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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 Finance Bill, 2026 fixes an incorrect reference in section 393 on TDS for property sales. The correction ensures the ₹50 lakh threshold applies to the correct provision.
The amendment clarifies that minor defects in quoting the DIN will not invalidate assessments. As long as the order references a computer-generated DIN in any manner, procedural lapses will not defeat otherwise valid proceedings.
The tribunal ruled that cash deposits sourced from recorded cash sales and bank withdrawals were genuine. It held that partial, ad-hoc additions without rejecting books of account are unsustainable.
Budget 2026 introduces a long-term tax holiday and safe harbour to attract global cloud players to India. The key takeaway is that India is being positioned as a preferred global cloud delivery hub.
Indian tax liability for NRIs depends on residential status, not citizenship. The key takeaway is that only India-sourced income is taxable for non-residents.
The Budget keeps tax rates unchanged while introducing structural reforms to improve certainty and predictability. The key takeaway is stability paired with targeted simplification to reduce disputes.
Courts have held that reopening an assessment on identical facts under a different deeming provision is invalid. The key takeaway is that reassessment cannot be based on a mere change of opinion.
The analysis explains how activities of a liaison office can trigger PE exposure despite regulatory approval. Taxability depends on substance, not designation, under treaty principles.
The Tribunal held that an appeal should not be rejected merely due to long delay when sufficient cause is shown. It ruled that technicalities cannot defeat substantial justice and restored the matter for decision on merits.
The tribunal held that cash deposits were largely explained through earlier withdrawals and business receipts. Only an estimated 10% addition was sustained, and harsh taxation under section 115BBE was ruled out.
