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


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 2664 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 12750 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 6004 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


ITAT Deletes LTCG Addition as Mere Suspicion Cannot Replace Evidence in Penny Stock Cases

Income Tax : ITAT Mumbai held that additions under Section 68 cannot be sustained merely on suspicion regarding penny stock transactions. The T...

June 9, 2026 33 Views 0 comment Print

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 30 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 36 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 27 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 42 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 42474 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 525 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


ITAT Ahmedabad Restores Section 35(1)(ii) Donation Deduction Appeal for Fresh Hearing

November 7, 2025 399 Views 0 comment Print

Tribunal condoned a 545-day delay caused by consultant negligence and remanded case to CIT(A) for de novo adjudication, holding that assessee deserved a fair hearing on disallowance of deduction under Section 35(1)(ii).

ITAT Ahmedabad Restores Bogus LTCG Addition on Penny Stock ‘Safal Herbs’

November 7, 2025 636 Views 0 comment Print

The ITAT Ahmedabad reversed the CIT(A)’s deletion, upholding the addition of ₹6.73 lakh under Section 69A for bogus Long-Term Capital Gain from Safal Herbs Ltd. shares. The Tribunal ruled that the sudden investment in the obscure scrip, coupled with an unreasonable price rise, defied commercial logic and was an accommodation entry.

VAT vs. Books Difference: ITAT Deletes Purchase Disallowance on ITC Reversal

November 7, 2025 516 Views 0 comment Print

ITAT Ahmedabad deleted an addition made due to a minor difference between a firm’s VAT returns and its books of account. Tribunal ruled that variation was a legitimate bookkeeping consequence of statutory ITC reversal under Gujarat VAT Rules and not evidence of inflated purchases.

Dead Firm, Live Notice: ITAT Rajkot Quashes Reassessment Against Non-Existent Entity

November 7, 2025 450 Views 0 comment Print

The ITAT Rajkot set aside reassessment proceedings initiated under Section 148 against a firm that had previously converted into a private limited company. The Tribunal held that a notice issued in the name of a non-existent entity strikes at the root of jurisdiction and renders the entire assessment void ab initio.

Invocation of rule 8D impermissible without recording non-satisfaction in terms of section 14A(2)

November 7, 2025 792 Views 0 comment Print

ITAT Mumbai held that in absence of recording of non-satisfaction in terms of section 14A(2) of the Income Tax Act, invocation of Rule 8D is not permissible. Accordingly, disallowance u/s. 14A read with Rule 8D cannot be sustained.

Settlement payment towards patent disputes is allowable business deduction u/s. 37(1)

November 7, 2025 528 Views 0 comment Print

ITAT Ahmedabad held that settlement payments in relation to patent disputes are allowable as business deduction under section 37(1) of the Income Tax Act since the same is not a penalty for an offence or for a purpose prohibited by law.

Reassessment u/s. 147 based solely on change of opinion is impermissible

November 7, 2025 495 Views 0 comment Print

ITAT Mumbai held that reopening of assessment under section 147 of the Income Tax Act impermissible since based solely on change of opinion without any new tangible material. Further, even on merits royalty payment represents a legitimate business expenditure allowable u/s. 37(1).

Income Tax Order Without Personal Hearing Liable to Be Quashed: Gujarat HC

November 7, 2025 1047 Views 0 comment Print

Gujarat High Court held that assessment order passed under section 147 of the Income Tax Act without granting opportunity of personal hearing is not tenable. Accordingly, the order is quashed and appeal is allowed.

No Addition in Completed Years Without Incriminating Material in Search Assessment

November 7, 2025 672 Views 0 comment Print

The ITAT Delhi deleted additions made under Section 153A for unabated/completed assessment years (AYs 2013-14 to 2016-17) following a search. The ruling strictly applied the Supreme Court’s mandate in Abhisar Buildwell that additions in completed years require the finding of incriminating material during the search.

Networking Between Doctors & Pharma Firms Not Charitable – ITAT Chandigarh Upholds 12A Denial

November 7, 2025 681 Views 0 comment Print

ITAT Chandigarh upheld rejection of Endocrine And Breast Surgery Foundation’s Section 12A registration, ruling its activities were unethical and focused on networking with pharma companies rather than genuine charitable work.

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