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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...
Draft Rule 147 requires Board orders issued under section 239(3)(a) to be published through Gazette, official website, notice boards, and trade bodies to ensure transparency and public awareness.
Draft Rule 148 of the Income-tax Rules, 2026 lays down comprehensive procedures, authorisation formats, safeguards, and custody mechanisms for search and seizure under section 247 to ensure transparency and legal compliance.
Draft Rule 149 of the Income-tax Rules, 2026 introduces a structured approval system, prescribed forms, and timelines for requisitioning services and making valuation references under section 247, ensuring transparency and regulatory oversight.
Rule 150 of the Draft Income-tax Rules, 2026 lays down the methodology for determining the fair market value of property under section 247(9). It specifies that the value of immovable property, including land or building or both, shall be based on the value adopted, assessed, or assessable by the Central or State Government authority for […]
Draft Rule 151 of the Income-tax Rules, 2026 prescribes mandatory written authorisation, documentation, sealing, and custody procedures for requisition of books, documents, assets, and digital records under section 248.
Rules 152–156 of the Draft Income-tax Rules, 2026 lay down clear procedures for release of seized assets, distraint and sale, prescribed forms for information, and designation of authorities to ensure transparency and accountability.
Rule 157 of the Draft Income-tax Rules, 2026 exempts specified non-residents and eligible foreign investors from obtaining PAN, subject to TDS compliance and prescribed reporting conditions.
Rule 158 of the Draft Income-tax Rules, 2026 prescribes detailed PAN application forms, timelines, document requirements, and Aadhaar authentication to strengthen compliance and data security.
Draft Rule 159 mandates quoting or applying for PAN in specified high-value banking, securities, property and cash transactions, with limited exemptions and Form 97 declarations to strengthen reporting and compliance.
Draft Rule 160 requires specified persons receiving Form 97 declarations to file electronic statements with the Income-tax Intelligence wing within prescribed deadlines and retain records for six years to enhance oversight and compliance.
