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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 : The Mumbai ITAT held that an addition under section 69 cannot survive when the Revenue fails to establish that the alleged investm...
Income Tax : ITAT Lucknow held that disallowance of interest expenses cannot be sustained without evidence showing that interest-bearing funds ...
Income Tax : SC dismissed Revenue’s plea after Gujarat HC held that even proposed additions would not alter MAT liability, defeating escapeme...
Income Tax : The Tribunal held that the assessee was entitled to additional interest under Section 244A(1A) because the Assessing Officer faile...
Income Tax : The Tribunal held that once Second Line Support services were examined and covered under an Advance Pricing Agreement, disallowanc...
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 Rules 2026 introduce a completely revamped form numbering system across all compliance categories. The reform consolidates multiple forms and simplifies filing, making it essential for taxpayers and professionals to update systems and processes.
The Tribunal held that booking a flat in an under-construction project qualifies as construction. Since possession was obtained within three years, full deduction under section 54 was allowed.
The Tribunal held that long-term capital gains cannot be treated as bogus based solely on investigation reports. In absence of independent inquiry or evidence, the addition was deleted.
The Tribunal dismissed the appeals as the tax effect was below the CBDT’s prescribed limit. The case was not examined on merits due to non-maintainability.
The ruling rejected re-characterization of share transactions as loans in absence of exceptional circumstances. Interest imputation on such transactions was deleted.
The Tribunal set aside the order as the CIT(A) failed to examine judicial precedents cited by the assessee. The matter was remanded for fresh adjudication with proper reasoning.
The Tribunal dismissed the appeal after finding that an identical appeal had already been filed and heard. The case was treated as duplicate and not examined on merits.
The Tribunal held reopening valid as tangible material showed undisclosed capital gains. It ruled that execution of a registered sale deed triggers tax liability even if consideration is disputed.
The case clarifies that capital gains tax arises upon execution of a registered sale deed, even if payment is not received. It highlights that the right to receive consideration is sufficient to trigger tax liability.
The amendments focus on reassessment timelines, electronic communication, and procedural clarity. The changes aim to reduce litigation and improve efficiency in tax administration.
