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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 : Mumbai ITAT held that Section 69A cannot be invoked where loan transactions are fully routed through banking channels and recorded...
Income Tax : Bangalore ITAT held that applications for registration under Section 12AB and approval under Section 80G cannot be rejected on gro...
Income Tax : The Bangalore ITAT accepted the assessee’s explanation that medical issues and expiry of the digital signature certificate cause...
Income Tax : The Bangalore ITAT ruled that once substantive addition under Section 2(22)(e) is sustained in the managing partners case, the cor...
Income Tax : The Hyderabad ITAT ruled that the CIT(A) could not delete unexplained cash deposit additions merely on the basis of submissions an...
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...
Only specified applicants such as non-residents, certain residents, and public sector companies can apply. The ruling clarifies tax implications within defined eligibility conditions.
The framework clarifies that search operations can be initiated only when authorities have credible information and recorded reasons. It ensures that such powers are exercised with statutory safeguards and not arbitrarily.
he framework establishes that the correctness of a TRO-issued certificate cannot be disputed by the assessee. This ensures finality in recovery proceedings and allows authorities to proceed without re-examining the demand.
The framework outlines penalties for defaults like under-reporting, TDS failures, and non-compliance, while allowing relief where reasonable cause is proven. It balances enforcement with procedural safeguards.
The framework outlines offences like tax evasion, non-filing of returns, and failure to pay TDS/TCS. It clarifies punishments, procedural safeguards, and when prosecution can be initiated.
The framework permits taxpayers to settle offences by paying prescribed compounding charges instead of facing prosecution. It clarifies eligibility, timelines, and conditions for acceptance or rejection.
Income without satisfactory explanation is taxed at a special high rate under Section 115BBE. The provisions place strict liability on taxpayers to justify the nature and source of funds.
The framework clarifies that advance tax becomes mandatory when estimated liability exceeds ₹10,000, with specific exemptions for certain taxpayers. It outlines computation, payment schedules, and consequences of non-compliance, emphasizing structured tax payment during the financial year.
The framework outlines when TCS must be collected on goods, services, and remittances. It clarifies applicable rates, timing, and compliance requirements under tax law.
The framework clarifies that refunds can be claimed only through valid ITR filing and mandatory verification. It emphasizes procedural compliance and timely filing as key conditions.
