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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 Tribunal held that joint ownership alone cannot restrict Section 54 deduction where the entire source of investment for the ne...
Income Tax : The Tribunal ruled that under-reported income must be calculated as the difference between assessed income and income processed un...
Income Tax : The Tribunal deleted penalty under Section 271(1)(c) after substantially deleting the unexplained cash credit addition under Secti...
Income Tax : The Tribunal observed that delays in completion of housing projects by builders cannot deprive a taxpayer of Section 54 benefits w...
Income Tax : ITAT Delhi held that additions based on documents seized from a third party cannot be made under Section 143(3) without invoking r...
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 80 prescribes criteria for selecting the most appropriate transfer pricing method based on transaction nature, comparability, data reliability, and functional analysis.
Draft Rule 79 sets out recognized methods and comparability criteria for determining arm’s length price under section 165, mandating use of the most appropriate method and current-year data for accurate benchmarking.
Draft Rules 77 and 78 clarify essential transfer pricing definitions and allow an alternative comparability-based method for determining arms length price. The provisions expand scope while enabling practical pricing based on similar uncontrolled transactions.
Draft Rules 75 and 76 prescribe mandatory forms, timelines, and verification requirements for claiming treaty relief and foreign tax credit, limiting credit to actual tax liability and disallowing unsupported or disputed claims.
Draft Rule 74 permits specified persons to defer taxation of income accrued in foreign retirement benefit accounts until withdrawal in a notified country. The option, once exercised in Form 40, is binding and subject to reversal if residential status changes.
Draft Rule 73 prescribes structured formulas for computing relief under Section 157(1) where tax liability increases due to arrears, gratuity, compensation or pension commutation. It standardizes multi-year tax averaging and mandates filing Form 39 to claim the benefit.
Draft Rules 67 to 72 prescribe specific forms and designated authority certifications for claiming deductions under Sections 144 to 152. The rules standardize reporting, audit documentation, and regulatory verification as a precondition for availing tax benefits.
Examines whether Tax Deducted at Source, while legally valid, creates working capital strain by forcing early tax payment before profits are determined.
A detailed look at how the Finance Act, 2021 reshaped Sections 147–151, introduced Section 148A, and reduced limitation periods while strengthening natural justice safeguards.
Budget 2026 restricts capital gains exemption on SGB redemption to original subscribers only. Secondary market investors redeeming after 1 April 2026 will now face capital gains tax.
