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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...
Form 143 under the Income-tax Act, 2025 is a mandatory quarterly statement filed by collectors to report tax collected at source (TCS) on specified transactions such as sale of goods, scrap, liquor, tendu leaves, foreign remittances, and tour packages. Replacing the earlier Form 27EQ, it must be filed electronically within prescribed quarterly due dates. The […]
Exchanges must deposit complete tax before filing the statement. Partial payment renders filing invalid. The takeaway is complete tax compliance is a prerequisite.
Form 141 consolidates earlier challan-cum-statements into a single form for various TDS transactions. It simplifies reporting and payment while ensuring accurate compliance. The key takeaway is streamlined filing with schedule-based reporting.
Form 140 replaces Form 26Q and mandates quarterly reporting of TDS on non-salary payments. Timely filing ensures proper tax credit and avoids penalties for non-compliance.
Refund of excess TDS/TCS is not allowed if the deductee has already claimed credit. The ruling prevents double benefit and ensures proper reconciliation of tax credits.
Employers must file Form 138 quarterly for salary TDS reporting. Timely filing ensures accurate tax credit to employees and avoids penalties.
The issue concerns non-filing of Form 137 by government offices. The law mandates timely filing to avoid penalties. The key takeaway is strict compliance with reporting obligations.
Form 136 applies only to government offices making TDS/TCS payments through book adjustment. This ensures targeted compliance and avoids unnecessary registration.
Forms 134 and 135 introduce a revised system for TAN allotment under the Income-tax Act, 2025. The bifurcation ensures category-specific compliance and simplifies the application process.
The issue concerns issuance of TCS certificates by collectors. The law mandates issuing Form 133 after tax collection. The key takeaway is compulsory compliance for valid tax credit.
