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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 High Court set aside a 10% TDS certificate issued without recording how the payments were taxable. The ruling stresses that Section 197 orders must be reasoned and cannot ignore binding precedents.
The decision limits tax exposure by holding that unexplained cash deposits during demonetization should be assessed on an estimated profit basis when business records are accepted.
The amendment clarifies the two-year nil annual value period for unsold stock-in-trade property. It also confirms that prior-period interest is included within the ₹2 lakh deduction limit.
The amendment clarifies that guidelines issued to resolve TDS/TCS difficulties are binding on both tax authorities and deductors. This ensures uniform application and reduces interpretational disputes.
The amendment clarifies that sums allowed as deductions earlier can become taxable in later years even without violation of conditions. This aligns post-repeal taxation with outcomes under the repealed law.
The Finance Bill standardises the meaning of “specified fund” by synchronising Schedule VI with existing provisions. The ruling outcome is clearer eligibility conditions and smoother application of income exemptions.
By adopting the section 10(4D) definition, the amendment ensures consistency across income-exemption provisions. The change enhances legal certainty and eases long-term tax planning for funds.
The Finance Bill, 2026 removes certain commercial activity violations from the scope of specified violations, preventing automatic cancellation of NPO registration from AY 2026–27.
Section 332 is amended to exclude certain Schedule VII funds from registration requirements. From AY 2026–27, these funds can claim tax exemption without registering as NPOs.
Section 349 is amended to permit belated return filing by NPOs through a reference to section 263(4). The change applies from AY 2026–27, restoring flexibility available under the earlier tax law.
