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Income Tax : The Income-tax Act, 2025 introduces Form 141 to replace Form 26QB from April 2026. The change aims to reduce reporting mistakes an...
Income Tax : The new Income-tax Act, 2025 retains the obligation to maintain books of account under Section 62. Businesses and professionals mu...
Income Tax : The new legislation reorganizes provisions related to return processing, scrutiny assessments, and reassessment of escaped income....
Income Tax : The proposed amendment to the Income-tax Act confirms that compensation received under the RFCTLARR Act will be exempt from income...
Income Tax : Even if seafarers fail the 182-day NRI test due to crises or travel delays, foreign salary may still remain tax-free. RNOR status ...
Income Tax : The Income Tax Department conducted surveys across multiple cities after AI analysis revealed significant discrepancies between tr...
Income Tax : Rules 307–311 of the Draft Income-tax Rules, 2026 outline how pension funds must purchase annuities, restrict commutation, preve...
Income Tax : Draft Income-tax Rules 2026 prescribe definitions, trust conditions, investment rules, and limits on employer contributions for ap...
Income Tax : Draft Income-tax Rules 2026 outline procedures for provident fund recognition, penalties for assigning PF interest, and tax treatm...
Income Tax : Draft Income-tax Rules 2026 require provident fund nominations to favour family members and mandate annual account reporting by tr...
Income Tax : The Tribunal held that capital gains from property transferred to a spouse without consideration must be taxed in the hands of the...
Income Tax : The Tribunal held that reopening beyond three years requires sanction from higher authorities under Section 151(ii). Since approva...
Income Tax : The Tribunal held that Section 269SS does not apply when cash is received as part of final sale consideration at the time of prope...
Income Tax : The tribunal examined whether the tax authority correctly calculated allowable promotional expenses. It held that the disallowance...
Income Tax : The Tribunal held that reopening an assessment after four years is invalid when the assessee has fully disclosed all material fact...
Income Tax : The notification expands reporting rules to include central bank digital currencies, electronic money products and relevant crypto...
Income Tax : The Central Government has approved a Chennai-based higher education trust for scientific research under Section 35(1)(ii) for AY ...
Income Tax : Explains the CBDT notification granting section 10(46) exemption to a district legal services authority and the categories of inco...
Income Tax : CBDT directs adjournments in court and ITAT cases as Finance Bill 2026 proposes clarificatory amendments to key Income Tax Act pro...
Income Tax : Summary of the Finance Bill, 2026 outlining income-tax rates, surcharge structure, threshold relief, amendments across direct and ...
A significant change proposed in the current Union Budget relates to the disallowance of deduction of interest expenditure incurred on borrowings used for earning dividend income or income from units of mutual funds. The proposal seeks to amend Section 93(2) of the Income-tax Act, 2025, and is intended to come into effect from 1 April 2026.
ITAT Delhi held that reassessment proceedings are invalid when notice under Section 148 is issued in the name of a company that had already converted into an LLP. The Tribunal ruled that proceedings against a non-existent entity are void in law.
The ITAT held that revisional powers under Section 263 cannot be exercised when the Assessing Officer has already examined the issues during scrutiny. Mere disagreement with the assessment cannot justify revision.
The Finance Act 2023 introduced a 12.5% LTCG tax without indexation as an alternative to 20% with indexation. Taxpayers must compare both options carefully before choosing the beneficial one.
The benchmark price was incorrectly determined because material economic differences between Thailand and Vietnam markets were not adjusted under the CUP method.
The Tribunal ruled that unverified KOT data and handwritten loose sheets are insufficient to establish unaccounted sales. Additions based on assumptions and unsupported survey statements were deleted.
The court held that a retracted statement by a trustee alleging capitation fee collection cannot justify tax additions without corroborative evidence. In the absence of proof from students or supporting documents, the Revenue’s presumption was held unsustainable.
ITAT Mumbai held that marketing and advertisement expenses incurred to promote products on an online retail platform are revenue in nature since they relate to expansion of an existing business.
The Tribunal ruled that both conditions for Section 263 revision must exist simultaneously. Since no exempt income was earned, the assessment order was neither erroneous nor prejudicial.
ITAT Chennai held that assessee is needs to establish the expenditure which is unreasonably high. Thus, additional evidence filed for expense pertaining to ‘shortage and quality cuts’ needs complete verification. Accordingly, matter remanded back to AO.
