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 Bangalore held that sale of 25 plots did not amount to an adventure in the nature of trade because the properties were held f...
Income Tax : The Tribunal held that joint ownership alone cannot restrict Section 54 deduction where the entire source of investment for the ne...
Income Tax : The Tribunal ruled that under-reported income must be calculated as the difference between assessed income and income processed un...
Income Tax : The Tribunal deleted penalty under Section 271(1)(c) after substantially deleting the unexplained cash credit addition under Secti...
Income Tax : The Tribunal observed that delays in completion of housing projects by builders cannot deprive a taxpayer of Section 54 benefits w...
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 penalty could be levied despite disclosure of undisclosed income during search. The Tribunal held that when the assessee explains the manner of earning income and pays due tax, no penalty is leviable.
The issue was whether a flat 12.5% disallowance on alleged bogus purchases was justified. The Tribunal ruled that when sales are accepted and books are not rejected, only a lower, reasonable estimation can apply, capping it at 5%.
The Tribunal deleted additions made solely on third-party Excel data after holding that denial of cross-examination of the key witness violated natural justice. The ruling confirms that such denial is fatal where the statement forms the foundation of the addition.
The issue was whether penalty under section 271(1)(c) can be levied when bogus purchases are disallowed on an estimated basis. The Tribunal held that estimation does not establish concealment, making the penalty unsustainable.
The case examined additions made in Section 153C assessments based on third-party search material. The Tribunal ruled that additions cannot stand unless incriminating documents are furnished to the assessee.
The Tribunal held that cash gifts received from relatives covered under section 56(2)(vii) cannot be taxed as unexplained credits. Once identity, creditworthiness, and genuineness are proved, section 68 has no application.
The issue was rejection of trust registration as non-maintainable without hearing. The Tribunal ruled that due opportunity must be granted and remanded the matter for fresh consideration.
The issue was whether interest on enhanced compensation could be spread over earlier years. The Court held it taxable as income from other sources in the year of receipt, subject to statutory deduction.
The court examined whether assessment orders could survive when DRP directions lacked a DIN. It held that such directions were invalid, leading to dismissal of the Revenue’s appeals.
The issue was whether Section 153C proceedings could continue when seized material was handed over after 01.04.2021. The Tribunal ruled that such notices are barred by law, rendering the assessment void.
