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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 Bangalore held that sale of 25 plots did not amount to an adventure in the nature of trade because the properties were held f...
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 : 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...
The Tribunal remanded the reassessment after the assessee sought another opportunity to explain the source of investment. The addition was set aside subject to payment of costs and fresh adjudication on merits.
ITAT held that scrap trading does not follow a fixed sales pattern and income declared under Section 44AD cannot be rejected on suspicion. Addition under Section 68 was deleted.
The High Court dismissed Revenue appeals after holding that the assessee’s activities were charitable in nature, making it eligible for exemption under Section 11. The ruling followed the Supreme Court’s precedent and settled multiple connected tax issues.
The Karnataka High Court set aside an order invalidating a return for alleged non-compliance with Section 44AB audit requirements and directed a fresh hearing on whether turnover actually exceeded ₹10 crores.
The High Court held that registration under Section 12A cannot be granted based solely on oral submissions without documentary proof. The matter was remanded for fresh consideration with liberty to produce additional evidence.
The Tribunal held that redevelopment involved transfer of the entire immovable property, entitling the assessee to indexed cost on the full asset. Restricting indexation to 22.5% land share was ruled unsustainable.
The High Court quashed a Section 148 notice issued after the surviving limitation period, holding it time-barred under Supreme Court rulings in Ashish Agarwal and Rajeev Bansal.
Section 54F Deduction Remanded as Tenants’ Affidavits Suggest Commercial Use of Properties, No Addition Without Corroborative Evidence: ITAT Deletes ₹50 Lakh On-Money Addition in Property Deal and Presumption Under Section 132(4A) Cannot Be Applied Against Assessee When Documents Seized from Third Party
This guide explains how Section 22 taxes house property based on annual value rather than actual rent. It covers computation steps, deductions under Section 24, and treatment of self-occupied and let-out properties.
Non-resident experts under notified government schemes will not be taxed on foreign income for five years, provided residency conditions are satisfied.
