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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 petitioner’s claim that delay was caused by a tax consultant was rejected. The Court held that the Tribunal’s finding was not perverse and required no interference.
The issue concerns treatment of carried-forward losses when post-merger conditions are breached. The law provides that such benefits are reversed and taxed as income in the year of violation. The key takeaway is that non-compliance leads to prospective taxation without reopening past assessments.
The Tribunal dismissed appeals after the assessee failed to appear despite multiple notices. Lack of participation led to confirmation of additions made by tax authorities.
The circular introduces mandatory Form I and Form II for SWFs to claim tax exemptions. The ruling ensures structured application and reporting to prevent misuse while enabling eligible benefits.
A CBI court sentenced seven individuals to four years imprisonment for manipulating tax systems using forged records. The case highlights strict action against refund fraud schemes.
The issue was complexity in the existing tax framework due to multiple amendments. The new law simplifies provisions and improves clarity without changing tax rates. The key takeaway is that the reform focuses on ease of compliance rather than increasing taxes.
The CBDT introduced Form ITR-U to allow taxpayers to update previously filed returns. The amendment promotes voluntary compliance and reduces litigation risks.
The CBDT has substituted the ITR-V form to strengthen verification of electronically filed returns. The amendment enhances accuracy and ensures smoother processing of tax filings from AY 2026–27.
The CBDT has replaced Form ITR-7 through the Seventh Amendment Rules, 2026, effective 31 March 2026. The update ensures revised compliance and reporting requirements for entities filing ITR-7.
The amendment mandates a substituted ITR-6 form for corporate taxpayers from AY 2026-27. The ruling requires companies to use the updated format to ensure compliance and valid return filing.
