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Income Tax : Analysis explains why Section 50C is a computation provision, discusses the First Proviso to Section 50C(1), and examines its stat...
Income Tax : Capital gains, business income, foreign assets, directorship and other transactions may make taxpayers ineligible to file ITR-1....
Income Tax : Know ITR due dates for FY 2025-26, belated and revised return deadlines, ITR-U timelines, late filing consequences and correspondi...
Income Tax : Learn how to report RSU and ESOP share sales for AY 2026-27, including capital gains, Schedule FA, Schedule CG, advance tax and di...
Income Tax : Know the eligibility, exclusions and key differences between ITR-1, ITR-2 and ITR-4 for AY 2026-27, including Section 139(9) and r...
Income Tax : A representation seeks activation of Form 68 filing for misreporting cases after the Finance Act, 2026 expanded immunity under Sec...
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : ITAT Panaji held BSNL VRS-2019 compensation is retrenchment compensation exempt under Section 10(10B), set aside CIT(A) orders, an...
Income Tax : ITAT Pune held BSNL VRS compensation exempt under Section 10(10B), condoned delay in filing appeals, and directed grant of refund ...
Income Tax : ITAT Ahmedabad condoned delay in filing appeal and allowed Section 10(10B) exemption claim for BSNL VRS compensation, making the a...
Income Tax : ITAT Delhi deleted TP adjustments on export commission and model fee, allowed Section 80G claim principles, and granted relief on ...
Income Tax : ITAT Delhi held that disallowance of CSR expenditure under Section 37(1) does not prevent Section 80G deduction for eligible donat...
Income Tax : CBDT authorises DGIT (Systems) to upload AEOI information in Annual Information Statement Form 168 under section 239 and Rule 245(...
Income Tax : CBDT authorises DGIT (Systems) to upload AEOI information in AIS Form 26AS under sections 119, 90 and 90A, prescribing timelines a...
Income Tax : CBDT Circular 05/2026 clarifies safe harbour rules for foreign companies selling raw diamonds in Special Notified Zones, covering ...
Income Tax : CBDT Notification 74/2026 exempts TDS on eligible IFSC aircraft lease rent under section 393, subject to Form 1(N), effective from...
Income Tax : CBDT notifies NCCL's Core Settlement Guarantee Fund under Section 11 and Schedule III of the Income-tax Act, 2025, subject to spec...
Explains when professionals must undergo tax audit based on Sections 44ADA, 44AD, and 44AB. Key takeaway: audit depends on profession type, turnover, and declared profit thresholds.
The issue addressed complexity arising from multiple TDS declaration forms. The new framework replaces them with a single Form 121 for all eligible taxpayers. The takeaway is simplified and standardized compliance.
The case examined validity of a reassessment notice issued beyond statutory limits. The ITAT held the notice invalid as it exceeded the permissible time period. It reinforces strict compliance with limitation provisions.
The case dealt with rejection of books due to unverifiable expenses and lack of supporting records. The ITAT upheld rejection but found 8% profit estimation excessive. It reduced the rate to 5%, emphasizing fairness in estimation.
The case examined whether a statement recorded during search can justify tax additions. The Court held that confession without supporting evidence is insufficient. It reinforces that corroboration is essential for sustaining additions.
High Court held that consideration received on transfer of self-generated trademarks before 1 April 2002 was not taxable as capital gains because no ascertainable cost of acquisition existed, making computation provisions unworkable.
The Tribunal held that a company engaged in high-end KPO and business solutions could not be compared with a routine captive BPO service provider. It also ruled that a comparable cannot be rejected solely for following a different financial year if reliable quarterly data is available.
The case addressed whether entries in third-party seized documents can justify additions. The ITAT ruled they cannot without independent corroboration. It reinforces that suspicion alone cannot sustain tax additions.
The issue involved additions based on alleged bogus purchases without VAT payment. The Tribunal remanded the matter pending the High Court’s decision on similar cases.
The Tribunal upheld TDS liability where tax was deducted only on part of the property value. It ruled that TDS must be applied on the entire consideration for immovable property transactions.
