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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


Why Does India’s ITR Deadline Always Need an Extension?

Income Tax : The article argues that recurring demands for ITR deadline extensions arise from delayed AIS updates, late utility releases, and t...

June 9, 2026 2655 Views 2 comments Print

TDS Deduction for Specified Senior Citizens (Section 194P)

Income Tax : Senior citizens aged 75+ with only pension and bank interest income need not file ITR if a specified bank computes income and dedu...

June 9, 2026 12747 Views 1 comment Print

Comprehensive Guide to Maintenance of Books of Accounts

Income Tax : Section 44AA mandates maintenance of books by specified professionals and eligible businesses based on income or turnover limits. ...

June 9, 2026 19725 Views 0 comment Print

Taxability of concessional or interest-free loan perquisite by Employee

Income Tax : Employer-provided interest-free or concessional loans are taxable as salary perquisites due to the financial benefit enjoyed by em...

June 9, 2026 46044 Views 1 comment Print

Taxation of Employee Stock Option Plan (ESOP)

Income Tax : ESOPs are taxed as salary perquisites on allotment based on FMV at exercise. Eligible start-up employees can defer TDS and tax pay...

June 9, 2026 41916 Views 0 comment Print


Latest News


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 6001 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 213 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 1563 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 3663 Views 1 comment Print

Representation for timely release of e-filing utilities for ITR for AY 2026-27

Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...

May 13, 2026 3939 Views 0 comment Print


Latest Judiciary


Writ Petition Dismissed as Section 53A cannot Establish Ownership for Depreciation Claim

Income Tax : The Court held that the assessee failed to produce any written or registered document proving transfer of property to the firm. Co...

June 9, 2026 12 Views 0 comment Print

Mechanical Additions Running Into Crores Cannot Survive Without Proper Verification: ITAT Mumbai

Income Tax : ITAT Mumbai upheld the CIT(A)'s directions to verify fund flow, bank statements, and lenders' creditworthiness before making addit...

June 9, 2026 12 Views 0 comment Print

ITAT Reduces Profit Estimation to 4% as 8% Rate Ignored Audited Books & Past Margins

Income Tax : ITAT Chennai held that estimating income at 8% of turnover was excessive where the assessee's accounts were tax-audited and past p...

June 9, 2026 9 Views 0 comment Print

ITAT Delhi Remands Transfer Pricing Case Due to Alleged Double Addition of TP Adjustments

Income Tax : The Tribunal restored the matter to the Assessing Officer after finding that transfer pricing adjustments may have been added twic...

June 9, 2026 33 Views 0 comment Print

LTCG Exemption Denied as 3072% Returns Failed Human Test Probability

Income Tax : ITAT Chandigarh held that the assessee could not establish the authenticity of the purchase transactions underlying the LTCG claim...

June 9, 2026 63 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 42399 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 519 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 474 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 153 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 135 Views 0 comment Print


Rs. 4.55 Crore Addition Invalid as Bogus Purchases Were Recorded in Books: ITAT Delhi

December 16, 2025 747 Views 0 comment Print

The case addressed whether recorded purchases of ₹4.55 crore could still be treated as unexplained income. The Tribunal held that without evidence of off-book investments, section 69 has no application.

SC Upholds Quashing of Reassessments for Sanction Under Wrong Provision

December 16, 2025 7980 Views 0 comment Print

ITO Vs Srichand Mandhyan (Supreme Court of India) Supreme Court considered a Special Leave Petition challenging an order passed by the Bombay High Court. After hearing the learned counsel for the parties and examining the material on record, the Supreme Court found no valid ground to interfere with the High Court’s decision. Accordingly, the Special […]

Bombay HC Quashed Reassessment Notices Due to Invalid Sanction Under Wrong Provision

December 16, 2025 819 Views 0 comment Print

Bombay HC held that reassessment notices issued with sanction under an incorrect statutory provision are invalid, leading to quashing of notices, assessments, and consequential demands.

Bandwidth Charges Not Taxable as Royalty Under India-Singapore DTAA: ITAT Delhi

December 15, 2025 666 Views 0 comment Print

The Tribunal ruled that payments for IPL and MPLS bandwidth services do not constitute royalty under section 9(1)(vi) or Article 12(3) of the India-Singapore Tax Treaty, following consistent earlier rulings.

Sale of Property in India by a Non-Resident – Tax and TDS Provisions

December 15, 2025 5409 Views 7 comments Print

Buyers of property from Non-Residents must deduct TDS under Section 195, with rates up to 30% for STCG and 20% for LTCG, emphasizing the importance of compliance to avoid penalties.

Penalty u/s 271D Set Aside Due to Lack of Substantive Hearing

December 15, 2025 324 Views 0 comment Print

The Tribunal ruled that non-filing of submissions alone cannot justify confirming penalties under section 271D. CIT(A) orders were set aside, and reassessment was directed after providing full hearing rights.

8% Presumptive Profit Upheld Where No Books Maintained: ITAT Chennai Backs CIT(A)’s Estimation

December 15, 2025 465 Views 0 comment Print

ITAT Chennai confirmed that 8% profit estimation for a civil contractor was reasonable, rejecting the assessee’s 6% claim and AO’s 10% estimate, emphasizing consistency with subsequent years’ presumptive returns.

Diary Entries Alone Insufficient to Trigger Section 153C Proceedings

December 15, 2025 597 Views 0 comment Print

ITAT Delhi held that Section 153C proceedings cannot proceed on mere suspicion; the AO must establish that seized material impacts the assessee’s total income. The assessments for AYs 2018-19 and 2019-20 were fully quashed.

Ex-Parte Order No Ground to Deny Justice: Matter Sent Back to CIT(A)

December 15, 2025 297 Views 0 comment Print

Tribunal held that non-filing of submissions or non-appearance cannot override substantive justice. CIT(A)’s order confirming additions was set aside, and matter remitted for fresh hearing.

ITAT Upholds U/s 80P(2)(d) Deduction on Deposits with Co-operative Banks

December 15, 2025 918 Views 0 comment Print

ITAT Mumbai ruled that a co-operative society’s deposits in co-operative banks are eligible for deduction under section 80P(2)(d), despite section 80P(4) limiting banks themselves. The decision reinforces liberal interpretation of 80P to support the co-operative sector.

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