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.
Income Tax : The article argues that recurring demands for ITR deadline extensions arise from delayed AIS updates, late utility releases, and t...
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...
Income Tax : Section 44AA mandates maintenance of books by specified professionals and eligible businesses based on income or turnover limits. ...
Income Tax : Employer-provided interest-free or concessional loans are taxable as salary perquisites due to the financial benefit enjoyed by em...
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...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
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...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : The Mumbai ITAT held that an addition under section 69 cannot survive when the Revenue fails to establish that the alleged investm...
Income Tax : ITAT Lucknow held that disallowance of interest expenses cannot be sustained without evidence showing that interest-bearing funds ...
Income Tax : SC dismissed Revenue’s plea after Gujarat HC held that even proposed additions would not alter MAT liability, defeating escapeme...
Income Tax : The Tribunal held that the assessee was entitled to additional interest under Section 244A(1A) because the Assessing Officer faile...
Income Tax : The Tribunal held that once Second Line Support services were examined and covered under an Advance Pricing Agreement, disallowanc...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
The Tribunal found that the addition was inferential and lacked corroborative evidence of concealment. It concluded that penalty under section 271(1)(c) could not be sustained.
Tribunal held that interest disallowance for non-deduction of TDS must be restricted to 30% under amended provisions. It also remanded issue of estimated interest on interest-free advances for verification.
The Bombay High Court condoned a 338-day delay in filing Form No. 10 for income accumulation under Section 11(2), holding that genuine hardship justified relaxation of procedural deadlines.
Tribunal held that earlier expense disallowances were excessive and reduced them to 10% of turnover. The ruling emphasizes that lack of supporting documents justifies estimation but requires reasonable limits.
This article clarifies whether filing an ITR is necessary even without tax liability. It explains the major non-tax benefits and legal requirements of submitting an income tax return, including loan applications and loss carry-forward.
The PCIT held the AO’s assessment under section 143(3) as erroneous and prejudicial to Revenue, directing fresh verification of various deductions. The assessee argued all claims were correctly examined, questioning the jurisdiction of section 263.
ITAT Bangalore held that assets received for testing purpose and there is no specific benefit that arises to the assessee with respect to usage of those assets, the same is not taxable under section 28(iv) of the Income tax Act. Accordingly, appeal of assessee allowed.
ITAT Mumbai held that addition based on ad hoc method not justifiable since assessee followed Percentage of Completion Method for revenue recognition adhering to guidance note on Accounting of Real Estate Transactions issued by ICAI. Accordingly, appeal of assessee allowed.
The Tribunal found that the CIT(A) did not examine or reason with respect to substantial documentary evidence submitted by the assessee. The case was remanded to the AO for fresh adjudication to ensure proper evaluation of bank statements, ledger entries, and receipts.
The ITAT determined that the tax department failed to adhere to the statutory deadline for issuing a Section 148 notice, making the reassessment jurisdiction invalid from the start. The ruling confirms that strict adherence to the extended limitation period is mandatory, and failure to comply results in the entire reassessment being quashed.
