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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 : ITAT Delhi held that interest expenditure cannot be disallowed without establishing a nexus between borrowed funds and non-busines...
Income Tax : The Madras High Court held that filing an appeal before the Commissioner of Income-tax (Appeals) under Section 246A does not requi...
Income Tax : ITAT Chennai held that late filing fees under Section 234E could not be levied through TDS processing for periods prior to 01.06.2...
Income Tax : The ITAT held that, following the Supreme Court's ruling denying LFC exemption for foreign travel, a bank could be treated as an a...
Income Tax : The Supreme Court declined to interfere with the Bombay High Court's view that a later judicial pronouncement cannot constitute a ...
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 Act, 2025 introduces detailed reporting requirements for books maintained in electronic form. Tax auditors must now disclose accounting software, storage systems, server locations, and compliance with backup requirements.
The article explains that Section 87A reduces eligible income tax liability but does not automatically eliminate interest, penalties, or late fees. Taxpayers may still receive a demand notice under Section 156 despite having income below ₹12 lakh.
The Delhi ITAT held that liabilities already written back and offered to tax in later years cannot be taxed again under Section 41(1). The Tribunal ruled that such an addition would result in impermissible double taxation.
The Tribunal ruled that reassessment proceedings cannot survive when reasons recorded for reopening demonstrate non-application of mind. Following the Delhi High Court’s findings in the preceding year, the reassessment was declared invalid.
The Bangalore ITAT held that a disallowance under Section 14A read with Rule 8D cannot survive without the Assessing Officer recording satisfaction regarding the incorrectness of the assessee’s claim. The Tribunal deleted the disallowance after finding non-compliance with Section 14A(2).
The Bangalore ITAT held that Section 54 relief cannot be denied when capital gains are invested in a new residential house before filing the return under Section 139(4). The Tribunal ruled that such investment satisfies the statutory requirement even without a prior deposit in the Capital Gains Account Scheme.
The Bangalore ITAT held that an assessee need not prove that a debt has actually become irrecoverable to claim a bad debt deduction. The Tribunal ruled that a proper write-off in the books of account is enough to qualify for the deduction.
This article explains how the green card test and substantial presence test determine whether a foreign individual is taxed as a resident or non-resident alien in the United States. It highlights key filing obligations and compliance requirements.
The Bangalore ITAT held that a Section 40A(3) disallowance cannot be made on the assumption that cash payments might have exceeded statutory limits. The Tribunal deleted the addition after finding that records showed payments were made through banking channels.
Section 115BAA offers eligible domestic companies a concessional tax structure with a fixed effective rate. The trade-off is the loss of several deductions available under the normal regime.
