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...
The Tribunal held that where purchases are not disputed and books are not rejected, the entire sale consideration cannot be added as unexplained income. Since the assessee had already offered profits to tax, the addition was deleted.
The tribunal held that reliance on an investigation report cannot override the statutory requirement of section 68. Where the assessee maintained no books, additions based solely on bank credits were invalid.
The ruling clarifies that penalty cannot be levied merely because expenses are partly disallowed on estimation. Absence of under-reporting or misreporting defeats the penalty action.
It was ruled that reassessment proceedings must be initiated only through the faceless mechanism after the CBDT notification under section 151A. The concept of concurrent jurisdiction between JAO and FAO was expressly rejected.
The Tribunal emphasized that the assessee had no individual business in electronic goods. In the absence of incriminating material and with sales recorded by the company, the addition was deleted.
Upholding the appellate order, the Tribunal ruled that section 68 applies only to credits of the relevant year. Opening balances and prior period adjustments cannot be taxed as unexplained income in a subsequent year.
Coca Cola India Inc. Vs DDIT (ITAT Delhi) ITAT Delhi held that final assessment order passed beyond period of limitation prescribed under section 144C(13) read with section 153 of the Income Tax Act is liable to be quashed and hence set aside. Facts: The present adjudication involves a batch of six appeals pertaining to the same […]
Comprehensive guide to U.S. itemized deductions for 2026, covering Schedule A, SALT limits, medical expenses, interest, charity, and 1040-NR rules.
Delhi High Court held that an employee cannot be denied TDS credit due to the employer’s default in depositing deducted tax. The related demand and recovery were quashed.
The court addressed a demand arising from automated processing that led to double disallowance of expenses. It directed rectification through an amended return and stayed recovery until correction.
