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 officially replaced the Income-tax Act, 1961 from 1st April 2026. The new law focuses on simplified l...
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 : 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 : ITAT Mumbai ruled that once reassessment proceedings are quashed as void ab initio, the satisfaction recorded therein for initiati...
Income Tax : Bangalore ITAT held that deduction under Section 43B cannot be denied merely because Form 3CD reflected GST payable on the audit r...
Income Tax : The Tribunal ruled that bonus shares sold after being held for more than 12 months were taxable as exempt long-term capital gains ...
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 : 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...
ITAT held that the reassessment notice issued under Section 148 was valid because the Assessing Officer followed CBDT Instruction 1/2022 and the Supreme Court’s decision on reassessment procedures. The Tribunal rejected the argument that the notice was barred by limitation.
The Bombay High Court quashed reassessment proceedings for AY 2018-19 after finding that the notice under Section 148 was issued in the name of an entity that had already merged and ceased to exist.
The Bombay High Court held that the reassessment notice under Section 148 was issued after the surviving limitation period expired. As a result, the entire reassessment proceedings and assessment order were quashed.
The Bombay High Court ruled that limitation under Section 201(3) must be calculated based on the financial year in which each quarterly TDS statement is filed. The decision confirms that annual or cumulative computation of limitation is not permitted.
A detailed numerical illustration shows how the Cost Plus Method determines ALP for manufacturing transactions. The transfer price exceeded the permissible tolerance range, resulting in a transfer pricing adjustment.
ITAT Delhi held that reassessment proceedings under Section 147 cannot be initiated while scrutiny assessment under Section 143(2) is still pending. Such parallel proceedings are without jurisdiction and render the entire reassessment order invalid.
The High Court held that reopening an assessment merely because the tax officer formed a different view on the same material is not permissible, and the Supreme Court declined to interfere.
The Supreme Court declined to entertain the revenue’s SLP after noting that a fresh notice had already been issued following the High Court judgment. The Court allowed the revenue to raise all objections in the pending writ proceedings.
The Court found that the Assessing Officer had knowledge of the amalgamation before issuing the assessment orders. Passing orders in the name of dissolved entities was held to be without jurisdiction.
ITAT Hyderabad held that reassessment proceedings were invalid because the notice under Section 148 was issued by the jurisdictional officer rather than through the mandatory faceless system. The assessment order was quashed for lack of jurisdiction.
