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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...
ITAT Bangalore held that exemption under Section 54F cannot be denied merely because the sale deed was registered after two years. Substantial investment and acquisition of rights in the property within the prescribed period were considered sufficient compliance.
The Tribunal held that long-term capital losses can be carried forward even when long-term capital gains are exempt under the India–Mauritius DTAA. Exempt gains do not enter the computation of total income and therefore cannot absorb the losses.
The Surat ITAT held that for assessment years prior to AY 2013-14, the DVO had no authority under Section 55A to reduce the fair market value adopted by an assessee based on a registered valuer’s report. The resulting LTCG addition was therefore deleted.
The Tribunal held that business promotion, petrol, and travel expenses cannot be disallowed merely on assumptions of possible personal use. In the absence of specific defects or evidence, ad hoc disallowance under Section 37(1) was deleted.
The Mumbai ITAT held that reassessment initiated beyond three years was invalid because the alleged escaped income was only ₹5 lakh, far below the ₹50 lakh requirement under Section 149(1)(b). As a result, the reassessment and consequential assessment order were quashed.
The assessee had fully disclosed the share transactions and claimed exemption under Section 10(38) in the original return. The ITAT ruled that reopening was unsustainable because the reasons recorded did not demonstrate how any income had actually escaped assessment.
Income tax notices are often issued for verification, mismatches, or compliance checks and do not always indicate wrongdoing. Understanding the notice, verifying its authenticity, and responding on time are crucial to avoiding penalties.
The law permits taxpayers to adopt the stamp duty value on the agreement date instead of the registration date where prescribed conditions are satisfied. This relief helps prevent unfair tax additions arising solely from a later increase in circle rates.
Many taxpayers assume that income up to Rs. 12 lakh is completely tax-free under the new regime. The key takeaway is that Section 87A provides a rebate, not an exemption, and tax may still arise on special-rate income.
Periodic or annual fees paid to a sports governing body to sustain annual league participation rights qualify as operational revenue expenses, not capital investments. Hospitality, travel, and boarding expenses incurred on celebrities and VIPs were fully deductible if they were used strategically to amplify brand visibility, ticket distribution, and corporate sponsorships.
