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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 Tribunal deleted the ₹60 lakh addition under Section 68 after noting that the loan was received and repaid through banking channels and the lenders identity was established.
The Tribunal held that immunity from penalty requires strict compliance with statutory conditions, and absence of proof of Form 68 filing disentitles relief.
Rule 38 of the Draft Income-tax Rules, 2026 prescribes mandatory audit, separate books of account, capped beneficiary receipts, and strict reporting conditions for Agricultural Extension Projects claiming deduction under section 47(1)(a).
Rule 37 of the Draft Income-tax Rules, 2026 lays down mandatory conditions, prior Ministry approval, minimum ₹25 lakh expenditure, and CBDT notification procedures for agricultural extension projects under section 47(1)(a).
Rule 36 of the Draft Income-tax Rules, 2026 lays down detailed application procedures and eligibility conditions for affordable housing projects and semiconductor wafer fabrication units to be notified as specified businesses under section 46.
Rule 35 prescribes the authority, procedure, timelines, and compliance conditions for company approval under Section 45(3)(b). It mandates strict audit, reporting, and research-use requirements to prevent misuse of tax benefits.
Rule 34 prescribes conditions for universities, colleges, and institutions seeking approval under Section 45(4), mandating separate books, audits, and detailed research reporting. The rule ensures research funds are properly utilised and monitored.
Rule 33 of the Draft Income-tax Rules, 2026 prescribes strict conditions for research associations seeking approval under Section 45(4). It mandates audit, reporting, donation tracking, and genuine research activity to retain approval.
Rule 32 of Draft Income-tax Rules, 2026 sets procedure, Form 17 filing, timelines, scrutiny, approval validity up to 5 years, deficiency process, and withdrawal norms under Section 45(4).
ITAT Mumbai held that the cost of acquisition in present case would be the FMV of the flats which the assessee has acquired in exchange of surrender of tenancy right to the developer. Accordingly, AO is directed to re-compute cost of acquisition.
