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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 Income Tax Act treats salary and house property income under distinct principles of employment and ownership. The key takeaway is that taxability depends on the source and statutory classification of income.
Indian law treats NFTs as Virtual Digital Assets taxable at 30% under Section 115BBH. The key takeaway is that traditional asset classification is overridden by a special tax regime.
The Tribunal ruled that failure to verify discrepancies in quantitative stock details justified revisionary action. Mere calling of documents without proper examination invites Section 263 proceedings.
The Tribunal observed that the AO disallowed 50% of warranty provisions and 25% of liabilities without justification. It held that in absence of specific defects in remand proceedings, such ad hoc disallowances cannot survive.
The Budget proposes removing buy-back from the definition of dividend and taxing it under capital gains. This aims to rationalise shareholder taxation and align treatment under the new Act.
ITAT held that the Assessing Officer failed to record proper satisfaction linking seized material to the assessee’s income. Consequently, proceedings under Section 153C were quashed.
Section 115BBH imposes a 30% tax on gains from virtual digital assets, with no set-off of losses. Investors must compute and report VDA income carefully.
The ITAT ruled that dismissing an appeal solely for non-compliance is contrary to law. The appellate authority is obligated to frame issues and pass a reasoned order on each ground raised.
Only specified professionals can opt for presumptive taxation under Section 44ADA. Declaring less than 50% profit may trigger mandatory tax audit under Section 44AB(d).
The AO compared per-location payments to different vendors to allege excessiveness. The Tribunal held that such comparisons lack statutory backing when parties are unrelated and services differ in nature and complexity.
