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 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 : The judgment rejected the practice of assigning a nil arms length price merely because a taxpayer reported financial losses. The c...
Income Tax : The article explains how taxpayers often wrongly assume that housing loan loss benefits remain available under the new tax regime....
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 : Mumbai ITAT held that Section 69A cannot be invoked where loan transactions are fully routed through banking channels and recorded...
Income Tax : Bangalore ITAT held that applications for registration under Section 12AB and approval under Section 80G cannot be rejected on gro...
Income Tax : The Bangalore ITAT accepted the assessee’s explanation that medical issues and expiry of the digital signature certificate cause...
Income Tax : The Bangalore ITAT ruled that once substantive addition under Section 2(22)(e) is sustained in the managing partners case, the cor...
Income Tax : The Hyderabad ITAT ruled that the CIT(A) could not delete unexplained cash deposit additions merely on the basis of submissions an...
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...
Examines whether retrospective tax laws can validly alter past legal interpretations. The case highlights how constitutional limits prevent legislatures from rewriting judicially settled meanings under the guise of clarification.
A clear guide explaining how both the 1961 and 2025 tax laws will coexist, and why professionals must apply each depending on the assessment year.
ITAT holds TDS applies on year-end provisions where payee, amount, and nature are identifiable—assessee treated in default u/s 201. Relief allowed if payees paid tax; no TDS default on salary provisions as deduction arises on payment.
ITAT allows Section 80P deduction to Souharda society, holding registration under Souharda Act qualifies as co-operative society; rejects technical denial, finds no non-member dealings, and rules even disallowances boosting income remain eligible for 80P deduction.
ITAT allows deduction of interest paid under capital bond agreement, holding a clear contractual obligation existed; since corresponding interest income was taxed, matching liability must be allowed-disallowance deleted as one-sided taxation is impermissible.
Delay of 208 days condoned on bona fide grounds with ₹1,000 cost; ITAT sets aside ex-parte CIT(A) order, holding denial of hearing violates natural justice, and remands matter to AO for fresh adjudication with full opportunity.
ITAT remands ₹33.12 lakh agricultural income claim due to lack of evidence; holds no proof means taxable u/s 68/115BBE, but grants one more chance for verification, imposing ₹2,000 cost for non-compliance.
The issue addresses the consolidation of multiple presumptive taxation provisions into a single section. The framework simplifies compliance while retaining key conditions and safeguards for taxpayers.
Condonation of 100 + month delay allowed on liberal principles with ₹5,000 cost; ITAT holds gross receipts of charitable trust cannot be taxed-even if Sec 11 denied, only net income after expenses is taxable; matter remanded for verification.
TP ruling clarifies that comparables must meet uniform filters, FAR analysis prevails over search matrix, ESOP adjustments require parity, working capital needs scientific computation, and delayed receivables attract LIBOR-based interest.
