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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 judgment clarified that information under Section 148A means a concise narration of alleged escapement, not complete material. The reassessment proceedings were allowed to continue as no jurisdictional defect was found.
The issue concerned taxation of alleged on-money from sale of land. The Tribunal held that once the land was agricultural and outside section 2(14), capital gains and on-money additions could not survive.
The draft rules cut down the number of rules and forms significantly through consolidation. This signals a move toward simpler compliance and clearer tax administration.
This article explains how Section 54EC allows exemption from long-term capital gains through investment in notified bonds. The key takeaway is that timely bond investment offers a safe alternative to property reinvestment.
Revenue argued that control and fixed hours created employment. The Tribunal ruled that such controls ensure discipline and contract enforcement, not employment. Result: TDS under Section 194J sustained.
The issue was how cryptocurrency income is classified for tax purposes. The framework holds that transfers fall under a dedicated VDA regime with a flat rate and strict loss rules.
The Revenue treated cash deposits as unexplained under Section 69A despite matching withdrawals and opening cash balance. The Tribunal ruled that redeposit of available cash cannot be taxed as unexplained income.
ITAT rejected the tax authority’s approach of increasing asset values on the assumption of appreciation. Fair market value under Section 56 must be based on book values as mandated by Rule 11UA.
The reassessment was challenged for want of proper approval. The Tribunal ruled that ritualistic sanction under Section 151 defeats jurisdiction and renders the reopening void.
The authority cancelled existing registration without invoking the procedure under Section 12AB(4). The Tribunal ruled that supersession of registration requires proof of specified violations and due process. In its absence, cancellation was illegal.
