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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 Bangalore held that sale of 25 plots did not amount to an adventure in the nature of trade because the properties were held f...
Income Tax : The Tribunal held that joint ownership alone cannot restrict Section 54 deduction where the entire source of investment for the ne...
Income Tax : The Tribunal ruled that under-reported income must be calculated as the difference between assessed income and income processed un...
Income Tax : The Tribunal deleted penalty under Section 271(1)(c) after substantially deleting the unexplained cash credit addition under Secti...
Income Tax : The Tribunal observed that delays in completion of housing projects by builders cannot deprive a taxpayer of Section 54 benefits w...
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 department has identified high-risk cases through its Insight Portal for AYs 2022-25. It directs officers to initiate reassessment proceedings based on risk analysis, emphasizing data-driven scrutiny.
The Tribunal held that delay due to lack of awareness and administrative oversight constituted sufficient cause. It set aside the rejection as the condonation request was not considered and remanded the case.
The court held that amounts received under interim orders cannot be taxed as income when the dispute is unresolved. Taxability arises only after final adjudication crystallizes the right.
The issue concerns approval of an institution for tax deduction eligibility. The notification grants recognition subject to compliance, enabling donors to claim benefits under Section 35.
The government has approved a university under Section 35(1)(ii), enabling donors to claim tax deductions for research contributions. Compliance with reporting and certification requirements is mandatory.
The tribunal held that a gift deed alone cannot establish legitimacy under Section 68. It directed fresh scrutiny of the donor’s financial capacity.
The Court refused to interfere as the writ petition was filed after completion of reassessment proceedings. It held that factual disputes must be examined through statutory appeal, not writ jurisdiction.
The tribunal held that reassessment fails if no addition is made on the issue cited for reopening. Additions on unrelated grounds were declared beyond jurisdiction.
The Tribunal held that tenancy supported by rent receipts, bills, and agreements cannot be treated as a sham. It upheld exemption under Section 54F on surrender of tenancy rights.
The Tribunal held that absence of charitable activities at the time of application does not make a trust non-genuine. The key takeaway is that proposed activities and charitable objects must be considered for registration.
