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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 Income Tax Department conducted surveys across multiple cities after AI analysis revealed significant discrepancies between transactional data and reported income. The exercise uncovered preliminary sales suppression of about ₹408 crore.
The proposed amendments rationalise tax provisions, simplify reporting rules, and introduce clearer deductions and exemptions. The reforms aim to improve voluntary compliance and reduce tax disputes.
ITAT Delhi deleted additions under Sections 68 and 69C after finding that the assessee received and repaid loans through banking channels with supporting confirmations and evidence.
The Central Government, in the Union Budget 2026, has proposed an important amendment concerning employee welfare funds. The objective of this change is to rationalize the provisions relating to the allowability of deduction under the Income-tax Act for employee contributions deducted from salaries towards welfare funds such as the Employees’ Provident Fund (EPF), Employees’ State Insurance (ESI), and similar statutory funds.
Courts have held that reassessment proceedings must be based on the reasons recorded before issuing notice under Section 148. If no addition is made on the issue forming the basis of reopening, the reassessment may become invalid.
The Tribunal ruled that a bona fide technical mistake in selecting the wrong section code while applying for registration cannot lead to rejection of the application. The matter was remanded to the Commissioner (Exemption) for reconsideration on merits.
The Madras High Court quashed the rejection of a condonation application, holding that the delay in filing Form 10B had a reasonable explanation. The Court directed reconsideration of exemption under Section 11.
ITAT Delhi held that a trust registered under Section 10(23C)(iv) was required to file Form 10BB instead of Form 10B. The Tribunal restored exemption after finding that denial by CPC under Section 143(1) was incorrect.
The Court issued notice in a plea to quash criminal proceedings where the applicant argued that alleged cash payments exceeding ₹2 lakh should first be examined under Section 269ST of the Income Tax Act.
This article explains the five most frequent issues arising in modern income tax assessments, including unexplained cash deposits, Section 68 credits, data mismatches, cash transaction penalties, and non-compliance with notices.
