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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...
The ITAT held that leave encashment of ₹17.68 lakh qualified for exemption under Section 10(10AA) since it was within the revised ₹25 lakh ceiling. The appeal was allowed on the basis of the enhanced exemption limit.
The dispute concerned partial denial of leave encashment exemption under Section 10(10AA). The Tribunal granted relief after finding that the amount claimed fell within the revised exemption limit.
The assessee challenged the reduction of leave encashment exemption through a rectification order. The ITAT ruled that the absence of an opportunity of hearing necessitated fresh proceedings.
The ITAT allowed full exemption of leave encashment received on retirement after noting that the CBDT had increased the exemption ceiling to ₹25 lakh. The key takeaway is that claims within the revised limit are eligible for exemption.
The Income Tax Act 2025 has merged old presumptive taxation provisions into a single Section 58 framework. The change simplifies compliance for businesses, professionals, and transport operators under one codified structure.
The ITAT Delhi held that the Assessing Officer travelled beyond the limited scrutiny mandate by examining a loan transaction unrelated to the selected issue of increase in capital. Since no approval for expanding scrutiny scope was obtained, the assessment was quashed.
The ITAT Bangalore held that disallowance under Section 40(a)(i) could not survive once the recipient of the income settled the tax dispute under the Vivad se Vishwas Scheme, 2024. The ruling relied on CBDT Circular No.19/2024 and FAQ No.58 granting consequential relief to the deductor.
The Tribunal observed that taxpayers opting for presumptive taxation are not required to maintain books of account and therefore Section 68 could not be applied merely on the basis of bank statements.
Delhi ITAT held that issues relating to source of donations and cash deposits should generally be examined during assessment proceedings, not at the registration stage. The Tribunal remanded the matter for fresh consideration under Section 12AB.
The ITAT ruled that when the Revenue accepts business turnover and sales activity, corresponding cash deposits in bank accounts cannot again be added as unexplained cash credits under section 68. The Tribunal restricted the addition only to estimation of reasonable profit.
