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Income Tax : Analysis explains why Section 50C is a computation provision, discusses the First Proviso to Section 50C(1), and examines its stat...
Income Tax : Capital gains, business income, foreign assets, directorship and other transactions may make taxpayers ineligible to file ITR-1....
Income Tax : Know ITR due dates for FY 2025-26, belated and revised return deadlines, ITR-U timelines, late filing consequences and correspondi...
Income Tax : Learn how to report RSU and ESOP share sales for AY 2026-27, including capital gains, Schedule FA, Schedule CG, advance tax and di...
Income Tax : Know the eligibility, exclusions and key differences between ITR-1, ITR-2 and ITR-4 for AY 2026-27, including Section 139(9) and r...
Income Tax : A representation seeks activation of Form 68 filing for misreporting cases after the Finance Act, 2026 expanded immunity under Sec...
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : ITAT Panaji held BSNL VRS-2019 compensation is retrenchment compensation exempt under Section 10(10B), set aside CIT(A) orders, an...
Income Tax : ITAT Pune held BSNL VRS compensation exempt under Section 10(10B), condoned delay in filing appeals, and directed grant of refund ...
Income Tax : ITAT Ahmedabad condoned delay in filing appeal and allowed Section 10(10B) exemption claim for BSNL VRS compensation, making the a...
Income Tax : ITAT Delhi deleted TP adjustments on export commission and model fee, allowed Section 80G claim principles, and granted relief on ...
Income Tax : ITAT Delhi held that disallowance of CSR expenditure under Section 37(1) does not prevent Section 80G deduction for eligible donat...
Income Tax : CBDT authorises DGIT (Systems) to upload AEOI information in Annual Information Statement Form 168 under section 239 and Rule 245(...
Income Tax : CBDT authorises DGIT (Systems) to upload AEOI information in AIS Form 26AS under sections 119, 90 and 90A, prescribing timelines a...
Income Tax : CBDT Circular 05/2026 clarifies safe harbour rules for foreign companies selling raw diamonds in Special Notified Zones, covering ...
Income Tax : CBDT Notification 74/2026 exempts TDS on eligible IFSC aircraft lease rent under section 393, subject to Form 1(N), effective from...
Income Tax : CBDT notifies NCCL's Core Settlement Guarantee Fund under Section 11 and Schedule III of the Income-tax Act, 2025, subject to spec...
The Supreme Court dismissed the Revenue’s challenge to depreciation claims on leased assets after the Bombay High Court held that leasing constituted business use under Section 32. The ruling reaffirmed that physical use by the assessee is not necessary where assets are used in the leasing business.
The Madras High Court held that taxable income was not properly computed where deduction under Section 80IB was reduced before calculating Section 80HHC relief. The matter was remanded for fresh assessment in line with the Supreme Court ruling in Shital Fibers Ltd.
The article explains all ITR forms applicable for AY 2026-27 and highlights key changes in capital gains, buyback taxation, and foreign asset reporting. It emphasizes selecting the correct form to avoid defective return consequences under Section 139(9).
The Income Tax Department has enabled ITR-1 and ITR-4 filing utilities for AY 2026-27. Taxpayers are advised to verify AIS, TDS, and Form 26AS details before filing returns.
The ITAT Bangalore held that gains arising from buyback of shares are taxable under Section 46A because the conditions prescribed under Section 47(iv) were not satisfied. The Tribunal found that the parent company did not hold the entire share capital through itself or nominees.
ITAT Mumbai held that incomplete WhatsApp chats without proof of completed transactions cannot justify additions under Section 69A. The Tribunal found that the chats lacked corroborative evidence showing actual payment of money.
ITAT Delhi held that penalty under Section 271AAC cannot survive once the underlying Section 153C assessment is quashed. The Tribunal deleted the penalty after noting that the quantum assessment itself no longer existed.
ITAT Delhi held that electronic evidence seized during search proceedings cannot be relied upon without mandatory certification under Section 65B of the Evidence Act. The Tribunal ruled that initiation of Section 153C proceedings based on uncertified electronic records was invalid.
ITAT Delhi held that where sales are accepted and purchases are supported by invoices and banking transactions, only the profit element embedded in alleged bogus purchases can be taxed. The Tribunal restricted the addition by applying the average profit rate instead of sustaining the entire disallowance.
ITAT Delhi held that disallowance of delayed PF and ESI deposits through Section 143(1) adjustment was unsustainable because the issue was highly debatable at the relevant time.
