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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 : Delhi ITAT upheld deletion of Section 68 additions after finding loans from the assessee’s wife and company were genuine and sup...
Income Tax : Bengaluru ITAT quashed Section 271D penalties as time-barred, holding the six-month limitation under Section 275(1)(c) expired bef...
Income Tax : ITAT Mumbai held that customs duty collections received by a CHA in a fiduciary capacity are not taxable under Section 69A and del...
Income Tax : ITAT Mumbai deleted the Section 69A addition, holding that cash deposits backed by recorded jewellery sales and accepted books can...
Income Tax : ITAT Mumbai deleted the Section 69A addition, accepting marriage gifts, past savings and retained cash as a satisfactory explanati...
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...
ITAT held that the AO could not change the valuation method adopted under Rule 11UA and deleted the addition under Section 56(2)(viib).
This glossary explains the most commonly used terms under the Income-tax Act, 1961, including PAN, TDS, assessment, appeals, and capital assets. It serves as a quick reference guide based on the Finance Act, 2026.
ITAT accepted the Section 158A declaration and directed the AO to apply the High Court’s final ruling to the relevant assessment year.
The High Court dismissed the Revenue’s appeals as infructuous after the Tribunal disposed of the main appeals, leaving the legal questions open.
ITAT deleted the addition after holding that a retracted statement alone could not justify it where documentary evidence supporting purchases remained uncontroverted.
This guide explains all ten Income Computation and Disclosure Standards (ICDS) and provides reconciliation formats between Accounting Standards and ICDS. It helps taxpayers understand adjustments required for computing taxable income.
Provisions that were typically restricted or viewed as contingent become fully deductible business expenses the moment they were quantified, crystallized, and physically paid out before the tax return filing deadline. Revenue could not arbitrarily disallow a flat percentage of direct operational or employee welfare expenses based on general suspicion.
Learn the exemptions available under Sections 54 to 54GB of the Income-tax Act, including eligible investments, timelines, exemption limits, and withdrawal conditions. The document also reflects amendments made by the Finance Act, 2026.
ITAT held that low declared income alone cannot negate creditworthiness where loans were genuine, documented, received and repaid through banking channels.
ITAT held that mandatory interest can still be examined for correct computation. CIT(A)’s ex parte dismissal without merit-based adjudication was set aside.
