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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 Chennai held that the assessee was denied reasonable opportunity when the CIT(A) dismissed the appeal in limine without permi...
Income Tax : The Tribunal ruled that only 8% of disputed purchases could be added where the assessee had disclosed corresponding sales and made...
Income Tax : Mumbai ITAT held that genuine outstanding trade liabilities arising from accepted business transactions cannot be treated as unexp...
Income Tax : The Tribunal deleted penalty levied on society charges and depreciation disallowances after finding that the claims were fully dis...
Income Tax : ITAT Mumbai ruled that once reassessment proceedings are quashed as void ab initio, the satisfaction recorded therein for initiati...
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 Tribunal ruled that cash deposits routed through a partners personal bank account were explained as firms business receipts. Without evidence of undisclosed sources, Section 69A addition cannot be made.
The court ruled that submitting revised returns showing higher income after a search does not wipe out earlier concealment. Criminal proceedings for wilful tax evasion and false statements remain maintainable.
Hriday Vs ITO (Exemption) (Delhi High Court) The Income Tax Appellate Tribunal (ITAT), Delhi Bench, decided a batch of five appeals filed by a charitable society registered under Section 12A of the Income-tax Act, 1961 for Assessment Years (AYs) 2010–11 to 2014–15. The appeals challenged a common order of the Commissioner of Income Tax (Appeals) […]
The Kerala High Court held that employees originally from the DoT and later absorbed into the PSU must be treated as retiring from Central Government service. As a result, tax deduction on leave encashment based on an executive instruction was set aside.
The High Court ruled that sales tax exemption retained by an industrial unit was capital in nature because it was granted to encourage investment in backward areas. As a result, the subsidy could not be treated as taxable revenue.
The tribunal held that disallowance under Section 14A cannot be made when the assessee has not earned any exempt income during the relevant year. The ruling reaffirmed that the provision applies only when exempt income actually arises.
The Bombay High Court set aside reassessment, demand, and penalty proceedings after finding that the notice under Section 148 was issued in the name of a company that had ceased to exist due to amalgamation.
The Tribunal found that the authority misapplied the law by relying on provisions relating to donor deductions rather than approval conditions for institutions. Since the trust fulfilled statutory requirements, the rejection of approval was set aside.
Rules 307–311 of the Draft Income-tax Rules, 2026 outline how pension funds must purchase annuities, restrict commutation, prevent employer claims on fund money, and ensure employee benefits even if the business closes.
Draft Income-tax Rules 2026 prescribe definitions, trust conditions, investment rules, and limits on employer contributions for approved superannuation funds to ensure proper governance and compliance.
