Latest Income Tax News India — IT Department Updates

Latest income tax news including CBDT circulars, TDS rules, ITR filing updates, tax tribunal judgements, and I-T department enforcement.

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Income Tax

Tax Alert May 2026 Deadlines For TDS TCS Certificates And Filings Business Today

May 2026 brings crucial TDS and TCS deadlines, including Form 24Q filing by May 31. Non-compliance can lead to penalties and interest under the Income Tax Act.
Income Tax

Can Senior Citizens Above Skip ITR Filing In Fy27 Heres Who Qualifies

Senior citizens aged 75+ with only pension and interest income from the same bank are exempt from filing ITR under Section 194P. This simplifies tax compliance for eligible seniors.
Income Tax

Can The Section 87a Rebate Be Used Against Capital Gains Tax Under The New Tax Regime Upstox

Section 87A offers tax relief to lower-income individuals, but its interaction with capital gains tax under the new regime requires careful evaluation. Taxpayers must...
Income Tax

Filing ITR For Fy27 Know The Differences Between Old And New Income Tax Regime News9live

Taxpayers must carefully evaluate the Old and New Income Tax Regimes for FY27, as the New Tax Regime is now the default option. The Finance Act 2023 has altered the New Tax...
Income Tax

8 Income Tax Form Changes In Fy 25 26 That Every Taxpayers Should Know From PAN Card To TDS Forms The Economic Times

Eight Income Tax form changes for FY 2025-26 impact PAN card usage and TDS procedures, requiring taxpayers to update their compliance processes. Accurate filing using the...
Income Tax

Prarambh 2026 Mega Outreach Program On The Income Tax Act

The Income Tax Department launched Prarambh 2026, a mega outreach program to educate taxpayers on the Income Tax Act and improve compliance. The initiative aims to reduce...
Income Tax

Children Educational Allowance Section 80c Tuition Fee Deductionsee How You Can Claim Tax Benefit Of Up To 438 Lakh

Section 80C allows taxpayers to deduct up to ₹1.5 lakh for children's tuition fees, reducing their taxable income. This provides financial relief and encourages investment in education.
Income Tax

Business News ITR Filing Ay 2026 27 Which ITR Form Should You File Latestly

Selecting the correct ITR form for AY 2026-27 is vital to avoid penalties and ensure compliance. Taxpayers must assess their income sources to choose the appropriate form.
Income Tax

CBDT Launches Aggressive 257 Lakh Crore Tax Recovery Drive Using Ai And Digital Tracking Tools Bizzbuzz

The Income Tax Department is aggressively pursuing ₹257 lakh crore in outstanding tax demands using AI and digital tools. This initiative requires immediate attention from CAs...
Income Tax

New Forms 42 43 Under Income Tax Rules 2026 Introduced For Tax Residency Certificate In India

New Forms 42 and 43 are introduced for Tax Residency Certificate applications via Notification 5/2026. This aims to streamline TRC issuance and prevent treaty abuse.
Income Tax

CBDT Introduces Major Changes In Apa Regime Under Income Tax Rules 2026

revises APA regime under Income-tax Rules, 1962, effective May 23, 2026, to streamline processes and enhance clarity for multinational enterprises. The changes aim to reduce...
Income Tax

Returns What Is The Deadline To File ITR For Fy26 Top Faqs Answered On Penalty Forms And Delayed Returns

The ITR filing deadline for FY26 is July 31, 2026, for individuals, with penalties for late filing under Section 234F. Taxpayers must file on time to avoid penalties and interest.
Income Tax

CBDT Clarifies Form 18 Filing For Affordable Housing Projects Under Income Tax Rules 2026

clarifies Form 18 filing for affordable housing projects via Notification 55/2026, ensuring accurate reporting under Section 80IBA. Non-compliance may lead to disallowance of...
Income Tax

Your Upi And Credit Card Payments Are Under The Income Tax Lens Heres How Juris Hour

The Income Tax Department is scrutinizing UPI and credit card payments to detect tax evasion. Discrepancies between transactions and declared income may lead to tax notices and...
Income Tax

551 Cr Transfer Pricing Adjustment Disputed Itat Grants Fresh Opportunity To Drp To Examine Covid19 Costs And Evidence

The ITAT has directed the DRP to re-examine a ₹551 crore transfer pricing adjustment, focusing on COVID-19 costs. This decision impacts how multinational companies account for...
Income Tax

Service Tax Demand Cant Be Raised Merely On St 3 And Income Tax Return Mismatch Without Examining Books Of Accounts Cest

Delhi ruled that service tax demands cannot be solely based on mismatches between ST-3 and income tax returns without examining books of accounts. The decision protects...
Income Tax

Form 26as Replaced By Form 168 Heres Step By Step Process To Download IT

Form 26AS is replaced by Form 168 via Notification No. 54/2026 to consolidate taxpayer information. This change requires immediate adaptation to ensure accurate reporting and...
Income Tax

Dept Launches Kar Saathi Explaining Act 2025 Newsbytes

The CBDT launched 'Kar Saathi' on May 24, 2026, to simplify the Finance Act, 2025, aiming to reduce compliance burdens for taxpayers. This platform offers detailed explanations...
Income Tax

Allcargo Terminals Receives Income Tax Demand Of Rs 530389321 For Block Period 20182025 Scanxtrade

Allcargo Terminals faces a ₹530 million income tax demand for the 2018-2025 block period. The company must now decide whether to comply or appeal, potentially impacting its...
Income Tax

Switching Reopening Grounds From Accommodation Loans To Bogus Ltcg Invalidates Reassessment Itat Quashes Addition

quashed an addition because the reassessment grounds shifted from accommodation loans to bogus LTCG. This decision reinforces the importance of consistency in reassessment reasons.
Income Tax

Department To Step Up Tax Recovery Drive Target 257 Lakh Crore In Pending Dues A2z Taxcorp Llp

The Income Tax Department is stepping up efforts to recover ₹257 lakh crore in pending tax dues. This initiative will likely lead to increased scrutiny and enforcement actions.
Income Tax

Department Releases ITR 1 ITR 4 Excel Utilities For Ay 2026 27

The Income Tax Department has released Excel utilities for ITR-1 and ITR-4 for AY 2026-27, simplifying electronic filing for eligible taxpayers and reducing compliance burdens.
Income Tax

Dividend Income Taxability Defeats Section 14a Disallowance Holds Itat

The ITAT Delhi ruled that Section 14A disallowance does not apply to dividend income if no expenditure was incurred to earn it. This decision provides clarity and potential...
Income Tax

Bought A Car Above Rs 10 Lakh You Can Claim TCS Refund On Your Purchase Heres How Msn

Taxpayers can claim TCS refunds on car purchases above ₹10 lakh by accurately reporting it in their ITR. This helps in recovering taxes paid upfront and managing cash flow.
Income Tax

Marginal Relief In Income Tax Explained Who IT Applies To And How IT Works Under New Vs Old Tax Regime Msn

Marginal relief prevents disproportionately high tax liability for incomes slightly above tax bracket thresholds. It ensures fair taxation under both old and new tax regimes.
Income Tax

Mumbai Organise Outreach Programme On New Income Tax Act 2025

Mumbai Income Tax Department is launching an outreach program on June 15, 2026, to educate taxpayers on the Income Tax Act 2025. The program aims to enhance tax literacy and...
Income Tax

Section 40a2a Not Applicable On Share Investment Without Claimed Expenditure Says Itat

ruled Section 40A(2)(a) inapplicable to share investments without claimed expenditure, clarifying its scope. This prevents unwarranted disallowances and provides certainty for...
Income Tax

Csr Donation To Approved Institution Eligible For Income Tax Deduction Despite Restriction Us 37 Itat Allows 2260 Lakh D

The ITAT allowed a ₹2260 lakh deduction for CSR donation, clarifying that restrictions on fund use do not automatically disqualify it under Section 37. This decision offers...
Income Tax

Old Vs New Tax Regime Which Works Better For Rs 1 Crore Salary Earners Moneycontrolcom

The choice between the old and new tax regimes for ₹1 crore salary earners depends on individual deductions and financial planning. Careful evaluation is essential for optimal...
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