A summary of agricultural income under Section 2(1A) of the Income-tax Act, covering rent, cultivation processes, and farm buildings. Learn about the partial tax integration regime, special rules for tea, coffee, and rubber, and the capital gains treatment for rural versus urban agricultural land.
The AIS is a comprehensive statement providing all tax and financial transaction details, including TDS, SFT, and external data, to the taxpayer. TIS is a summary of this information. Access via e-filing portal; feedback is possible.
ITAT Hyderabad held that Transfer Pricing Officer [TPO] doesn’t have jurisdiction to scrutinize the claim of deduction under section 80IA of the Income Tax Act. Accordingly, addition made by AO on account of TP adjustment is not sustainable.
Understand Benami property and transactions as per the PBPT Act. Learn what constitutes Benami, who the Benamidar and Beneficial Owner are, the exceptions, and the serious consequences, including rigorous imprisonment, fines, and confiscation of assets by the Central Government.
NCLT Prayagraj held that liquidation of Corporate Debtor [Garvit Innovative Promoters Ltd.] in terms of application filed under section 33(2) of the Insolvency and Bankruptcy Code admitted as approved in 7th CoC meeting. Accordingly, the present application is allowed.
Five High Courts criticize the CBDT’s habit of last-minute ITR deadline extensions, citing administrative chaos, mental stress, and need for proactive tax governance reform.
ITAT Delhi held that the ₹33.12 crore received by a co-founder to settle disputes and relinquish the right to sue for promised equity is a non-taxable capital receipt. The court ruled the payment wasn’t salary, business income, or capital gains, as the ‘right to sue’ isn’t a transferable capital asset.
SC set aside a HC conviction in a corruption trap case, reinstating acquittal of a Labour Officer. SC ruled that recovery of cash alone is insufficient for conviction under PC Act unless prosecution first proves accused demanded and accepted bribe.
ITAT Mumbai quashed search assessments under Section 153C, ruling that a single, non-speaking, and mechanical approval granted under Section 153D for multiple assessment years is invalid.
SEBI releases a consultation paper for a comprehensive review of the 1996 Mutual Fund Regulations, aiming for simplification, clarity, and enhanced investor protection.
