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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...
Draft Income-tax Rules 2026 outline procedures for provident fund recognition, penalties for assigning PF interest, and tax treatment when recognition is withdrawn.
Draft Income-tax Rules 2026 require provident fund nominations to favour family members and mandate annual account reporting by trustees and employers to ensure transparency and compliance.
Residential status under Section 6 determines whether a taxpayer is liable for global income or only Indian-source income. The rules classify taxpayers as Resident, RNOR, or Non-Resident.
The Delhi High Court held that the Assessing Officer cannot deny refund interest by attributing delay to the assessee. The decision clarified that only higher authorities specified in Section 244A(2) can determine such delay.
Karnataka High Court held that the Income tax returns, assessment particulars and related financial details do constitute “personal information” within the meaning of Section 8(1)(j) of the Right to Information Act, 2005.
Tax loss harvesting allows investors to sell loss-making shares to offset capital gains and reduce tax liability. This strategy helps optimize taxes while maintaining long-term investment positions.
The Finance Bill 2026 proposes allowing taxpayers to file an Updated Return even after receiving a reassessment notice under Section 148. This move aims to reduce litigation by enabling voluntary disclosure and tax payment through a structured compliance mechanism.
The Tribunal condoned a 161-day delay in filing the appeal after accepting medical evidence showing the assessee suffered an accident and dengue fever. The ruling reiterates that courts should adopt a liberal and justice-oriented approach in condonation matters.
Rule 333 mandates electronic tax payments for companies and specified taxpayers, while the draft rules also prescribe detailed depreciation rates for various tangible and intangible assets.
Rule 332 of the Draft Income-tax Rules 2026 allows the CBDT to mandate electronic submission of tax forms and documents to streamline compliance, enable secure verification, and improve record management.
