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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 issue was whether protective additions can survive when substantive additions are deleted. The ITAT held that once the substantive addition fails on merits, the protective addition based on the same material cannot be sustained.
The issue involved persistent technical glitches affecting statutory deadlines. Officers highlighted delays caused by system inefficiencies, urging urgent intervention to prevent time-barred cases.
The issue was whether a Joint Development Agreement (JDA) constituted transfer triggering capital gains. The tribunal held no taxable transfer occurred as rights were unsettled due to partition disputes and lack of finality.
The issue revolved around concerns of exemption removal under the new tax regime. The Government clarified that the exemption continues unchanged, ensuring no adverse impact on eligible defence personnel.
Bright Line Test (BLT) could not be applied for determining the Arms Length Price (ALP) of Advertisement, Marketing, and Promotion (AMP) expenditure under the transfer pricing provisions.
Delay in TDS/TCS deposit was arguably not punishable under the 1961 Act on strict interpretation, but from FY 2026-27, new law clearly penalizes delays beyond return filing deadlines.
While HUF offers tax advantages, salaried individuals often lack valid corpus. The analysis explains why benefits may be limited in such cases.
The notification grants exemption to a legal services authority on specified income. It confirms that statutory bodies performing legal aid functions qualify, subject to strict compliance conditions.
Tax exemption is provided recognizing the authority’s statutory role in delivering legal aid. The ruling highlights that income linked to public service functions qualifies for exemption if conditions are met.
Government has notified a statutory authority for income tax exemption under section 10(46A). The decision confirms eligibility based on public purpose and statutory status.
