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Income Tax : Analysis explains why Section 50C is a computation provision, discusses the First Proviso to Section 50C(1), and examines its stat...
Income Tax : Capital gains, business income, foreign assets, directorship and other transactions may make taxpayers ineligible to file ITR-1....
Income Tax : Know ITR due dates for FY 2025-26, belated and revised return deadlines, ITR-U timelines, late filing consequences and correspondi...
Income Tax : Learn how to report RSU and ESOP share sales for AY 2026-27, including capital gains, Schedule FA, Schedule CG, advance tax and di...
Income Tax : Know the eligibility, exclusions and key differences between ITR-1, ITR-2 and ITR-4 for AY 2026-27, including Section 139(9) and r...
Income Tax : A representation seeks activation of Form 68 filing for misreporting cases after the Finance Act, 2026 expanded immunity under Sec...
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
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 : ITAT Panaji held BSNL VRS-2019 compensation is retrenchment compensation exempt under Section 10(10B), set aside CIT(A) orders, an...
Income Tax : ITAT Pune held BSNL VRS compensation exempt under Section 10(10B), condoned delay in filing appeals, and directed grant of refund ...
Income Tax : ITAT Ahmedabad condoned delay in filing appeal and allowed Section 10(10B) exemption claim for BSNL VRS compensation, making the a...
Income Tax : ITAT Delhi deleted TP adjustments on export commission and model fee, allowed Section 80G claim principles, and granted relief on ...
Income Tax : ITAT Delhi held that disallowance of CSR expenditure under Section 37(1) does not prevent Section 80G deduction for eligible donat...
Income Tax : CBDT authorises DGIT (Systems) to upload AEOI information in Annual Information Statement Form 168 under section 239 and Rule 245(...
Income Tax : CBDT authorises DGIT (Systems) to upload AEOI information in AIS Form 26AS under sections 119, 90 and 90A, prescribing timelines a...
Income Tax : CBDT Circular 05/2026 clarifies safe harbour rules for foreign companies selling raw diamonds in Special Notified Zones, covering ...
Income Tax : CBDT Notification 74/2026 exempts TDS on eligible IFSC aircraft lease rent under section 393, subject to Form 1(N), effective from...
Income Tax : CBDT notifies NCCL's Core Settlement Guarantee Fund under Section 11 and Schedule III of the Income-tax Act, 2025, subject to spec...
This analysis explains how Parliament designed Sections 11 to 13 to ensure that tax-free income is ultimately used for charitable or religious purposes. The key takeaway is that exemption depends on genuine application of income and compliance with statutory safeguards.
The Annual Information Statement (AIS) under Section 285BB consolidates a taxpayer’s financial and tax-related information, including TDS, specified financial transactions, tax payments, GST details, foreign remittances, and other prescribed data for a financial year. By enabling taxpayers to verify pre-filled information and provide feedback on discrepancies, AIS promotes accurate income-tax return filing and greater transparency in tax compliance.
The revised CBDT guidelines effective from 17 October 2024 streamline the compounding process under the Income-tax Act by prescribing uniform eligibility conditions, updated compounding charges, and provisions for refiling applications rejected due to curable defects. While taxpayers can seek relief from prosecution by fulfilling specified requirements and paying applicable charges, compounding is not an automatic right and may still be denied in exceptional cases.
Section 40A of the Income-tax Act restricts the deduction of specified business expenses where statutory conditions are not fulfilled, including excessive payments to related parties and cash payments exceeding prescribed thresholds. The provisions also disallow certain gratuity provisions, contributions to non-statutory employee funds, and notional losses on specified securities.
Taxpayers can apply for a nil or lower TDS certificate in Form 13 when their estimated tax liability supports deduction at a reduced rate or no deduction at all. The facility is available to residents and non-residents for specified categories of income, subject to online application through the TRACES portal with a valid PAN. The key takeaway is that eligible assessees can avoid excess tax deduction by obtaining prior approval from the Assessing Officer for lower or nil TDS.
This guide explains when gifts received by individuals and HUFs become taxable under the Income-tax Act, including monetary, movable, and immovable gifts. It highlights the significance of the ₹50,000 threshold and the key exemptions available for gifts from relatives, marriage, inheritance, and specified institutions.
The Income-tax Act contains strict provisions under Sections 40A(3), 269SS, 269ST, 269SU, and 269T to regulate cash transactions, restrict cash-based loans and receipts, and promote digital payments.
Learn about the most common Income Tax Return filing errors that can attract scrutiny from the tax department. From AIS mismatches to incorrect deductions, discover how to avoid expensive mistakes.
Income from Other Sources encompasses various taxable receipts such as dividends, gifts, family pension, lottery winnings, interest income, and compensation payments that do not fall under the other four heads of income.
This guide explains how the abolition of DDT shifted the tax burden on dividends from companies to shareholders from 1 April 2020 onwards. It highlights the tax rates, TDS provisions, deductions, and special rules applicable to resident and non-resident recipients of dividend income.
