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 : Even genuine reporting differences between Form 3CD and the ITR can attract automated scrutiny. This article explains key reconcil...
Income Tax : The article explains that 30 June is the Department's deadline to issue scrutiny notices for eligible returns, not a filing deadli...
Income Tax : AI can simplify tax work but cannot replace professional judgment in income tax filing. The article explains why human review rema...
Income Tax : This article explains why reassessment proceedings may be invalid if the Assessing Officer merely relies on Investigation Wing rep...
Income Tax : The Jaipur Tribunal held that every foreign asset or remittance cannot be treated as undisclosed wealth under the Black Money Act....
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
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 : The ITAT held that BSNL employees are entitled to full exemption under Section 10(10B) for compensation received under the 2019 VR...
Income Tax : The ITAT Mumbai held that revision under Section 263 was not justified where the Assessing Officer had examined and consciously al...
Income Tax : The ITAT Mumbai held that ESOP discount is an allowable deduction under Section 37(1), observing that the pendency of an SLP again...
Income Tax : The ITAT Delhi held that foreign exchange fluctuation gains arising from export of services must be treated as operating income fo...
Income Tax : The ITAT held that no addition under Section 56(2)(viib) was warranted where shares were allotted to existing shareholders and no ...
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...
If the recipient of income has deposited tax timely in the form of advance tax to revenue, there is no loss suffered to revenue, and no liability for penal interest can be invoked.
ITAT Mumbai held that deduction u/s 36(1)(via) is to be allowed on the total outstanding advances at the end of each month considering the opening balances.
Techna Infrastructure Pvt. Limited Vs ACIT (ITAT Kolkata) ITAT held that in this case Since the ld. Assessing Officer has already decided the issue with regard to the applicability of rate of tax, no further dispute remains pending with the ld. CIT(Appeals). In case, ld. CIT(Appeals) wanted to change the colour of litigation or character […]
Kamal Jafferali Wadhwania Vs ITO (ITAT Mumbai) Section 194I is applicable only in case of rent may be on plant and machinery (@ the rate of 2%) and for the use any land or building or land appurtenant to a building. In this case assessee is paying a rent/lease charges for the office premises which […]
PCIT Vs Emmsons International Ltd. (Delhi High Court) Court is of the view that the same was not called for, as the said CBDT Circular No. 3/2010 dated 2nd March, 2010 has been issued in respect of loss on account of trading in foreign exchange derivatives. In the present case, however, the assessee had entered […]
Fidelity Diagnostics P. Ltd Vs DCIT (ITAT Pune) The issue in the present appeal relates to allowability of referral fees paid to doctors and nursing home by the appellant company. The Assessing Officer was of the opinion that the payment of referral fees to doctors and nursing home would amount to violation of the provisions […]
Ajashy Engineering Sales Pvt. Ltd. Vs ITO (ITAT Delhi) ITAT held that AO was not justified in denying the deduction claimed by the assessee on account of late deposit of PF/ESI/EPF, albeit before filing the return of income. Admittedly in the matter, the Revenue had not contended that the assessee has deposited the contribution after […]
In present facts of the case, the ITAT observed that proceedings under Section 263 of Income Tax Act, 1961 cannot be sustained if the tax payer had opted to settle the dispute under the Direct Tax Vivad Se Vishwas Act, 2020.
CIT Vs Mansukh Dyeing and Printing Mills (Supreme Court) Whether amount credited on account of revaluation of fixed assets and credited to the partners’ account is liable to be taxed u/s 45(4) of the Income-tax Act,1961? The department has made a major win today in the above case when the Supreme Court held that upon […]
Assessee, a retired bank employee earning pension, deposited Rs.15 lakhs cash in his bank account on 13.11.2016 which he explained as withdrawal on 13.10.2015 or a perceived need and kept the cash with him and the very same cash was deposited . AO rejected the explanation for the reason that the assessee failed to explain the perceived need for which cash was withdrawn holding that no prudent person would keep cash and lose interest if he deposits the money in FD. AO treated the cash deposit u/s 69A. CIT(A) confirmed the addition.
