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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 case explains how salary income is computed on a gross basis with only specific deductions permitted. It clarifies the scope of taxable components and highlights the restrictive nature of allowable deductions under the Income-tax Act.
The issue was whether share transactions constituted business income or capital gains. The Court upheld investor status based on consistent treatment and factual findings, dismissing the Revenue’s appeal.
The new law narrows the scope of agricultural income by introducing strict conditions and exclusions. It emphasizes documentation and limits misuse of tax exemptions.
The Tribunal examined whether loans for non-agricultural purposes disqualify a co-operative society from deduction under Section 80P. Relying on Supreme Court precedent, it held that such loans do not bar deduction. The ruling clarifies that credit facilities to members need not be limited to agricultural purposes.
The Tribunal held that disallowance of loss based on alleged penny stock manipulation was not justified without corroborative evidence. It found that transactions were supported by demat and banking records.
The article explains how taxation differs based on classification under Sections 115BBH and 43(5). This distinction affects tax rates, deductions, and loss treatment.
The ITAT held that the Assessing Officer wrongly compared dissimilar email marketing services to determine excess payment. The ruling clarifies that only comparable services can be used for arm’s length evaluation, leading to deletion of the addition.
The issue involves stricter PAN application requirements removing Aadhaar-only filings. The key takeaway is that additional identity and address proof is now mandatory.
The chart outlines revised TDS and TCS rates across salary, interest, contracts, and transactions. It highlights applicable rates, thresholds, and key compliance points for the financial year.
A representation seeks doubling the SMC threshold due to inflation and higher dispute values. The key takeaway is that increasing limits could speed up appeal disposal and reduce backlog.
