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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 ruling clarifies that penalty cannot be levied merely because expenses are partly disallowed on estimation. Absence of under-reporting or misreporting defeats the penalty action.
It was ruled that reassessment proceedings must be initiated only through the faceless mechanism after the CBDT notification under section 151A. The concept of concurrent jurisdiction between JAO and FAO was expressly rejected.
The Tribunal emphasized that the assessee had no individual business in electronic goods. In the absence of incriminating material and with sales recorded by the company, the addition was deleted.
Upholding the appellate order, the Tribunal ruled that section 68 applies only to credits of the relevant year. Opening balances and prior period adjustments cannot be taxed as unexplained income in a subsequent year.
Coca Cola India Inc. Vs DDIT (ITAT Delhi) ITAT Delhi held that final assessment order passed beyond period of limitation prescribed under section 144C(13) read with section 153 of the Income Tax Act is liable to be quashed and hence set aside. Facts: The present adjudication involves a batch of six appeals pertaining to the same […]
Comprehensive guide to U.S. itemized deductions for 2026, covering Schedule A, SALT limits, medical expenses, interest, charity, and 1040-NR rules.
Delhi High Court held that an employee cannot be denied TDS credit due to the employer’s default in depositing deducted tax. The related demand and recovery were quashed.
The court addressed a demand arising from automated processing that led to double disallowance of expenses. It directed rectification through an amended return and stayed recovery until correction.
The Delhi High Court held that review jurisdiction is limited and cannot be used to reargue decided issues. The Revenue failed to show any apparent error in the earlier direction to process returns.
The issue examines how presumptive taxation is consolidated under Section 58. The key takeaway is that structural simplicity masks stricter eligibility and compliance rules.
