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Income Tax : The article argues that recurring demands for ITR deadline extensions arise from delayed AIS updates, late utility releases, and t...
Income Tax : Senior citizens aged 75+ with only pension and bank interest income need not file ITR if a specified bank computes income and dedu...
Income Tax : Section 44AA mandates maintenance of books by specified professionals and eligible businesses based on income or turnover limits. ...
Income Tax : Employer-provided interest-free or concessional loans are taxable as salary perquisites due to the financial benefit enjoyed by em...
Income Tax : ESOPs are taxed as salary perquisites on allotment based on FMV at exercise. Eligible start-up employees can defer TDS and tax pay...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
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 : ITAT Mumbai held that additions under Section 68 cannot be sustained merely on suspicion regarding penny stock transactions. The T...
Income Tax : The Court held that the assessee failed to produce any written or registered document proving transfer of property to the firm. Co...
Income Tax : ITAT Mumbai upheld the CIT(A)'s directions to verify fund flow, bank statements, and lenders' creditworthiness before making addit...
Income Tax : ITAT Chennai held that estimating income at 8% of turnover was excessive where the assessee's accounts were tax-audited and past p...
Income Tax : The Tribunal restored the matter to the Assessing Officer after finding that transfer pricing adjustments may have been added twic...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
The Tribunal held that prior to the 2023 amendment, returns filed within the broader time under Section 139 were eligible for exemption. It ruled that updated returns could not be denied benefits retrospectively.
TDS payments under Challan 281 require correct selection of system-driven Nature of Payment codes. The guide explains that wrong code selection can lead to credit mismatches and compliance issues.
The new law replaces complex provisions with a streamlined structure and fewer sections. It makes compliance easier while retaining core tax principles.
The tribunal held that selling only open land, even if earlier part of a residential property, does not qualify as transfer of a residential house. Since no building was sold, exemption under Section 54 was rightly denied.
Interplay of Tax Treatment Between Section 10(23C)(iiiad) of the 1961, Act and Section 332 (RNPO) of the New Income Tax Act, 2025 Introductory View The era of New Income Tax Act, 2025 marks a shift from “Category-Based Exemptions” to a “Universal Registration Framework.” The specific exemption for small educational institutions under Section 10(23C)(iiiad) of the 1961 Act […]
Explains when professionals must undergo tax audit based on Sections 44ADA, 44AD, and 44AB. Key takeaway: audit depends on profession type, turnover, and declared profit thresholds.
The issue addressed complexity arising from multiple TDS declaration forms. The new framework replaces them with a single Form 121 for all eligible taxpayers. The takeaway is simplified and standardized compliance.
The case examined validity of a reassessment notice issued beyond statutory limits. The ITAT held the notice invalid as it exceeded the permissible time period. It reinforces strict compliance with limitation provisions.
The case dealt with rejection of books due to unverifiable expenses and lack of supporting records. The ITAT upheld rejection but found 8% profit estimation excessive. It reduced the rate to 5%, emphasizing fairness in estimation.
The case examined whether a statement recorded during search can justify tax additions. The Court held that confession without supporting evidence is insufficient. It reinforces that corroboration is essential for sustaining additions.
