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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 : Chennai ITAT held that seminars, workshops, conferences, and medical training programmes can qualify as “education” under Sect...
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 : Chennai ITAT condoned a massive delay in filing appeals after accepting the assessee’s explanation that he became aware of favou...
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 court held that delay in filing returns can bar deduction under Section 80P. It directed the taxpayer to seek condonation under Section 119(2)(b). The ruling emphasizes compliance with statutory timelines.
The issue was whether addition can be made only on survey admission. The Tribunal held that without corroborative evidence, such addition is unsustainable.
The issue involved SBN deposits treated as unexplained despite being part of recorded sales. The Tribunal held that taxing the same amount again results in impermissible double taxation.
The issue involved cash deposits during demonetization treated as unexplained. The Tribunal held that deposits backed by recorded sales cannot be taxed under Section 68.
The case involved unexplained cash deposits during demonetization. The Tribunal upheld addition for unexplained shortage but deleted addition where advances were supported by evidence.
The issue involved unexplained cash deposits during demonetization. The Tribunal held that once books of account are accepted, deposits recorded therein cannot be treated as unexplained.
The issue involved cash deposits during demonetization treated as unexplained credit. The Tribunal held that when deposits are backed by recorded sales and identifiable debtors, Section 68 cannot be invoked.
The issue involved addition under Section 69A for demonetization cash deposits. The Tribunal held that once sale consideration was accepted as source, the addition could not be sustained.
Even where premium limits are exceeded, death benefits continue to be fully exempt. This ensures protection for beneficiaries. The takeaway is that exemption rules differ for survival and death benefits.
The provisions mandate taxation of VDA transfers at a flat 30% rate without allowing deductions except cost of acquisition. The key takeaway is that strict computation rules limit tax benefits and increase effective tax liability.
