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Income Tax : The new law introduces a structured framework for NPO registration, income application, and taxation. It simplifies compliance but...
Income Tax : Form 41 is now compulsory for non-residents claiming DTAA benefits, replacing Form 10F. The update mandates online filing and ensu...
Income Tax : Notices are increasingly triggered by AIS/TIS mismatches and automated systems. Accurate reporting and reconciliation are key to a...
Income Tax : The new rules replace old form numbers with a structured sequence across categories. The update simplifies compliance and improves...
Income Tax : Tax authorities are increasingly questioning decision logic behind TDS deductions. The lack of recorded reasoning in ERPs makes co...
Income Tax : The issue concerns massive backlog in ITAT caused by unfilled positions and delayed appointments. The intervention highlights that...
Income Tax : The audit found widespread incorrect claims of deductions for bad debts and reserves. It highlights the need for stricter verifica...
Income Tax : This webinar breaks down the major structural and conceptual changes introduced in the new Income Tax Act, 2025. It helps professi...
Income Tax : A representation seeks doubling the SMC threshold due to inflation and higher dispute values. The key takeaway is that increasing ...
Income Tax : The government replaced the six-decade-old law with the Income-tax Act, 2025. The reform aims to simplify compliance through clear...
Income Tax : The issue was whether a reassessment notice issued by a jurisdictional officer instead of a faceless officer is valid. The Court h...
Income Tax : The Tribunal held that addition under Section 41(1) cannot be made without proof of actual cessation of liability. It found that m...
Income Tax : The Tribunal ruled that surrender of tenancy rights occurs only upon receiving new property possession. As possession was given la...
Income Tax : The issue involved taxing capital gains from a development agreement in multiple years. The court held the same income cannot be t...
Income Tax : The Tribunal held that enhancement of income without issuing notice under section 251(2) is invalid. Such action violates principl...
Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
Income Tax : CBDT clarified the presentation of error categories in Form U. The update ensures clearer reporting of incorrect income heads and ...
Income Tax : The corrigendum corrects technical errors in multiple ITR schedules, including CG and CYLA. It ensures accurate reporting and smoo...
Income Tax : CBDT corrected multiple clerical and structural errors across income tax return schedules. The changes ensure accurate reporting a...
The Tribunal held that leave encashment received on resignation qualifies for exemption under Section 10(10AA). Subsequent employment in the same year does not bar the relief.
Holding that procedural defects should not defeat substantive rights, the Tribunal restored the appeal. The case was remanded for reconsideration after granting opportunity.
The Tribunal held that enhancing profit to 10% without comparables was arbitrary. Past accepted margins around 6% had to guide estimation. Income was directed to be computed at 6%.
The Tribunal clarified that precedents cannot replace factual analysis under TNMM. High-turnover mismatches justified exclusion, but other comparables required verification. The ruling underscores disciplined TP benchmarking.
The Tribunal held that once delay in filing the return is condoned under Section 119(2)(b), denial of Section 80P solely for late filing is unsustainable. The deduction was directed to be allowed.
The Tribunal held that a landowner under a JDA cannot be forced to adopt the percentage completion method merely because the developer follows it. Consistent use of the project completion method was upheld as legally valid.
Both 12AB and 80G applications were rejected without adequate reasoning or opportunity. The Tribunal emphasized mandatory compliance with due process. The cases were sent back for de novo consideration.
The Tribunal held that sanction for reopening beyond four years must be granted by the specified higher authority. Approval by a Joint Commissioner was found incompetent and void. Consequently, the reassessment was struck down as without jurisdiction.
The new Bill restructures and rewrites the tax statute to make it shorter, clearer, and easier to apply. The key takeaway is continuity in tax policy with significant procedural simplification.
SEO Description: Explains which gifts qualify for exemption based on the statutory definition of “relative” and why not all family gifts are tax-free under Section 56(2)(x).
