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Income Tax : The article explains how accurate Form 10BD reporting protects donor deduction claims, prevents penalties, and ensures consistency...
Income Tax : The article explains what remains unchanged under the new tax law while highlighting critical compliance checks taxpayers should u...
Income Tax : AO rejects books of accounts and applies flat net profit rate. Can taxpayer claim depreciation separately or is it embedded in tha...
Income Tax : The article highlights common return filing errors, including wrong ITR forms and income mismatches, that can result in defective ...
Income Tax : The ITAT Bangalore held that no disallowance under section 14A read with Rule 8D can be made where the assessee did not earn exemp...
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 Tribunal quashed the reassessment after finding that the assessee had already filed the return under Section 139 before issuan...
Income Tax : The Tribunal ruled that the Revenue cannot assess the full transaction value in the hands of a confirming party absent proof of be...
Income Tax : ITAT deleted the addition after finding that neither possession nor ownership had passed during the relevant assessment year. The ...
Income Tax : The Court emphasized that reassessment proceedings must comply with principles of natural justice by providing an effective opport...
Income Tax : ITAT held that proving the mode of payment is not enough to secure deduction for political contributions where evidence points to ...
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...
Income tax notices are often issued for verification, mismatches, or compliance checks and do not always indicate wrongdoing. Understanding the notice, verifying its authenticity, and responding on time are crucial to avoiding penalties.
The law permits taxpayers to adopt the stamp duty value on the agreement date instead of the registration date where prescribed conditions are satisfied. This relief helps prevent unfair tax additions arising solely from a later increase in circle rates.
Many taxpayers assume that income up to Rs. 12 lakh is completely tax-free under the new regime. The key takeaway is that Section 87A provides a rebate, not an exemption, and tax may still arise on special-rate income.
Periodic or annual fees paid to a sports governing body to sustain annual league participation rights qualify as operational revenue expenses, not capital investments. Hospitality, travel, and boarding expenses incurred on celebrities and VIPs were fully deductible if they were used strategically to amplify brand visibility, ticket distribution, and corporate sponsorships.
ITAT Ahmedabad held that the Transfer Pricing Officer cannot determine the arm’s length price of intra-group services at Nil merely based on assumptions regarding benefit or commercial necessity.
The Tribunal found no distinguishing factors between the assessee and another liquor trader whose GP rate of 3.13% had been accepted by the Department. In the absence of justification for a higher rate, the GP estimation was reduced from 4% to 3.13%.
ITAT Chennai held that there is no provision under the Income-tax Act allowing substitution of the actual cost of land with its fair market value while computing deduction under Section 80-IB(10). The Tribunal directed that deduction be computed based on profits disclosed in the books, as the land cost had already been accounted for.
Many taxpayers unknowingly omit income or financial transactions while filing returns. The key takeaway is that incomplete reporting can result in additional tax, interest, delayed refunds, and compliance costs.
Taxpayers are advised to wait until departmental records are fully updated before filing AY 2026-27 returns. Filing too early may lead to mismatches, notices, and refund delays.
This article explains the tax exemption framework for charitable and religious trusts under the Income Tax Act, 2025. It covers registration requirements, exemption conditions, corpus donations, accumulation rules, and GST implications.
