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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...
The ITAT Chennai deleted the disallowance of claimed agricultural income, ruling that revenue from the sale of eucalyptus trees grown on the assessees agricultural land is exempt under Section 2(1A). The Tribunal held that the assessee performed both basic and subsequent agricultural operations, and the AOs mere doubt about visible maintenance was insufficient to deny the exemption.
An assessment reopened to tax alleged bogus Long Term Capital Gain (LTCG) was declared void ab initio by the ITAT, strictly applying Section 151. The Tribunal held that statutory sanction cannot be bypassed or taken from a non-competent authority, even following the Ashish Agarwal directions, making the entire reassessment jurisdictionally flawed.
This ruling underscores the mandatory requirement for incriminating material to sustain additions in a Section 153C search assessment, leading to the deletion of a major bogus Long-Term Capital Gains (LTCG) addition. Furthermore, the ITAT confirmed that a partnership firm’s investment and income cannot be attributed to an individual partner, securing significant tax relief.
The ITAT upheld the deletion of a major protective tax addition against a firm, ruling it would result in double taxation. Evidence proved the corresponding income, found on seized loose papers, was personal to a partner and had already been declared and taxed in the partner’s individual return.
The ITAT ruled that seized parallel Tally data, reflecting higher sales and income, constitutes reliable incriminating material, validating assessments made under Section 153A. The tribunal sustained additions for higher gross profit and unexplained credits after the taxpayer failed to disprove the parallel records’ accuracy, reinforcing the presumption under Section 292C.
The ITAT ruled that CSR expenditure, though disallowed as a business expense, qualifies for deduction under Section 80G if paid to approved entities. The Tribunal directed the AO to verify the donations and allow the 80G claim, rejecting the argument that a mandatory statutory expense cannot be a donation.
Summary of key Income Tax benefits for Individual and HUF taxpayers for AY 2026-27, covering basic exemption limits, Section 87A rebate, and major deductions under Section 80C.
Detailed comparison of dividend, interest, royalty, and FTS withholding tax rates between India’s Income-tax Act and over 60 Double Taxation Avoidance Agreements (DTAAs).
This guide explains the concept, calculation formula, and notified values of CII from 2001-02 to 2025-26, as per CBDT. A must-read for taxpayers and investors calculating capital gains.
Summary of Income Tax Sections 111A, 112A, 115A-115AD, detailing flat tax rates on short and long-term capital gains, and specific income taxation for non-residents.
