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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...
Rule 225 prescribes a comprehensive framework for recovery of tax arrears, covering attachment, sale, arrest, appeals, and time limits to ensure legally structured enforcement.
Rules 221 to 224 specify mandatory forms for accountant certificates, notice of demand, advance tax estimates, and recovery statements to standardize compliance under the Income-tax Act.
Rule 220 requires structured filing of Form 145 for payments to non-residents, prescribes exemptions for specified remittances, and mandates quarterly reporting by authorised dealers and IFSC units.
Rule 219 prescribes Forms 138, 140, 142–144, fixed quarterly due dates, special challan-cum-statements for specified transactions, and refund claims in Form 139 to streamline TDS/TCS reporting.
Rule 218 prescribes clear due dates, challan-cum-statement requirements, quarterly payment options, and electronic remittance procedures for TDS/TCS deposits.
Rules 216–217 mandate Forms 134/135 for TAN allotment with strict timelines and provide relief from higher TDS for non-residents without PAN, subject to prescribed documentation.
Rule 214 enables payers to seek a certificate in Form 129 for determining the taxable proportion of sums paid to non-residents, ensuring accurate TDS compliance under domestic law and DTAA.
Rules 212–213 introduce Form 127 for buyer declarations to avoid TCS and Form 128 for obtaining lower or nil TDS/TCS certificates, with strict eligibility and compliance safeguards.
Rules 210–211 provide no TDS on specified UTI unit income of non-residents and prescribe Form 121 with UIN tracking to ensure transparent declaration-based tax compliance.
Rule 209 allows eligible branches of foreign banks, insurers, and other entities to apply in Form 126 for a certificate authorising receipt of specified income without TDS, subject to strict compliance conditions.
