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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...
AIS provides a full record of financial transactions linked to PAN. It helps taxpayers verify income and avoid reporting errors.
The issue involved mandatory reporting obligations for film and specified activities under the new tax regime. The framework requires disclosure of payments exceeding ₹50,000 along with TDS details. The key takeaway is that enhanced transparency and structured reporting are central to compliance.
Form 163 requires Indian concerns to report indirect transfers of assets in India involving non-residents. The key takeaway is that this is a compulsory compliance obligation even though no tax is payable. Timely filing ensures avoidance of penalties.
Non-resident entities must file Form 162 annually to report liaison office activities. Failure can result in penalties and regulatory action.
Taxpayers who accept assessment orders and choose not to appeal can apply for immunity using Form 161. The key takeaway is that opting out of litigation is essential to claim relief. This promotes faster dispute resolution and certainty.
This explains when a deductor can claim a refund using Form 160 where tax was wrongly deducted. The key takeaway is that refund is granted only after proving that no TDS was legally required.
The tax authority issues Form 159 only after verifying compliance through Form 158. Without this certificate, specified individuals cannot leave India.
Individuals directed by tax authorities must file Form 158 before leaving India. The rule ensures tax compliance, failing which departure may be restricted.
The notification grants exemption under Section 10(46) as the authority performs non-commercial legal aid functions. It covers grants, fees, and interest income. The ruling ensures tax relief subject to compliance with statutory conditions.
The government has notified a statutory board for income tax exemption under Section 10(46A). The benefit applies from AY 2027–28 subject to conditions.
