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 explains how the Finance Acts, 2025 and 2026 have reshaped the Updated Return regime under Section 139(8A). It highlig...
Income Tax : The Supreme Court has remitted reassessment cases for fresh consideration after the retrospective insertion of Section 147A, leavi...
Income Tax : Learn the most frequent errors taxpayers make while filing Income Tax Returns for AY 2026-27 and how avoiding them can prevent not...
Income Tax : The article explains how the interaction of Section 87A, marginal relief, and Health & Education Cess can leave taxpayers earning ...
Income Tax : Learn who can apply for an advance ruling, applicable fees, withdrawal rules, and its binding effect under the Income-tax Act. The...
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 High Court held that failure to pass the order giving effect within the time prescribed under Section 153 resulted in abatemen...
Income Tax : The Madras High Court held that unexplained trade credits falling under Section 68 cannot qualify for deduction under Section 80-I...
Income Tax : The Tribunal restricted the Section 14A disallowance to exempt income and deleted additions relating to bad debts, tea and coffee ...
Income Tax : The ITAT held that the CPC could not make adjustments under Section 143(1) without first issuing the mandatory intimation to the a...
Income Tax : The ITAT Mumbai held that Fees for Technical Services were taxable at 10% under section 115A(1)(b) since the RBI's automatic appro...
Income Tax : CBDT has approved a scientific research institution under the Income-tax Act, 2025 for tax years 2026-27 to 2030-31. The notificat...
Income Tax : CBDT has approved the University of Hyderabad for scientific research under Section 45 of the Income-tax Act, 2025. The approval i...
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...
Delhi High Court held In the case of CIT vs. Sudhir Budhraja that the findings of the Tribunal are based on sufficient material and cannot be stated to be perverse. On the other hand that the AO had no material
Delhi High Court held In the case of Turner Broadcasting Systems Asia Pacific INC. vs. DDIT that the assessing officer has merely intended to revisit the concluded assessments and it is a clear case of change of opinion
ITAT Pune held in Mrs Sarita Manjeet Singh Chopra Vs ITO that if the assesse had disclosed its unaccounted income filing return u/s 153A only after it was caught in search by the income tax department then that disclosed income through return would be considered as undisclosed income
CBDT constituted Accounting Standard Committee in 2010.The committee has submitted its final report in August 2012. And on March 31st 2015 i.e. after two years, 10 Income Computation & Disclosure Standards (‘ICDS’) notified by the CBDT under section 145(2) of the income tax act 1961(the act) vide ‘notification No. 32/2015 [F.NO.134/48/2010-TPL]/SO 892(E) Dated 31 March 2015 and committee recommended the nomenclature of Tax Accounting Standards for the standards notified u/s 145(2). Since this standard are meant to be adopted for computation of income. Hence section 145(2) as amended refers to Income Computation and Disclosure Standards.
Delhi High Court held In the case of Principal CIT vs. JKD Capital & Finlease Ltd. that in terms of the provision u/s 275 (1) (c), there are two distinct periods of limitation for passing a penalty order, and one that expires later will apply.
Delhi High Court held In the case of Principal CIT vs. Shri Jai Shiv Shankar Traders Pvt. Ltd. that the failure by the AO to issue a notice to the Assessee under Section 143(2) subsequent to 16th December 2010
Delhi High Court held In the case of Seagram Distilleries Pvt. Ltd. vs. CIT that in the current case there is no reasonable scientific method adopted by the Assessee to estimate the transit breakages to justify such provision.
Delhi High Court held In the case of Principal CIT vs. Universal Precision Screws that interest on fixed deposits has the requisite characteristic of business income and has a nexus to the business activities of the Assessee.
ACIT Vs. S.P.Cold Storage (ITAT Raipur)- Mere mentioning of name in Search Warrant & Panchanama not sufficient for contemplating search against the assessee firm, Search at the residential premises of the Partners could not be deemed to be a search on the assessee firm
In the case of S.L. Shiva Raj Vs. DCIT Hyderabad Bench of ITAT uphold the penalty order by holding that the penalty is levied with reference to original return of income and not with reference to the assessment made consequent to the disclosure by assessee.
