due to Lack of Corroborative Evidence in Search-Based Case

Income Tax : ITAT held that additions based solely on third-party search material without independent evidence or cross-examination are invalid...

April 21, 2026 180 Views 0 comment Print

Computerization of Form 121 (Earlier Form 15G & Form 15H)

Income Tax : A new digital framework is suggested to replace manual Form 121 processes and streamline TDS exemption declarations. The proposal ...

April 21, 2026 2421 Views 0 comment Print


Latest News


CBDT Refutes Allegations of Tax Raid, Terms Claims Baseless; Complaint Filed with Election Commission & Police

Income Tax : The tax department clarified that no search or restriction was carried out against the individual. It termed the allegations basel...

April 21, 2026 36 Views 0 comment Print

CAAS Moves Supreme Court on ITAT Vacancies

Income Tax : The issue concerns massive backlog in ITAT caused by unfilled positions and delayed appointments. The intervention highlights that...

April 18, 2026 228 Views 0 comment Print

Massive Tax Irregularities Found Due to Improper Deductions by Banks & NBFCs: CAG

Income Tax : The audit found widespread incorrect claims of deductions for bad debts and reserves. It highlights the need for stricter verifica...

April 6, 2026 3333 Views 0 comment Print

Free Live Webinar: Decoding the New Income Tax Act, 2025

Income Tax : This webinar breaks down the major structural and conceptual changes introduced in the new Income Tax Act, 2025. It helps professi...

April 5, 2026 7959 Views 0 comment Print

Representation for enhancement of monetary limit for SMC cases before ITAT

Income Tax : A representation seeks doubling the SMC threshold due to inflation and higher dispute values. The key takeaway is that increasing ...

April 4, 2026 876 Views 0 comment Print


Latest Judiciary


ITAT Upholds Section 10A Deduction Despite Wrong Section 10B Claim in Return

Income Tax : The Tribunal supported the CIT(A)s decision to allow a new claim under Section 10A, noting that appellate proceedings are a contin...

April 21, 2026 72 Views 0 comment Print

Income Tax Refund Cannot be Adjusted When Recovery Is Stayed: Orissa HC

Income Tax : The Court held that adjusting a refund against a disputed demand during the subsistence of a stay order is illegal and arbitrary, ...

April 21, 2026 96 Views 0 comment Print

ITAT Allows Fresh Opportunity for 80P Deduction Claim Due to Non-Submission of Evidence

Income Tax : The Tribunal held that deduction cannot be rejected merely due to absence of supporting evidence without examining merits. It rema...

April 21, 2026 102 Views 0 comment Print

ITAT Deletes Penalty as Both Limbs of Section 271(1)(c) Invoked Together

Income Tax : The Tribunal held that a penalty notice lacking clarity on whether it relates to concealment or inaccurate particulars is invalid....

April 21, 2026 120 Views 0 comment Print

ITAT Deletes AMP Adjustment, Rejects Bright Line Test Following HC Precedents in Louis Vuitton case

Income Tax : The Tribunal held that BLT cannot be used for transfer pricing adjustments on AMP expenses. It ruled that no adjustment was warran...

April 21, 2026 81 Views 0 comment Print


Latest Notifications


Income Tax Notification Corrected Due to Technical Errors in Rules & References

Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...

April 17, 2026 660 Views 0 comment Print

Transition from Form 15G/15H to Consolidated Form 121 for TDS-exempted Incomes

Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...

April 15, 2026 1935 Views 0 comment Print

Corrigendum to Notification of Income tax return Form U

Income Tax : CBDT clarified the presentation of error categories in Form U. The update ensures clearer reporting of incorrect income heads and ...

April 11, 2026 444 Views 0 comment Print

Corrigendum to Notification of Income tax return Form 7 (ITR 7)

Income Tax : The corrigendum corrects technical errors in multiple ITR schedules, including CG and CYLA. It ensures accurate reporting and smoo...

April 11, 2026 153 Views 0 comment Print

Corrigendum to Notification of Income tax return Form 6 (ITR 6)

Income Tax : CBDT corrected multiple clerical and structural errors across income tax return schedules. The changes ensure accurate reporting a...

April 11, 2026 165 Views 0 comment Print


ITAT Upholds Addition as Cash Hoarding Explanation Failed Human Probability Test

March 31, 2026 288 Views 0 comment Print

The Tribunal held that the assessee failed to substantiate the source of cash deposits during demonetization. Mere disclosure in books was insufficient without proof of genuineness and credibility.

No TDS Default on LFC Payment as Bank Followed Binding HC Interim Orders

March 31, 2026 672 Views 0 comment Print

The Tribunal held that the assessee could not deduct tax due to binding interim directions of the High Court. As a result, it could not be treated as an assessee in default under Section 201.

ITAT Mumbai Quashed Reassessment Due to Wrong Assessment Year in Recorded Reasons

March 31, 2026 282 Views 0 comment Print

The Tribunal rejected reopening based on common reasons for multiple years without year-specific justification. The absence of relevant material for AY 2010–11 led to quashing of reassessment. The ruling stresses precision in reopening proceedings.

SC Set Aside Reassessment Notice Due to Non-Disclosure of Material Facts by Revenue

March 31, 2026 324 Views 0 comment Print

The issue was whether reassessment can proceed without disclosing full allegations to the taxpayer. The Court held that failure to provide an opportunity to respond violates natural justice. The key takeaway is that reassessment notices must clearly communicate all grounds.

No Capital Gains Tax on Sale of Agricultural Land Beyond Municipal Limits: ITAT Ahmedabad

March 31, 2026 783 Views 0 comment Print

The issue was whether sale of agricultural land attracts capital gains tax. The Tribunal held that land situated beyond prescribed municipal limits is not a capital asset. The key takeaway is that location plays a decisive role in taxability.

Section 80P Deduction Allowed on FDR Interest Due to Investment with Cooperative Banks

March 31, 2026 366 Views 0 comment Print

The issue was whether interest on FDRs qualifies for deduction under Section 80P. The Tribunal held that such income earned from cooperative banks is eligible for deduction. The key takeaway is that interest from cooperative institutions can qualify for exemption.

Section 153C Invalid Without Separate Satisfaction for Each Year: ITAT Delhi

March 31, 2026 420 Views 0 comment Print

The issue was whether a single satisfaction note can cover multiple assessment years under Section 153C. The Tribunal held that absence of year-wise satisfaction renders the proceedings invalid. The key takeaway is that jurisdiction requires specific satisfaction for each year.

Tax-Loss Harvesting: Make Your Losses Work for You

March 31, 2026 774 Views 0 comment Print

Tax-loss harvesting helps investors offset losses against gains to reduce tax liability. The key takeaway is that strategic timing of loss utilisation can significantly enhance long-term tax savings.

Section 148 notice issued beyond statutory six-year limitation period is invalid: Bombay HC

March 31, 2026 312 Views 0 comment Print

The Court held that a Section 148 notice issued beyond the statutory six-year limitation period is invalid. It ruled that expired limitation cannot be revived through later amendments, rendering the reassessment void.

Section 87A Rebate & Agricultural Income: Resolving Statutory Conflict Before Utilities Do It for Us

March 31, 2026 4068 Views 2 comments Print

The issue is whether agricultural income affects eligibility for rebate under Section 87A. The article explains that legally, total income excludes such income, supporting rebate claims. However, ITR utilities may deny the benefit, creating a compliance risk.

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