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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 : 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 : Taxpayers can file updated returns within 48 months of the assessment year by paying additional tax. The provision promotes volunt...
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 Chandigarh held that the assessee could not establish the authenticity of the purchase transactions underlying the LTCG claim...
Income Tax : The High Court upheld denial of Section 10(38) exemption after concurrent findings established that the share transactions lacked ...
Income Tax : The Delhi High Court upheld the denial of Section 10(38) exemption after finding that the authorities had rightly treated the shar...
Income Tax : The High Court held that issuing a demand notice along with a draft assessment order violated the mandatory procedure under Sectio...
Income Tax : The Court found that the ITAT wrongly held there was no business income despite the assessment record showing income under “Busi...
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 Income Tax Act 2025 has overhauled the 1961 law by introducing new section numbers, a unified “Tax Year,” and simplified compliance structures. The article explains the key renumbered provisions taxpayers must now remember.
Mumbai ITAT treated appeals against rejection of Section 12AB and 80G registration as infructuous after the CIT(E) subsequently granted approval following the Bombay High Court ruling. The original rejection had been based solely on absence of an irrevocability clause in the trust deed.
Telangana High Court dismissed the writ petition seeking action by the Income Tax Department against other partners of a firm over non-filing of returns. The Court held that inter se partnership disputes are private matters and do not create a statutory obligation on the Department.
The Income Tax Act 2025 introduces mandatory reporting of high-value gifted immovable properties exceeding ₹45 lakh. The amendment significantly expands the SFT framework and increases scrutiny of property transactions without consideration.
The Court invalidated the reassessment proceedings after finding the Section 148 notice to be barred by limitation. The ruling highlights that reassessment notices must strictly comply with statutory timelines.
The ITAT Surat held that agricultural land qualifies as “immovable property” under Section 56(2)(x) since the provision covers “any land or building or both.” The Tribunal ruled that purchases below stamp duty valuation may attract tax on the differential amount.
Mumbai ITAT held that granting only seven days for compliance before dismissing an appeal violates principles of natural justice. The Tribunal restored the Section 69C addition matter for fresh adjudication after finding inadequate hearing opportunity.
Businesses now face stricter seller-wise tracking, PAN verification, and reconciliation obligations under TDS on purchase provisions. The article examines how MSMEs are gradually shifting toward automated compliance systems.
Mumbai ITAT held that the 10% tolerance band introduced under Section 56(2)(x)(b)(B) is curative and retrospective in nature. The Tribunal deleted addition arising from stamp duty valuation difference as the variation was only 7.44%.
The judgment rejected the practice of assigning a nil arms length price merely because a taxpayer reported financial losses. The court emphasized that transfer pricing rules focus on pricing, not profitability.
