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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 : The Madras High Court held that membership fees received for long-term time-share agreements could not be fully taxed in the first...
Income Tax : The ITAT Chandigarh held that reassessment proceedings initiated under an incorrect and obsolete PAN suffered from a jurisdictiona...
Income Tax : ITAT Delhi deleted transfer pricing adjustments after holding that retail and after-sales businesses could not be compared with wh...
Income Tax : The Bombay High Court held that penalty proceedings under Section 271-D cannot continue independently when the appeal against the ...
Income Tax : The ITAT Ahmedabad restored reassessment proceedings after the assessee produced documents showing disputed property sales and pen...
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...
Courts have held that non-compliance with mandatory procedures under Section 144B renders faceless assessment orders void. The rulings reaffirm that digital tax reforms cannot override constitutional safeguards of fairness and the right to be heard under Article 14.
Draft Rule 187 mandates comprehensive maintenance of books, corpus records, investment details, and related-party transaction documentation by registered non-profit organisations to ensure transparency and long-term compliance.
Draft Rules 184 to 186 require registered non-profit organisations to electronically file Forms 108, 109, and 110 within the return due date for deemed application, income accumulation, and change of purpose, ensuring strict procedural compliance.
Draft Rules 182 and 183 require registered non-profit organisations to compute commercial gains separately and tax any benefits extended to related persons at fair value, ensuring transparency and preventing diversion of charitable resources.
Rule 181 of the Draft Income-tax Rules, 2026 introduces a unified electronic application system for non-profit registration and tax approval, detailing forms, authorities, cancellation, surrender, and re-application procedures.
Draft Rule 180 prescribes Form ITR-BL and electronic filing modes for block assessments, ensuring standardized reporting and verification of undisclosed income.
Draft Rules 178 and 179 mandate specific forms for TDS credit applications and notices of demand, ensuring standardized compliance and administrative clarity.
Draft Rule 177 requires successor entities to file a digitally verified ITR-A and empowers the Assessing Officer to modify assessments to reflect business reorganisation orders.
Draft Rule 176 lays down a comprehensive, technology-driven framework for faceless assessment, reassessment, and recomputation to ensure transparency, automation, and reduced discretion in tax proceedings.
Draft Rules 174 and 175 specify inspection hours for Valuation Officers and designate the competent authority for issuing notices under section 270(8), ensuring procedural clarity and accountability.
