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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 High Court held that a tax notice and assessment issued in the name of a company that had already merged into another entity were invalid. The ruling clarifies that once the tax authority is informed of a merger, proceedings must be issued in the name of the transferee company.
The High Court held that reassessment proceedings for AY 2013-14 were time-barred after computing the surviving limitation as clarified by the Supreme Court. The notice issued beyond the remaining limitation period was quashed.
Budget 2026 proposes allowing taxpayers to file an updated return even after receiving a reassessment notice under Section 148. While this creates a compliance window to settle disputes, it also imposes an additional 10% levy on tax and interest to encourage faster resolution.
The notification expands reporting rules to include central bank digital currencies, electronic money products and relevant crypto-assets for tax information reporting.
The ITAT relied on surrounding circumstances, documentary evidence, and the principle of human probabilities to conclude that cash consideration was paid in a land transaction. The Tribunal confirmed the addition of unaccounted sale consideration as short-term capital gains.
The Court clarified that mere pendency of information exchange requests under DTAA cannot justify continuing a Look Out Circular. Where assessments are quashed and no tax liability exists, indefinite travel restriction is unconstitutional.
Draft Rules 290–292 of the Income-tax Rules, 2026 specify audit report formats under Schedules IX and X and prescribe the mandatory investment pattern for provident fund contributions.
Rule 289 of the Draft Income-tax Rules, 2026 lays down operational rules for electoral trusts, requiring transparent contributions, prohibiting foreign funding, and mandating distribution of at least 95% of funds to eligible political parties.
Rule 288 of the Draft Income-tax Rules, 2026 outlines the conditions for setting up Infrastructure Debt Funds to claim tax exemption under Schedule VII.
Rules 286 and 287 of the Draft Income-tax Rules, 2026 outline approval requirements for employee welfare funds and define when institutions are considered substantially financed by the Government.
