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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 case examined inconsistencies in capital gains allocation. It was clarified that valuation-backed reporting under Form 27 ensures accurate attribution and reduces disputes.
The case addressed risks of data manipulation and concealment. It was held that mandatory reporting of accounting systems and data storage enhances transparency and traceability.
The issue was whether maintaining a daily register is compulsory. It was held that medical practitioners exceeding prescribed limits must maintain Form 25 to ensure proper income reporting and compliance.
The issue was whether audit reporting is required for such income. It was held that Form 24 is compulsory for non-residents earning royalty or FTS through a PE, ensuring proper income computation.
The case addressed post-notification compliance failures. It was held that violation of conditions or non-genuine activities can lead to revocation of notification and tax benefits.
The issue was whether tax benefits can be claimed without prior approval of the project. It was held that filing Form 22 before commencement is compulsory, and benefits cannot be granted without such approval.
Form 21 is essential for claiming tax benefits on agricultural extension projects. CBDT held that only notified and approved projects meeting Rule 37 conditions qualify for such benefits.
The issue was whether approval can be sought after project commencement. It was held that Form 20 must be filed before starting the project, making prior approval essential for tax benefits.
The issue was whether tax benefits can be claimed without filing Form 19. It was held that notification is compulsory, and benefits cannot be allowed without fulfilling this requirement.
The issue involves overlapping applicability of old and new tax laws. The analysis highlights compliance risks and transitional gaps due to delayed commencement of the new Act. The key takeaway is the need for careful planning during the transition phase.
