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Income Tax : The Income-tax Act, 2025 has officially replaced the Income-tax Act, 1961 from 1st April 2026. The new law focuses on simplified l...
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 : 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 : ITAT Mumbai ruled that once reassessment proceedings are quashed as void ab initio, the satisfaction recorded therein for initiati...
Income Tax : Bangalore ITAT held that deduction under Section 43B cannot be denied merely because Form 3CD reflected GST payable on the audit r...
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 : 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 law requires resident patentees to file Form 37 to claim deduction on royalty income. Without this certificate, the deduction under section 152(5) cannot be allowed. Timely filing with proper certification ensures eligibility and avoids denial of tax benefits.
Form 36 is a mandatory certificate under section 151(5) of the Income-tax Act, 2025, required for authors claiming deduction on royalty income, copyright fees, or similar consideration from scientific, literary, or artistic books.
The issue was whether deductions can be claimed without filing Form 35. It was held that filing the audit report is mandatory, and absence leads to denial of benefits.
Form No. 34 under the Income-tax Rules, 2026 is a mandatory report for audited assessees claiming deduction under Section 146 of the Income-tax Act, 2025 for additional employee cost. It replaces Form 10DA and must be filed along with the return of income and audit report.
Taxpayers must file Form 33 to claim SEZ deduction on profits. Proper reporting of reserve utilisation and asset purchase is essential for eligibility.
The issue was whether deductions can be claimed without filing Form 32. It was held that furnishing the audit report is mandatory, and non-compliance leads to denial of tax benefits.
Taxpayers must file Form 31 to claim rent deduction if no HRA is received. Proper filing ensures eligibility for deduction up to Rs. 60,000 annually
The form is required to claim deductions for dependants with disabilities under Sections 127 and 154. Filing with a valid medical certificate is essential to avoid denial of benefits.
The issue was whether tax benefits can be claimed without filing Form 29. It was held that furnishing the certificate is mandatory, and non-compliance leads to denial of carry forward and set-off benefits.
This article explains the requirement to file Form 28 under Section 77(4) for slump sale transactions. The key takeaway is that filing is compulsory for capital gains computation.
