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Income Tax : Analysis explains why Section 50C is a computation provision, discusses the First Proviso to Section 50C(1), and examines its stat...
Income Tax : Capital gains, business income, foreign assets, directorship and other transactions may make taxpayers ineligible to file ITR-1....
Income Tax : Know ITR due dates for FY 2025-26, belated and revised return deadlines, ITR-U timelines, late filing consequences and correspondi...
Income Tax : Learn how to report RSU and ESOP share sales for AY 2026-27, including capital gains, Schedule FA, Schedule CG, advance tax and di...
Income Tax : Know the eligibility, exclusions and key differences between ITR-1, ITR-2 and ITR-4 for AY 2026-27, including Section 139(9) and r...
Income Tax : A representation seeks activation of Form 68 filing for misreporting cases after the Finance Act, 2026 expanded immunity under Sec...
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
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 : ITAT Panaji held BSNL VRS-2019 compensation is retrenchment compensation exempt under Section 10(10B), set aside CIT(A) orders, an...
Income Tax : ITAT Pune held BSNL VRS compensation exempt under Section 10(10B), condoned delay in filing appeals, and directed grant of refund ...
Income Tax : ITAT Ahmedabad condoned delay in filing appeal and allowed Section 10(10B) exemption claim for BSNL VRS compensation, making the a...
Income Tax : ITAT Delhi deleted TP adjustments on export commission and model fee, allowed Section 80G claim principles, and granted relief on ...
Income Tax : ITAT Delhi held that disallowance of CSR expenditure under Section 37(1) does not prevent Section 80G deduction for eligible donat...
Income Tax : CBDT authorises DGIT (Systems) to upload AEOI information in Annual Information Statement Form 168 under section 239 and Rule 245(...
Income Tax : CBDT authorises DGIT (Systems) to upload AEOI information in AIS Form 26AS under sections 119, 90 and 90A, prescribing timelines a...
Income Tax : CBDT Circular 05/2026 clarifies safe harbour rules for foreign companies selling raw diamonds in Special Notified Zones, covering ...
Income Tax : CBDT Notification 74/2026 exempts TDS on eligible IFSC aircraft lease rent under section 393, subject to Form 1(N), effective from...
Income Tax : CBDT notifies NCCL's Core Settlement Guarantee Fund under Section 11 and Schedule III of the Income-tax Act, 2025, subject to spec...
The issue was denial of capital gains exemption due to claim under wrong section. The tribunal held that a genuine claim cannot be rejected merely for citing an incorrect provision and remanded the case.
The issue was whether penalty for misreporting can be imposed without specifying the applicable clause. The tribunal held such penalty invalid and ordered its deletion.
The Court noted that the taxpayer could not upload large volumes of documents due to technical limits. It held that authorities should adopt a practical and humane approach, including on-site verification. Failure to do so vitiates proceedings.
The reform consolidates TDS provisions into a structured system and introduces digital compliance mechanisms. It enhances clarity, reduces errors, and improves reporting efficiency.
The issue was whether reassessment notice issued without approval from the correct authority is valid. The tribunal held it invalid and quashed the assessment for lack of jurisdiction.
The tribunal held that no late fee under Section 234E can be imposed for periods prior to 1 June 2015 due to absence of enabling provisions in Section 200A. The levy was deleted following consistent judicial precedents.
The Tribunal held that dismissal of appeal solely on limitation without considering bona fide reasons was unjustified. It restored the matter for adjudication on merits, emphasizing a liberal approach.
The Tribunal set aside the assessment after noting that books of accounts were not produced and required reconsideration. It directed a fresh decision with proper opportunity, emphasizing procedural fairness.
The Finance Act, 2024 has inserted a new section, 194T, for TDS deduction by partnership firms/Limited Liability Partnerships (LLPs). Section 194T takes effect from 1st April, 2025 (AY 2026-27), to bring payments such as salary, remuneration, commission, bonus and interest (whether on capital or on loan) by a partnership firm/LLP to its partners under the […]
The framework outlines mandatory disclosures and timelines for opting into safe harbour. Key takeaway: strict compliance is essential to gain tax certainty.
