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 article outlines practical methods through which business owners and professionals can legally minimise their tax burden. It h...
Income Tax : Section 54 grants exemption on long-term capital gains from the sale of a residential house because the proceeds are reinvested in...
Income Tax : The Income-tax Act mandates e-payment of direct taxes for companies and taxpayers covered under Section 44AB, while others may opt...
Income Tax : Form 16 and Form 16A serve distinct purposes under the TDS framework, with Form 16 relating to salary income and Form 16A covering...
Income Tax : Permanent Account Number (PAN) serves as a unique identifier enabling the Income-tax Department to track tax payments, returns, TD...
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 : 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 Mumbai ITAT held that an addition under section 69 cannot survive when the Revenue fails to establish that the alleged investm...
Income Tax : ITAT Lucknow held that disallowance of interest expenses cannot be sustained without evidence showing that interest-bearing funds ...
Income Tax : SC dismissed Revenue’s plea after Gujarat HC held that even proposed additions would not alter MAT liability, defeating escapeme...
Income Tax : The Tribunal held that the assessee was entitled to additional interest under Section 244A(1A) because the Assessing Officer faile...
Income Tax : The Tribunal held that once Second Line Support services were examined and covered under an Advance Pricing Agreement, disallowanc...
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...
Despite non-compliance during assessment, the Tribunal upheld deletion of additions where facts showed only renewal of deposits. Ex-parte proceedings do not justify treating old FDs as unexplained investments.
The Finance Bill proposes a sharp increase in the penalty for failing to furnish information. The move aims to improve compliance and deterrence.
The Bill proposes halving the tax rate on unexplained income from 60% to 30%. It signals a shift towards proportionate taxation while retaining strict scrutiny. The change applies prospectively from April 2026.
Taxpayers can now seek immunity even where under-reporting arises from misreporting. This is allowed on payment of additional tax in place of penalty. The move encourages faster dispute settlement.
Taxpayers can now seek immunity even where under-reporting results from misreporting. Payment of full tax, interest, and additional tax replaces penalty and blocks prosecution. The move encourages faster dispute closure.
Federal cooperatives receive a temporary deduction for dividends earned from company investments made before 31 January 2026. This relief applies under both tax regimes but ends after tax year 2028–29.
The Finance Bill, 2026 extends section 149 deductions to profits from cattle feed and cotton seed supply by primary cooperatives. This brings allied agricultural activities at par with existing eligible supplies.
Cooperatives registered under the Multi-State Cooperative Societies Act, 2002 are formally included in the Income-tax Act definition. The change aligns taxation with the existing cooperative regulatory framework.
The amendment grants tax exemption on disability pension only where personnel are invalided out due to service-attributable disability. Superannuation or other retirements are expressly excluded.
The amendment permits taxpayers to file an updated return to reduce overstated losses. This promotes accuracy while preserving restrictions against loss creation or refund enhancement.
