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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 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


Third-Party Loose Papers Cannot Justify Addition Without Cross-Examination: ITAT Delhi

May 15, 2026 444 Views 0 comment Print

ITAT Delhi ruled that reassessment in search cases requires prior approval under section 148B before passing the order. Since the department failed to obtain the prescribed approval, the assessment was quashed as invalid in law.

Section 56(2)(x) not Apply to Redevelopment Flats as Transaction Is Exchange of Existing Rights

May 15, 2026 465 Views 0 comment Print

The ITAT Mumbai held that receipt of a new flat in exchange for surrender of an old flat under a redevelopment arrangement does not amount to receipt of immovable property for inadequate consideration. The addition under Section 56(2)(x) was therefore deleted.

Bombay HC Quashes Reassessment Due to Approval by Wrong Authority

May 15, 2026 366 Views 0 comment Print

The Bombay High Court held that reassessment proceedings issued beyond three years for AY 2018-19 were invalid because approval was granted by the Principal Commissioner instead of the competent authority under Section 151(ii).

Assessment Quashed as Returned Income Exceeded Monetary Limits of ITO Jurisdiction

May 15, 2026 420 Views 0 comment Print

The ITAT Delhi held that scrutiny notice issued by an ITO lacking pecuniary jurisdiction rendered the entire assessment void ab initio. The Tribunal relied on CBDT Instruction No.1/2011 and judicial precedents on jurisdictional defects.

ITAT Surat Upholds Bogus LTCG Addition on Sunrise Asian Penny Stock, Applies ‘Human Probability’ Test

May 15, 2026 432 Views 0 comment Print

The ITAT Surat held that abnormal price rise in a penny stock and surrounding circumstances justified treating claimed LTCG as unexplained income under Section 68. The Tribunal found the transactions to be part of a pre-arranged accommodation entry scheme.

Notional Rent from Sister Concerns Taxable as ‘Other Sources’: ITAT Mumbai

May 15, 2026 270 Views 0 comment Print

The ITAT Mumbai held that notional rent cannot be taxed under “Income from Other Sources” without evidence that such income was actually received or receivable. The Tribunal deleted additions relating to shared premises with group companies.

ITAT rejected TPO’s recharacterisation of Boeing India as Full-Risk entity in technical services arrangement

May 15, 2026 222 Views 0 comment Print

 Transfer Pricing Officer (TPO) had wrongly recharacterised Boeing India Defense Private Limited as a full-risk service provider despite the Associated Enterprise (AE) assuming the entire contractual and operational risks relating to defence support services rendered to the Indian Air Force (IAF).

Section 80GGC Deduction Denied Due to Suspicious Political Donation

May 15, 2026 1371 Views 0 comment Print

The Tribunal upheld disallowance of deduction under Section 80GGC after finding the political donation lacked genuineness. The ruling highlights that payments through banking channels alone cannot establish a valid deduction when surrounding facts indicate accommodation entries.

ITAT Deletes Section 68 Addition Because Cash Deposits Were Supported by Recorded Sales

May 15, 2026 552 Views 0 comment Print

The Tribunal held that cash deposits during demonetisation cannot be treated as unexplained when backed by audited books, invoices, stock records, and VAT returns. The ruling clarifies that genuine business sales cannot trigger Section 68 merely due to acceptance of old currency notes.

ITAT Deletes Section 270A Penalty Due to Defective Notice and Bona Fide Reliance on Form 16

May 15, 2026 540 Views 0 comment Print

The Tribunal ruled that non-specification of the precise statutory charge under sections 270A(2) and 270A(9) violated principles of natural justice. Penalty proceedings were therefore held invalid and unsustainable.

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