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 Income Tax Act 2025 has overhauled the 1961 law by introducing new section numbers, a unified “Tax Year,” and simplified c...
Income Tax : The Income Tax Act 2025 introduces mandatory reporting of high-value gifted immovable properties exceeding ₹45 lakh. The amendme...
Income Tax : The ITAT Surat held that agricultural land qualifies as “immovable property” under Section 56(2)(x) since the provision covers...
Income Tax : Businesses now face stricter seller-wise tracking, PAN verification, and reconciliation obligations under TDS on purchase provisio...
Income Tax : The judgment rejected the practice of assigning a nil arms length price merely because a taxpayer reported financial losses. The c...
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 updated TDS challan system reportedly displays incorrect interest-related options under the Company Deductee category. Taxpaye...
Income Tax : The data shows a steady increase in net direct tax collections driven by higher corporate and non-corporate tax revenues. It highl...
Income Tax : The issue highlights delays caused by non-binding timelines in appellate proceedings. It proposes mandatory limits to ensure faste...
Income Tax : Chennai ITAT held that seminars, workshops, conferences, and medical training programmes can qualify as “education” under Sect...
Income Tax : ITAT Bangalore held that an appeal filed without verification by the authorized Principal Officer was not maintainable. The Tribun...
Income Tax : Gujarat High Court held that reassessment notices issued after scrutiny assessment were invalid because the Assessing Officer had ...
Income Tax : ITAT Delhi noted that confirmations from the company and broker regarding share transactions were available but not adequately con...
Income Tax : Chennai ITAT condoned a massive delay in filing appeals after accepting the assessee’s explanation that he became aware of favou...
Income Tax : The Income Tax Department increased monetary thresholds for assigning cases between ITOs and D/ACITs in Delhi Region. The revised ...
Income Tax : The Principal Chief Commissioner of Income Tax (Exemptions) approved the company under Section 35(1)(iia) for scientific research ...
Income Tax : The consolidation into Form 121 introduces stricter documentation and reporting obligations. The decision emphasizes accountabilit...
Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
The issue was whether purchases could be treated as bogus based on investigation reports. ITAT held that when documentary evidence and asset existence are proven, additions cannot be sustained.
The issue was whether machinery replacement qualifies as current repairs. The Court held that replacement creating enduring benefit constitutes capital expenditure.
The Court held that rejecting condonation solely because the assessment year was not mentioned in the circular is unjustified. It ruled that beneficial circulars must be applied liberally to address genuine hardship.
The Tribunal held that purchases cannot be treated as bogus when supported by invoices, bank payments, and GST records. It ruled that absence of adverse evidence makes such additions unsustainable.
The Court held that a 21-month delay in recording the satisfaction note violates the requirement of immediacy. It ruled that such delay renders proceedings time-barred and invalid.
The new law replaces the 1961 Act without introducing new taxes or changing tax policy. It simplifies provisions, reduces complexity, and improves compliance efficiency.
ITAT held that once an assessee adopts a prescribed valuation method under Rule 11UA, the AO cannot change or substitute it. The ruling reinforces taxpayer autonomy in selecting valuation approaches.
Rebate under Section 87A includes STCG for eligibility but cannot be applied to such income. This creates a limitation in tax benefit for taxpayers earning capital gains.
Reassessment proceedings was invalid for a notice issued beyond three years without the sanction of the prescribed higher authority as prior approval must mandatorily be obtained from the authorities specified under Section 151(ii) and approval by the Principal Commissioner was not valid in such cases.
The issue revolved around expansion of scrutiny from cash deposits to entire bank credits. The Tribunal ruled that such expansion without mandatory approval renders the assessment void and unsustainable.
