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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 notification grants scientific research approval enabling donors to claim tax deductions under Section 35. It mandates strict compliance with reporting and certification requirements.
The Budget 2026 proposes shifting buyback taxation from dividend to capital gains. Promoters will face an additional tax to prevent tax arbitrage in corporate payout decisions.
The updated TDS provisions reorganize multiple earlier sections into a simplified framework covering salary, resident payments, non-resident payments, and gaming transactions.
The new tax law formally embeds faceless assessments into the statute, replacing the earlier scheme-based system and making electronic tax scrutiny the default process.
The Tribunal held that capital gains arising from property transferred to a spouse without consideration must be taxed in the transferor’s hands under Section 64(1)(iv). Reassessment was invalid as the income had already been taxed in the husband’s return.
ITAT held that addition under Section 69B based only on a loose sheet seized from a third party cannot be sustained when the assessee was denied cross-examination. The ruling treats such action as a violation of natural justice.
The ITAT held that the Assessing Officer erred in adding corpus donations to annual receipts to deny exemption under Section 10(23C)(iiiad). Recognizing such donations as capital receipts, the Tribunal restored the tax exemption.
A detailed overview of U.S. gift and estate taxation, including exemptions, valuation rules, and filing requirements. The discussion highlights how taxpayers can manage wealth transfers while complying with IRS regulations.
The Income-tax Act 2025 introduces the new tax regime as the default taxation method for individuals and certain entities. Taxpayers may opt out while filing returns if they prefer the traditional regime.
The Court emphasized that revisionary powers under Section 264 are broad and intended to correct mistakes causing injustice to taxpayers. Authorities must examine the claim on merits rather than dismiss it on technical grounds.
