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Income Tax : The Income-tax Act, 2025 has officially replaced the Income-tax Act, 1961 from 1st April 2026. The new law focuses on simplified l...
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 : 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 : ITAT Mumbai ruled that once reassessment proceedings are quashed as void ab initio, the satisfaction recorded therein for initiati...
Income Tax : Bangalore ITAT held that deduction under Section 43B cannot be denied merely because Form 3CD reflected GST payable on the audit r...
Income Tax : The Tribunal ruled that bonus shares sold after being held for more than 12 months were taxable as exempt long-term capital gains ...
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 : 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 notification grants exemption to a legal services authority on specified income. It confirms that statutory bodies performing legal aid functions qualify, subject to strict compliance conditions.
Tax exemption is provided recognizing the authority’s statutory role in delivering legal aid. The ruling highlights that income linked to public service functions qualifies for exemption if conditions are met.
Government has notified a statutory authority for income tax exemption under section 10(46A). The decision confirms eligibility based on public purpose and statutory status.
The government notified a statutory trust for income tax exemption under section 10(46A). The ruling confirms that exemption applies subject to continued compliance with statutory purposes and conditions.
Form 43 is issued by the Income Tax Department to certify Indian tax residency for DTAA claims. It is essential for taxpayers seeking relief from double taxation in foreign jurisdictions.
The issue was whether DTAA benefits can be claimed without a TRC. It was clarified that Form 42 is essential to obtain a Tax Residency Certificate, without which treaty benefits may not be granted. Filing ensures compliance with cross-border tax requirements.
Form 41 is compulsory for non-residents claiming DTAA benefits on income earned in India. Without filing this form along with TRC, treaty relief is denied and higher TDS is applied. This makes compliance essential for tax efficiency.
The issue was whether tax deferral can be claimed without exercising the option. It was held that filing Form 40 is mandatory to avail relief under section 158. Without it, income may be taxed on accrual basis in India, leading to double taxation.
Form 39 must be filed to claim relief under Section 157(1) when income like arrears or gratuity is received in lump sum. It helps reduce excess tax due to income bunching and ensures correct tax computation. Filing is compulsory for valid claims.
The issue was whether deduction can be claimed without proof of inward remittance. It was held that Form 38 is mandatory to establish repatriation of income. Without it, deduction under sections 151 or 152 cannot be allowed.
