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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 : The Tribunal ruled that bonus shares sold after being held for more than 12 months were taxable as exempt long-term capital gains ...
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 : 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 tax authority issues Form 159 only after verifying compliance through Form 158. Without this certificate, specified individuals cannot leave India.
Individuals directed by tax authorities must file Form 158 before leaving India. The rule ensures tax compliance, failing which departure may be restricted.
The notification grants exemption under Section 10(46) as the authority performs non-commercial legal aid functions. It covers grants, fees, and interest income. The ruling ensures tax relief subject to compliance with statutory conditions.
The government has notified a statutory board for income tax exemption under Section 10(46A). The benefit applies from AY 2027–28 subject to conditions.
Form 157 is required for individuals leaving India without PAN or taxable income. It ensures proper declaration and documentation, even where no tax liability arises, simplifying compliance for such taxpayers.
The government grants tax exemption on specified income to an education board. The benefit is subject to strict compliance conditions and filing requirements.
The government has notified a statutory trust for income tax exemption under Section 10(46A). The benefit applies from AY 2025–26 subject to conditions.
The government notifies a statutory authority as eligible for income tax exemption. The benefit applies from AY 2025–26 subject to specified conditions.
Form 156 must be filed by Indian-domiciled persons with PAN when leaving India. The key takeaway is that it is a compulsory compliance requirement linked to travel abroad.
Form 155 is issued by the tax authority only after reviewing Form 154 and verifying tax liability status. It confirms that no dues remain, ensuring compliance before departure from India.
