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Income Tax : The Income Tax Act 2025 has overhauled the 1961 law by introducing new section numbers, a unified “Tax Year,” and simplified c...
Income Tax : The Income Tax Act 2025 introduces mandatory reporting of high-value gifted immovable properties exceeding ₹45 lakh. The amendme...
Income Tax : The ITAT Surat held that agricultural land qualifies as “immovable property” under Section 56(2)(x) since the provision covers...
Income Tax : Businesses now face stricter seller-wise tracking, PAN verification, and reconciliation obligations under TDS on purchase provisio...
Income Tax : The judgment rejected the practice of assigning a nil arms length price merely because a taxpayer reported financial losses. The c...
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 updated TDS challan system reportedly displays incorrect interest-related options under the Company Deductee category. Taxpaye...
Income Tax : The data shows a steady increase in net direct tax collections driven by higher corporate and non-corporate tax revenues. It highl...
Income Tax : The issue highlights delays caused by non-binding timelines in appellate proceedings. It proposes mandatory limits to ensure faste...
Income Tax : ITAT Bangalore held that an appeal filed without verification by the authorized Principal Officer was not maintainable. The Tribun...
Income Tax : Gujarat High Court held that reassessment notices issued after scrutiny assessment were invalid because the Assessing Officer had ...
Income Tax : ITAT Delhi noted that confirmations from the company and broker regarding share transactions were available but not adequately con...
Income Tax : Mumbai ITAT treated appeals against rejection of Section 12AB and 80G registration as infructuous after the CIT(E) subsequently gr...
Income Tax : Mumbai ITAT held that granting only seven days for compliance before dismissing an appeal violates principles of natural justice. ...
Income Tax : The Income Tax Department increased monetary thresholds for assigning cases between ITOs and D/ACITs in Delhi Region. The revised ...
Income Tax : The Principal Chief Commissioner of Income Tax (Exemptions) approved the company under Section 35(1)(iia) for scientific research ...
Income Tax : The consolidation into Form 121 introduces stricter documentation and reporting obligations. The decision emphasizes accountabilit...
Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
The case involved reopening of assessment on deduction under section 80P(2)(d). The Supreme Court dismissed the SLP as time-barred, leaving intact the High Court ruling that reassessment was invalid on a settled issue.
The court held that reopening of assessment was invalid since the deduction issue was already settled in favour of the assessee. It ruled that reassessment cannot be based on an issue covered by binding precedent.
The case involved disallowance of business expenses where activity was minimal. ITAT held that existence of even limited business justified partial allowance and restricted disallowance to ₹1 lakh.
The issue was whether delay in cheque clearance attracts TDS interest. ITAT held that payment date is the cheque tender date, and no interest is leviable if submitted within due date.
The issue involved large unsecured loans without full supporting evidence. ITAT held that identity and creditworthiness were not properly established and sent the matter back for fresh verification.
The issue involved restriction of TDS credit due to mismatch between Form 26AS and return. ITAT held that such adjustments require verification and cannot be made under Section 143(1).
The Supreme Court rejected the Revenue’s appeal solely on limitation, holding that the delay explanation was inadequate. The ruling highlights strict adherence to timelines in filing SLPs.
The Court held that the present case was identical to an earlier ruling and could not be distinguished. It disposed of the appeal in line with the prior judgment, ensuring consistency in decisions.
The Court addressed whether additional remuneration taxed at the firm level can be taxed again in the hands of the partner. It directed CBDT to clarify the issue and stayed recovery proceedings. The ruling highlights concerns over potential double taxation.
Income Tax Department Ministry of Finance, Government of India DTAA & FTC Double Taxation Avoidance Agreement (DTAA) & Foreign Tax Credit (FTC) Double Taxation Avoidance Agreement (DTAA) & Foreign Tax Credit (FTC) Introduction The Double Taxation Avoidance Agreement (DTAA) is an agreement between India and other countries to avoid double taxation, ensure the exchange of […]
