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Income Tax : Section 54 grants exemption on long-term capital gains from the sale of a residential house because the proceeds are reinvested in...
Income Tax : The Income-tax Act mandates e-payment of direct taxes for companies and taxpayers covered under Section 44AB, while others may opt...
Income Tax : Form 16 and Form 16A serve distinct purposes under the TDS framework, with Form 16 relating to salary income and Form 16A covering...
Income Tax : Permanent Account Number (PAN) serves as a unique identifier enabling the Income-tax Department to track tax payments, returns, TD...
Income Tax : This analysis explains how Parliament designed Sections 11 to 13 to ensure that tax-free income is ultimately used for charitable ...
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 59 of the Income-tax Rules, 2026 prescribes a formula-based method to compute taxable income from life insurance payouts under Section 92(2)(l), ensuring premiums already claimed as deductions are not reduced again.
Draft Rule 58 of the Income-tax Rules, 2026 excludes certain asset transfers from Sections 92(3)(i) and 79 where specified restructuring, regularisation, or disinvestment conditions are fulfilled.
The Tribunal set aside the CIT(A)’s order because the appeal was dismissed on limitation without properly examining delay condonation grounds. It held that non-speaking orders passed without adequate hearing violate principles of natural justice and require fresh adjudication.
Rule 57 of the Draft Income-tax Rules, 2026 prescribes specific methods for determining Fair Market Value of jewellery, shares, artistic works, and immovable property to ensure standardized and transparent valuation.
Draft Rules 54 to 56 require accountant certification for slump sales and fix a 15% or Rs.10 lakh threshold for reference to Valuation Officers. They also define key FMV terms, including balance sheet, merchant banker, securities, and valuation date for specific sections.
Draft Rule 53 mandates that fair market value (FMV) for slump sale under Section 77 be the higher of asset-based FMV or consideration-based FMV. The rule introduces detailed formulas to prevent undervaluation and ensure accurate capital gains taxation.
Clause 247 allows tax officers to access emails and cloud data without a warrant. The article argues this violates privacy and proportionality principles under constitutional law.
The Central Government has approved a Chennai-based higher education trust for scientific research under Section 35(1)(ii) for AY 2026-27 to 2030-31. The approval is conditional upon compliance with Rule 5E, timely filing of Form 10BD, and issuance of Form 10BE to donors.
The Tribunal ruled that adjournment based on pending comments from the Assessing Officer requires a definite timeline. It stressed orderly conduct and procedural fairness in handling multiple connected appeals.
ITAT Pune held that time limit of six months for filing an application u/s. 80G(5) of the Income Tax Act applies only to trusts which have not started charitable activities and not to trust which has already started charitable activities before obtaining Provisional registration. Accordingly, application held to be valid and maintainable.
