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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 Mumbai held management support fees were not taxable as FTS under Article 12(4) of the India-Singapore DTAA as the ‘make av...
Income Tax : ITAT Raipur quashed the assessment after CIT(A) invoked Section 68 instead of Section 69A without notice or hearing, citing non-ap...
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 : 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...
Rule 241 of the Draft Income-tax Rules, 2026 introduces detailed definitions for crypto-asset transactions, reporting crypto-asset service providers, and reportable users. The rule aims to strengthen AML and KYC compliance while enabling cross-border tax transparency through clear reporting obligations for crypto-asset activities.
The High Court held that a tax notice and assessment issued in the name of a company that had already merged into another entity were invalid. The ruling clarifies that once the tax authority is informed of a merger, proceedings must be issued in the name of the transferee company.
The High Court held that reassessment proceedings for AY 2013-14 were time-barred after computing the surviving limitation as clarified by the Supreme Court. The notice issued beyond the remaining limitation period was quashed.
Budget 2026 proposes allowing taxpayers to file an updated return even after receiving a reassessment notice under Section 148. While this creates a compliance window to settle disputes, it also imposes an additional 10% levy on tax and interest to encourage faster resolution.
The notification expands reporting rules to include central bank digital currencies, electronic money products and relevant crypto-assets for tax information reporting.
The ITAT relied on surrounding circumstances, documentary evidence, and the principle of human probabilities to conclude that cash consideration was paid in a land transaction. The Tribunal confirmed the addition of unaccounted sale consideration as short-term capital gains.
The Court clarified that mere pendency of information exchange requests under DTAA cannot justify continuing a Look Out Circular. Where assessments are quashed and no tax liability exists, indefinite travel restriction is unconstitutional.
Draft Rules 290–292 of the Income-tax Rules, 2026 specify audit report formats under Schedules IX and X and prescribe the mandatory investment pattern for provident fund contributions.
Rule 289 of the Draft Income-tax Rules, 2026 lays down operational rules for electoral trusts, requiring transparent contributions, prohibiting foreign funding, and mandating distribution of at least 95% of funds to eligible political parties.
Rule 288 of the Draft Income-tax Rules, 2026 outlines the conditions for setting up Infrastructure Debt Funds to claim tax exemption under Schedule VII.
