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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...
Cooperatives registered under the Multi-State Cooperative Societies Act, 2002 are formally included in the Income-tax Act definition. The change aligns taxation with the existing cooperative regulatory framework.
The amendment grants tax exemption on disability pension only where personnel are invalided out due to service-attributable disability. Superannuation or other retirements are expressly excluded.
The amendment permits taxpayers to file an updated return to reduce overstated losses. This promotes accuracy while preserving restrictions against loss creation or refund enhancement.
Taxpayers will be permitted to file an updated return even after a reassessment notice is issued. The move encourages voluntary disclosure while restricting parallel filing options.
The Finance Bill proposes sweeping changes to reduce criminal liability in tax offences. Punishments are restructured to be proportionate to the amount of tax involved.
The reference point for limitation will shift from last authorisation to search initiation. This ensures uniform deadlines in group search cases.
The amendment exempts interest awarded by Motor Accidents Claims Tribunals from tax for individuals and legal heirs. It treats such receipts as relief rather than taxable income.
Interest on compensation awarded to individuals will no longer attract TDS. The change ensures accident victims receive full interest amounts without deduction.
Taxpayers will be able to apply online for lower or nil TDS certificates. The move simplifies compliance and reduces dependency on physical interface.
The law addressed the compliance burden faced by resident buyers purchasing property from non-resident sellers. It was held that resident individuals and HUFs need not obtain TAN for such transactions, simplifying TDS compliance from October 2026.
