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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 : 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 : Taxpayers can file updated returns within 48 months of the assessment year by paying additional tax. The provision promotes volunt...
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 Chandigarh held that the assessee could not establish the authenticity of the purchase transactions underlying the LTCG claim...
Income Tax : The High Court upheld denial of Section 10(38) exemption after concurrent findings established that the share transactions lacked ...
Income Tax : The Delhi High Court upheld the denial of Section 10(38) exemption after finding that the authorities had rightly treated the shar...
Income Tax : The High Court held that issuing a demand notice along with a draft assessment order violated the mandatory procedure under Sectio...
Income Tax : The Court found that the ITAT wrongly held there was no business income despite the assessment record showing income under “Busi...
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 Income Tax Department has clarified the concessional tax regimes available to companies, individuals, and co-operative societies. The guide explains that lower tax rates are available only if taxpayers forgo specified exemptions, deductions, and tax benefits.
The document highlights situations where exemptions under Sections 11 and 12 can be withdrawn, including benefits provided to interested persons, impermissible investments, and violations of charitable purpose conditions.
The Income Tax Department has explained the tax treatment of gratuity, pension, leave encashment, provident funds, NPS, and retirement compensation under the amended law. The guide clarifies exemption limits, deduction eligibility, and taxable components of retirement benefits.
This guide explains the tax treatment of salary allowances, exemptions, and deductions available to salaried employees. It highlights how eligible claims can reduce taxable income under the Income-tax Act.
Income-tax Amendment Ordinance 2026 exempts FIIs from tax on interest and capital gains from specified Government Securities from April 1, 2026.
This guide outlines the complete ITR filing checklist for AY 2026-27, from AIS reconciliation to e-verification. It helps salaried taxpayers avoid errors, notices, and refund delays.
ITAT Chennai held that reopening an assessment after four years based on issues already examined during scrutiny amounted to an impermissible change of opinion. The key takeaway is that reassessment cannot be used as a tool to review a concluded assessment without fresh tangible material.
This guide explains how taxpayers can select the correct ITR form based on their income profile and tax status. It highlights eligibility conditions and common mistakes that may lead to defective return notices.
The Assessing Officer examined the audited books, balance sheet, and supporting records but did not identify any discrepancy or reject the accounts. ITAT held that, in such circumstances, invoking Section 115BBE was unsustainable.
The Tribunal deleted the addition after finding that the taxpayer had furnished complete documentary evidence of purchase and sale of shares. The ruling emphasizes that suspicion, however strong, cannot replace legally admissible evidence.
