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 : 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 : ITAT remanded the case as NFAC passed an ex parte order despite notice issues and held that a combined reassessment and ITAT effec...
Income Tax : ITAT Delhi held that interest expenditure cannot be disallowed without establishing a nexus between borrowed funds and non-busines...
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...
Section 251 grants CIT(A) co-terminus powers with the AO to confirm, reduce, or enhance assessment. However, Supreme Court rulings restrict the CIT(A)’s power to enhance by introducing a new source of income not considered by the AO in the original assessment.
Learn the rules for set off and carry forward of income tax losses in India. Covers intra-head and inter-head adjustments, restrictions on capital and speculative losses, carry forward periods, and rules for unabsorbed depreciation.
ITAT ruled that the sale of a commercial property after six years due to prolonged vacancy and financial pressure is a capital transaction, not an adventure in trade. The income must be assessed as Long-Term Capital Gains.
The ITAT Kolkata dismissed an appeal filed by Santhosh Devi Soni as withdrawn after the assessee elected to settle the tax dispute under the Direct Tax Vivad Se Viswas (DTVSV) Scheme, 2024. The Tribunal accepted the withdrawal request since the dispute was resolved under the settlement scheme.
The ITAT Lucknow quashed the ex-parte appellate orders for AY 2013-14, 2015-16, and 2016-17, ruling that the CIT(A) failed in its statutory duty to pass a speaking order on the appeal merits. The case is remitted for a de novo assessment.
ITAT Mumbai held that a penalty under Section 271(1)(c) was premature when the related quantum appeal was still pending, remitting the matter back for fresh consideration.
PPT provisions inapplicable in absence of separate notification incorporating MLI provisions into India-Ireland tax treaty Background The Mumbai ITAT in Sky High Appeal XLIII Leasing Company Limited v. ACIT (2025) 177 taxmann.com 579 (Mum)/ TS-1085–ITAT-2025(Mum) and the Delhi ITAT in Kosi Aviation Leasing Ltd. v. ACIT [ITA No. 994/Del/2025, dated 30-9-2025] have held that operating […]
Supreme Court rulings in Wipro and Shriram Investments mandate strict adherence to return filing deadlines: fresh claims/withdrawals of exemptions (like Sec 10B) via revised returns filed after the original due date are invalid. Appellate authorities retain power to admit new claims.
ITAT Mumbai ruled that gains from rights entitlement transfers are exempt under Article 13(6) of the India-Ireland DTAA because they are distinct from shares, not covered by Article 13(5). The Tribunal also affirmed that short-term capital losses from STT-paid shares can be set off against short-term capital gains from non-STT-paid shares.
ITAT Mumbai quashed a Rs.10 lakh penalty under Black Money Act, ruling that DDIT(Inv.) lacked necessary pecuniary jurisdiction to impose penalties exceeding ₹5 lakh. Decision strictly enforces CBDT guidelines, which reserve penalty proceedings requiring JCIT approval for regular Assessing Officer, deeming DDIT(Inv.) order as being without jurisdiction.
