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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...
The issue is whether high-income earners can reduce tax liability under the old regime. The analysis shows that structured allowances and deductions can bring taxable income to zero.
The court examined whether interest on FDRs could be taxed as other income. It held that where funds are linked to a project, the interest retains its project nexus and is not separately taxable.
The court examined whether interest on share capital parked temporarily could be taxed. It held that where funds are directly linked to project setup, the interest is a capital receipt and not taxable as other income.
The case examined whether reassessment proceedings were valid when approval was obtained from an incorrect authority. The Court held the sanction invalid as it did not comply with statutory requirements, rendering the reassessment void. The ruling highlights strict adherence to approval hierarchy in reopening cases.
The ruling clarifies that unverified excel sheets seized from third parties cannot justify additions without corroborative evidence. The Tribunal stressed that assumptions cannot replace proof in tax proceedings.
The new law replaces the 1961 Act with a simplified, structured tax system. It reduces compliance burden through streamlined forms and clearer provisions effective April 2026.
ITAT Delhi held that revisionary proceedings under 263 of the Income Tax Act justifiable since related-party expenses were accepted without detailed verification. Accordingly, revision is upheld and the present appeal is dismissed.
The article explains how IRS audits are initiated and conducted to verify tax return accuracy. It highlights taxpayer duties, rights, and possible outcomes, ensuring clarity on compliance requirements and dispute resolution.
The Tribunal held that failure to issue a jurisdictional transfer order under Section 127 invalidates the assessment. It ruled that absence of such order renders proceedings void ab initio, irrespective of merits.
The Supreme Court declined to condone delay, thereby upholding the High Court’s conclusion that the liaison office did not constitute a PE. The High Court found activities to be preparatory in nature. The ruling highlights strict standards for establishing PE in India.
