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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 : 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 : 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 : 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 set aside income tax assessments after holding that a specific written request for personal hearing cannot be rejected on technical grounds such as failure to activate a portal link. The ruling underscores that natural justice must be upheld in faceless proceedings.
The Delhi High Court held that the Tribunal erred in directing the grant of registration under Sections 12AB and 80G without examining the genuineness of the trust’s activities. The Court set aside the order and remanded the matter to the Commissioner for proper inquiry.
The tribunal ruled that reallocating management expenses to the profit and loss account under IRDA regulations does not violate law and therefore cannot justify disallowance under the Income-tax Act.
Bain & Company Vs D/ACIT (ITAT Delhi) The appeal before the Income Tax Appellate Tribunal (ITAT), Delhi arose from a final assessment order dated 18 December 2024 passed by the Deputy/Assistant Commissioner of Income Tax (International Tax), Gurgaon under Section 143(3) read with Section 144C(13) of the Income-tax Act, 1961. The assessee is a foreign company […]
The Delhi High Court held that continuing a lookout circular after the conclusion of tax proceedings and in the absence of any outstanding demand violated fundamental rights. The Court ruled that administrative delay in gathering foreign information cannot justify indefinite travel restrictions.
Draft Rule 240 requires financial institutions to follow detailed due diligence procedures, including self-certification and account review, to identify reportable accounts and determine tax residency for global information reporting.
Draft Rule 239 requires reporting financial institutions to maintain and report detailed information on reportable accounts, including account holder identity, balances, and income transactions, with annual filing by 31 May to ensure tax transparency.
Draft Rule 238 of the Income-tax Rules, 2026 provides detailed definitions of financial accounts, financial institutions, reportable persons, and related terms to ensure proper identification and reporting of accounts under international tax compliance rules.
Draft Income-tax Rules 2026 introduce Rule 236 and Rule 237 requiring film producers and specified persons to file Form 164 and reporting entities to submit financial transaction statements in Form 165.
Draft Income-tax Rules 2026 introduce Rule 234 and Rule 235 requiring non-resident liaison offices to file annual statements and Indian concerns to report indirect foreign share transfers.
