Follow Us:

Income Tax

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


SC Order Settled the issue of Taxability of International Software Supply Transactions?

Income Tax : The Supreme Court dismissed the Revenue's review petitions and reiterated that payments for off-the-shelf software do not constitu...

June 11, 2026 78 Views 0 comment Print

Period of limitation prescribed under Income-tax Act, 1961

Income Tax : A detailed overview of limitation periods prescribed under the Income-tax Act reveals how missing statutory deadlines can lead to ...

June 11, 2026 5670 Views 1 comment Print

ITR Filing 2026: Important Due Dates, Budget 2026 Updates & Strategies

Income Tax : Budget 2026 has extended the due dates for ITR-3, ITR-4, and revised returns, offering taxpayers greater flexibility. Understandin...

June 10, 2026 702 Views 0 comment Print

Sikkim: India’s Only Income Tax-Free State and the Law Behind It

Income Tax : Relocating to Sikkim does not automatically exempt you from income tax. This article explains who qualifies under Section 10(26AAA...

June 10, 2026 261 Views 0 comment Print

8 Legal Ways to Save Income Tax in India for Business Owners & Freelancers

Income Tax : The article outlines practical methods through which business owners and professionals can legally minimise their tax burden. It h...

June 10, 2026 417 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 6058 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 231 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 1620 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 3738 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 3969 Views 0 comment Print


Latest Judiciary


CAM Charges Cannot Be Treated as Rent as They Cover Common Area Services: ITAT Delhi

Income Tax : The ITAT Delhi held that Common Area Maintenance (CAM) charges are payments for maintenance services and not consideration for the...

June 11, 2026 15 Views 0 comment Print

Delhi HC Admits Appeal as ITAT Relied on Inapplicable Section 56 Provisions for Valuation

Income Tax : The Delhi High Court admitted appeals challenging the Tribunal's reliance on Section 56(2)(vii)(b) for directing a fresh valuation...

June 11, 2026 15 Views 0 comment Print

ITAT Restores Protective Addition as Substantive Addition Had Not Attained Finality

Income Tax : ITAT Ahmedabad held that a protective addition cannot be deleted merely because a substantive addition has been confirmed at the f...

June 11, 2026 45 Views 0 comment Print

Sales Accepted, Books Not Rejected: ITAT Cuts Bogus Purchase Addition to 5%

Income Tax : The Tribunal held that a 12.5% disallowance could not be sustained when the Assessing Officer neither rejected the books of accoun...

June 11, 2026 57 Views 0 comment Print

Part Payment Through Bank Does the Trick: ITAT Deletes Section 56(2)(vii) Addition Despite 7-Year Gap in Registration

Income Tax : Despite a significant gap between the agreement and registration dates, ITAT granted relief under the first and second provisos to...

June 11, 2026 36 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 45381 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 579 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 492 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 165 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 138 Views 0 comment Print


Company-owned car is more beneficial for both employer and employee under the new perquisite valuation rules applicable from April 1 2009

January 2, 2010 20347 Views 0 comment Print

Last week, CBDT issued a notification on how each perquisite provided to a salaried employee should be taxed. It is applicable with retrospective effect, from April 1 2009. The guidelines cover every perk: home accommodation to gifts to educational benefits. The most important change, though, is taxation of car facilities.

IT department claimed Rs 30,000 crore from companies that violated MAT provisions

January 2, 2010 976 Views 0 comment Print

Income Tax department has claimed Rs 30,000 crore from companies that have violated provisions under the minimum alternate tax. Sources said the claim is not only for the current assessment year of 2009-10, wherein assessments are still going on, but also for previous four-five assessment years, which are under litigation either in courts or at appellate levels.

To tax the income, beneficial ownership is relevant than legal ownership

January 1, 2010 20308 Views 0 comment Print

owner means a person who has got valid title legally conveyed to him after complying with the requirements of law such as the Transfer of Property Act, Registration Act, etc. But, in the context of section 22 of the Income-tax Act, having regard to the ground realities and further having regard to the object.

Income-tax dispute resolution panel may hit tax collection by Rs 10,000-crore

January 1, 2010 1381 Views 0 comment Print

The government’s tax collections could take a Rs 10,000-crore hit this year due to the setting up of the income-tax dispute resolution panel (DRP) for settling transfer pricing disputes. Such a dispute arises when there is a disagreement between the government and the taxpayer, especially a foreign company, in determining the tax liability of its subsidiary.

Burden to prove the genuineness of the gift is on the Assessee

December 31, 2009 1822 Views 0 comment Print

The financial affairs of both the donors do not evoke confidence that they could have made the gift of large amounts compared to their incomes in a circumstance when their monies were locked up elsewhere. They themselves did not own any immovable property. These facts impinge directly on the genuineness of the gifts also.

Finance companies too governed by provisions of section 269SS and 269T of the Income Tax Act, 1961

December 31, 2009 1147 Views 0 comment Print

For a finance company, money is the product with which it carries on the business. Since the directors have made maiden venture. The necessity of establishing good will and reputation, that too in a finance company, is of utmost necessity. At the same time, it cannot give a permanent license to the company to continue to violate the provisions of section 269SS/269T.

Providing of fixtures & fittings to licencee of a premises would not make income from sub-letting of property as business income

December 31, 2009 1191 Views 0 comment Print

We have heard learned counsel for the assessee. Learned counsel for the assessee drew our attention to various clauses in leave and license agreement and submitted that the premises were given purely on license basis with fixtures and fittings. It was also pointed out that under the license agreement, the assessee also retained duplicate key of the main entrance door, which indicates that the control and possession of the premises was always with the assessee.

Blending of tea for export by an industrial unit in SEZ area is a manufacturing activity which qualifies for exemption U/s. 10A/10AA

December 31, 2009 1566 Views 0 comment Print

The short question that arises for consideration is whether blending and packing of tea for export in the industrial unit in the Special Economic Zone amount to manufacture or production of an article qualifying for exemption under Section 10A of the Act, that is, during the period prior to introduction of “blending” as “manufacture” with effect from 10.2.2006.

Tribunal’s power u/s 254(2) is not to review its earlier order but only to amend it with a view to rectify any mistake apparent from the record

December 31, 2009 1027 Views 0 comment Print

. From the various judgments of the Supreme Court above referred to and other High Courts, it is clear that the Tribunal’s power under Section 254(2) is not to review its earlier order but only to amend it with a view to rectify any mistake apparent from the record. What can be termed as “mistake apparent?”. “Mistake” in general means to take or understand wrongly or inaccurately; to make an error in interpreting; it is an error; a fault, a misunderstanding, a misconception. Mistake in taxation laws has a special significance. It is mostly subjective and the dividing line is thin and indiscernible. “Apparent” means visible, capable of being seen, easily seen, obvious plain, open to view, evident, appears, appearing as real and true, conspicuous, manifest, seeming. The plain meaning of the word “apparent” is that it must be something which appears to be ex-facie and incapable of argumen

Establishment of identity of creditor, creditworthiness of creditor and genuineness of transaction

December 31, 2009 2434 Views 0 comment Print

Shri Somendra Khosla is a NRI, he is in the business of development of real estate and he is a man of substantial means, in my opinion, if he has decided to invest in the real estate in India, the genuineness cannot be doubted unless there is any evidence to the contrary. The Revenue has doubted the genuineness merely on the basis of presumption and suspicion ignoring the documentary evidences produced by the assessee, which establish the genuineness of transaction.

Search Post by Date
June 2026
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
2930