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Income Tax : The Income Tax Act 2025 has overhauled the 1961 law by introducing new section numbers, a unified “Tax Year,” and simplified c...
Income Tax : The Income Tax Act 2025 introduces mandatory reporting of high-value gifted immovable properties exceeding ₹45 lakh. The amendme...
Income Tax : The ITAT Surat held that agricultural land qualifies as “immovable property” under Section 56(2)(x) since the provision covers...
Income Tax : Businesses now face stricter seller-wise tracking, PAN verification, and reconciliation obligations under TDS on purchase provisio...
Income Tax : The judgment rejected the practice of assigning a nil arms length price merely because a taxpayer reported financial losses. The c...
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 : The updated TDS challan system reportedly displays incorrect interest-related options under the Company Deductee category. Taxpaye...
Income Tax : The data shows a steady increase in net direct tax collections driven by higher corporate and non-corporate tax revenues. It highl...
Income Tax : The issue highlights delays caused by non-binding timelines in appellate proceedings. It proposes mandatory limits to ensure faste...
Income Tax : Chennai ITAT held that seminars, workshops, conferences, and medical training programmes can qualify as “education” under Sect...
Income Tax : ITAT Bangalore held that an appeal filed without verification by the authorized Principal Officer was not maintainable. The Tribun...
Income Tax : Gujarat High Court held that reassessment notices issued after scrutiny assessment were invalid because the Assessing Officer had ...
Income Tax : ITAT Delhi noted that confirmations from the company and broker regarding share transactions were available but not adequately con...
Income Tax : Chennai ITAT condoned a massive delay in filing appeals after accepting the assessee’s explanation that he became aware of favou...
Income Tax : The Income Tax Department increased monetary thresholds for assigning cases between ITOs and D/ACITs in Delhi Region. The revised ...
Income Tax : The Principal Chief Commissioner of Income Tax (Exemptions) approved the company under Section 35(1)(iia) for scientific research ...
Income Tax : The consolidation into Form 121 introduces stricter documentation and reporting obligations. The decision emphasizes accountabilit...
Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
The issue concerns taxation of online cricket gaming winnings. The framework mandates a flat 30% tax with no deductions, emphasizing strict compliance and reporting obligations.
The issue was confusion due to separate previous and assessment years. The reform replaces them with a single Tax Year, simplifying references while retaining existing assessment timelines.
The new tax framework significantly reduces the number of rules and forms, aiming to simplify compliance. It replaces complex provisions with clearer structures and streamlined processes.
ITAT Pune held that reopening of assessment under section 148 of the Income Tax Act based on audit objection is merely change of opinion and the same is impermissible in law. Accordingly, notice issued u/s. 148 is not valid and is liable to be quashed.
The Tribunal held that additions based on presumptions without evidence cannot be sustained fully. It reduced the addition on unexplained cash deposits from 10% to 5%, granting relief to the assessee.
The Tribunal held that exemption cannot be denied merely because the purchase agreement was unregistered. Substantial payment and possession were considered sufficient for claiming relief.
Courts held that exemption cannot be denied merely due to lack of registration if possession and substantial payment are proven. The ruling emphasizes substance over procedural formalities.
The Tribunal held that where registration is delayed, the stamp duty value on the agreement date must be considered. The ruling applies the beneficial proviso to Section 50C retrospectively.
The Tribunal held that different floors of the same building constitute one residential house. Deduction under Section 54 cannot be denied on the ground of structural division.
The new rules replace legacy forms with a structured, renumbered system. They simplify compliance while expanding reporting requirements across tax domains.
