#income tax act 1961
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CBDT Amends Black Money Act, ₹20 Lakh Asset Exemption

Deduction u/s 80P was allowable on interest earned on surplus lending funds as same was related to Banking business

Addition of unexplained stock u/s. 69 upheld as claim of stock not supported by verifiable evidences

No Audit Report Needed for Digital Marketing Business Under ₹5 Crore Turnover: Madras HC

Reopening u/s. 148 quashed as based on mechanical approval u/s. 151

No disallowance u/s. 14A in absence of any exempt income

Reopening u/s. 148 based on wrong facts is not sustainable: ITAT Chandigarh

Your Quick Guide to India’s Income Tax Rules

Notice u/s. 133(6) remaining unserved cannot be reason for disallowance of professional fees

Section 40(a)(ia) couldn’t be made applicable to short deduction of TDS: Uttarakhand HC

Disallowance of claim of loss set aside as no record demonstrated assessee’s involvement in price rigging

Section 80P(2)(d) Deduction Allowed on Interest from Coop Bank Deposits: ITAT Pune

Taxation Laws (Amendment) Bill, 2025 introduced in Lok Sabha

Expense disallowances inconsequential if Full Section 80P Tax Deduction Applies
Explore the latest income tax act 1961 updates on TaxGuru, including relevant Income-tax Act provisions, rules, notifications, circulars, judicial decisions and compliance guidance. The coverage highlights important tax positions, procedural requirements, assessments, deductions, penalties and litigation developments to help taxpayers and professionals understand the practical implications of changes in income-tax law.
