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Income Tax : Budget 2026 has extended the due dates for ITR-3, ITR-4, and revised returns, offering taxpayers greater flexibility. Understandin...
Income Tax : Relocating to Sikkim does not automatically exempt you from income tax. This article explains who qualifies under Section 10(26AAA...
Income Tax : The article outlines practical methods through which business owners and professionals can legally minimise their tax burden. It h...
Income Tax : Section 54 grants exemption on long-term capital gains from the sale of a residential house because the proceeds are reinvested in...
Income Tax : The Income-tax Act mandates e-payment of direct taxes for companies and taxpayers covered under Section 44AB, while others may opt...
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 : 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 Jodhpur ITAT held that deduction under Section 80GGC cannot be denied merely on allegations against a political party in the a...
Income Tax : Assessment orders passed pursuant to express liberty granted by the High Court during pendency of settlement-related litigation re...
Income Tax : The ruling emphasizes that undisclosed business receipts and stock arising from an existing business cannot automatically be chara...
Income Tax : The Tribunal held that when sales are accepted and books of account are not rejected, the entire amount of disputed purchases cann...
Income Tax : The ITAT Pune held that the CIT(A)/NFAC cannot dismiss an appeal merely for non-prosecution without adjudicating the issues on mer...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
Permanent Account Number (PAN) serves as a unique identifier enabling the Income-tax Department to track tax payments, returns, TDS/TCS credits, and specified financial transactions of taxpayers. The Income-tax Act mandates obtaining and quoting PAN for various persons and high-value transactions, while also prohibiting possession of multiple PANs and prescribing penalties for non-compliance.
Taxpayers entering specified domestic transactions exceeding prescribed thresholds must maintain transfer pricing documentation, as failure to do so can attract penalties of 2% of the transaction value and other compliance consequences.
This analysis explains how Parliament designed Sections 11 to 13 to ensure that tax-free income is ultimately used for charitable or religious purposes. The key takeaway is that exemption depends on genuine application of income and compliance with statutory safeguards.
The Annual Information Statement (AIS) under Section 285BB consolidates a taxpayer’s financial and tax-related information, including TDS, specified financial transactions, tax payments, GST details, foreign remittances, and other prescribed data for a financial year. By enabling taxpayers to verify pre-filled information and provide feedback on discrepancies, AIS promotes accurate income-tax return filing and greater transparency in tax compliance.
The revised CBDT guidelines effective from 17 October 2024 streamline the compounding process under the Income-tax Act by prescribing uniform eligibility conditions, updated compounding charges, and provisions for refiling applications rejected due to curable defects. While taxpayers can seek relief from prosecution by fulfilling specified requirements and paying applicable charges, compounding is not an automatic right and may still be denied in exceptional cases.
Section 40A of the Income-tax Act restricts the deduction of specified business expenses where statutory conditions are not fulfilled, including excessive payments to related parties and cash payments exceeding prescribed thresholds. The provisions also disallow certain gratuity provisions, contributions to non-statutory employee funds, and notional losses on specified securities.
Taxpayers can apply for a nil or lower TDS certificate in Form 13 when their estimated tax liability supports deduction at a reduced rate or no deduction at all. The facility is available to residents and non-residents for specified categories of income, subject to online application through the TRACES portal with a valid PAN. The key takeaway is that eligible assessees can avoid excess tax deduction by obtaining prior approval from the Assessing Officer for lower or nil TDS.
This guide explains when gifts received by individuals and HUFs become taxable under the Income-tax Act, including monetary, movable, and immovable gifts. It highlights the significance of the ₹50,000 threshold and the key exemptions available for gifts from relatives, marriage, inheritance, and specified institutions.
The Income-tax Act contains strict provisions under Sections 40A(3), 269SS, 269ST, 269SU, and 269T to regulate cash transactions, restrict cash-based loans and receipts, and promote digital payments.
Learn about the most common Income Tax Return filing errors that can attract scrutiny from the tax department. From AIS mismatches to incorrect deductions, discover how to avoid expensive mistakes.
