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Income Tax : Failure to file ITRs can result in interest, late fees, loss of refunds, and missed tax benefits. Beyond taxation, it may also aff...
Income Tax : A comprehensive overview of Income Tax Return filing obligations, due dates, belated and revised returns, updated return provision...
Income Tax : The document explains tax rates applicable to individuals, HUFs, firms, companies, co-operative societies, foreign companies, and ...
Income Tax : Resident senior citizens aged 60 years or above are exempt from paying advance tax if they do not earn income from business or pro...
Income Tax : This guide explains how taxpayers can challenge assessment, reassessment, penalty, and other specified orders before the Joint Com...
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 : ITAT Ahmedabad upheld reassessment proceedings after finding that seized diaries recorded unaccounted cash transactions exceeding ...
Income Tax : The Allahabad High Court quashed a reassessment after finding that the Section 148 notice was based on an incorrect allegation of ...
Income Tax : The Tribunal ruled that Section 153C requires the AO of the other person to independently assess whether seized documents have a b...
Income Tax : Jaipur ITAT held that reassessment proceedings were invalid because the Assessing Officer mechanically relied on Investigation Win...
Income Tax : The Tribunal ruled that third-party WhatsApp messages and decoded chat entries lacked evidentiary value against the assessee witho...
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 Budget outlines a reform-driven roadmap centred on manufacturing, infrastructure expansion, and fiscal discipline. The key takeaway is a sustained push for long-term growth backed by targeted investments and structural reforms.
The Budget outlines a three-pronged framework focused on economic growth, capacity building, and inclusive development. Higher public investment and sector-specific reforms form the core strategy.
Summary of the Finance Bill, 2026 outlining income-tax rates, surcharge structure, threshold relief, amendments across direct and indirect taxes, and the introduction of a disclosure scheme, based strictly on the Bill as introduced.
The Budget 2026 changes overhaul customs duty structures by moving rates into the tariff and pruning exemptions. The key takeaway is greater predictability, fewer notifications, and phased withdrawal or extension of concessions.
The Budget outlines large-scale manufacturing, infrastructure, and services reforms while maintaining a declining fiscal deficit and debt trajectory.
The faceless assessment added all bank deposits as unexplained income without examining the commission-based business structure. The key takeaway is that ignoring established trade practices and CBDT circulars leads to unsustainable, high-pitched demands.
The Income-tax portal now allows digital filing of condonation requests for delayed trust forms. The key takeaway is that while the process is streamlined, approvals still depend on strict legal and documentary compliance.
Industry expects higher exemption limits, revised slabs, and expanded deductions to increase disposable income and improve voluntary tax compliance.
Failing to report transporter details in your quarterly TDS return was a procedural error, not a tax deduction failure. Since assessee was not liable to deduct tax (thanks to the declarations), Section 40(a)(ia)—which applied only when tax is deductible but not deducted—could not be invoked.
This explains how the new law defines “income” using an inclusive approach rather than a fixed list. The key takeaway is that any real economic gain is taxable unless specifically exempt.
