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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...
Draft Rule 164 prescribes updated ITR forms, eligibility criteria and filing modes for Assessment Year 2026-27, restricting simplified forms like ITR-1 and ITR-4 based on income, assets and transaction thresholds.
Draft Rules 165 and 166 require eligible taxpayers to file updated returns in Form ITR-U and define clear conditions under which a return will be treated as defective, strengthening procedural compliance and accuracy.
Draft Rules 167 to 171 prescribe Form 99 for appeals, define authorised verifiers under insolvency cases, set verification formats, designate notice authorities, and mandate Forms 100 and 101 for audit and inventory reports to standardise tax compliance procedures.
Draft Rule 141 prescribes a component-wise formula for computing exempt income of specified funds attributable to offshore banking unit investment divisions, while disallowing related expenditure deductions and mandating Form 70 compliance.
Draft Rule 142 mandates separate accounts, audit in Form 71, and strict documentation for offshore banking investment divisions, making exemption under Schedule VI conditional on compliance.
Draft Rule 143 prescribes a five-component aggregation formula for computing income of offshore banking investment divisions under section 210(3), making concessional tax rates conditional on Form 70 filing and compliance.
Draft Rule 144 requires non-sponsor unit holders who become residents to exit within three months and mandates detailed record-keeping, failing which exemption under Schedule VI will be denied.
Draft Rule 145 mandates specified entities to file electronically verified income statements with tax authorities and recipients by fixed June deadlines, ensuring compliance and transparency under sections 221 to 224.
Draft Rules 130–132 of the Income-tax Rules, 2026 prescribe mandatory time limits, detailed Approving Panel procedures, and remuneration norms to ensure transparency and time-bound action under section 274 proceedings.
Draft Rules 133 and 134 require businesses above ₹50 crore turnover to offer specified digital payment modes and mandate Form 65 filing to opt for patent royalty taxation benefits under section 194.
