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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...
ITAT Ahmedabad held that the Transfer Pricing Officer cannot determine the arm’s length price of intra-group services at Nil merely based on assumptions regarding benefit or commercial necessity.
The Tribunal found no distinguishing factors between the assessee and another liquor trader whose GP rate of 3.13% had been accepted by the Department. In the absence of justification for a higher rate, the GP estimation was reduced from 4% to 3.13%.
ITAT Chennai held that there is no provision under the Income-tax Act allowing substitution of the actual cost of land with its fair market value while computing deduction under Section 80-IB(10). The Tribunal directed that deduction be computed based on profits disclosed in the books, as the land cost had already been accounted for.
Many taxpayers unknowingly omit income or financial transactions while filing returns. The key takeaway is that incomplete reporting can result in additional tax, interest, delayed refunds, and compliance costs.
Taxpayers are advised to wait until departmental records are fully updated before filing AY 2026-27 returns. Filing too early may lead to mismatches, notices, and refund delays.
This article explains the tax exemption framework for charitable and religious trusts under the Income Tax Act, 2025. It covers registration requirements, exemption conditions, corpus donations, accumulation rules, and GST implications.
Tribunal held that Section 87A rebate is linked to total income, which includes short-term capital gains. CPC’s denial of rebate on Section 111A gains was therefore unsustainable for AY 2024-25.
The ITAT held that income disclosed during a survey could not be reclassified from business income to Section 69A income through rectification proceedings. A debatable issue cannot be treated as a mistake apparent from the record.
The ITAT Lucknow held that acute depression prevented timely compliance with statutory notices and amounted to a reasonable cause under Section 273B. Consequently, the penalty under Section 272A(1)(d) was deleted.
The Tribunal held that once immunity under Section 270AA was granted and the assessee accepted the assessment without appeal, the Assessing Officer could not later alter the assessment through Section 154 rectification. The ruling reinforces the finality and certainty intended by the immunity scheme.
