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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 new Form 121 merges earlier forms into a single declaration system for TDS exemption. It simplifies compliance while ensuring accurate reporting through digital processes and UIN tracking.
Understand when and how to file an advance ruling application under the Income-tax Act, 2025. The update clarifies eligibility, documentation, and binding effect of rulings.
The issue concerns an alternative mechanism for resolving tax disputes. Form 119 enables eligible assessees to approach the DRC instead of appellate forums. The key takeaway is availability of a structured dispute resolution pathway.
Deferred appeals can be filed once the higher court decides the identical question of law. The ruling ensures alignment with final judicial interpretation. This promotes consistency in tax decisions.
Form 117 allows taxpayers to avoid duplicate litigation on identical legal issues. The case outcome will follow the final court ruling.
The issue is whether a separate appeal is required to raise objections. The key takeaway is that Form 116 enables respondents to file cross-objections within existing appeals.
The issue relates to filing appeals within the prescribed limitation period. The rule mandates filing within two months of order communication. The key takeaway is strict adherence to timelines for appeal rights.
Errors in Form 113 can be corrected through revised filings. The ruling mandates issuance of updated Form 114 certificates accordingly. This ensures accuracy while maintaining compliance integrity.
The issue is reporting of donations by non-profits under Section 354(1). The key takeaway is that Form 113 must be filed to enable donor tax deductions.
NPOs must file Form 112 if income exceeds the exemption limit. Filing is essential to claim tax exemptions under the new law.
