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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 : The judgment rejected the practice of assigning a nil arms length price merely because a taxpayer reported financial losses. The c...
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 : Mumbai ITAT held that Section 69A cannot be invoked where loan transactions are fully routed through banking channels and recorded...
Income Tax : Bangalore ITAT held that applications for registration under Section 12AB and approval under Section 80G cannot be rejected on gro...
Income Tax : The Bangalore ITAT accepted the assessee’s explanation that medical issues and expiry of the digital signature certificate cause...
Income Tax : The Bangalore ITAT ruled that once substantive addition under Section 2(22)(e) is sustained in the managing partners case, the cor...
Income Tax : The Hyderabad ITAT ruled that the CIT(A) could not delete unexplained cash deposit additions merely on the basis of submissions an...
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 New Income Tax Act, 2025 replaces multiple TDS and TCS provisions with consolidated Sections 392, 393 and 394 effective from FY 2026-27. The reform simplifies compliance, introduces code-based reporting, and rationalises deduction rates and thresholds.
The Bangalore ITAT held that once a notice under Section 143(2) initiates regular scrutiny assessment, the Department cannot subsequently resort to summary processing under Section 143(1). The Tribunal quashed massive GST-related adjustments as being without jurisdiction.
Article explains important Income Tax Return (ITR) filing due dates for Financial Year 2025-26 relevant to different categories of taxpayers, including salaried individuals, freelancers, businesses, audit cases and entities requiring transfer pricing reports
An analysis of capital and revenue receipts under tax law, explaining classification, taxability, judicial tests, and key practical distinctions.
This blog explains the concept of TDS and Advance Tax in a simple and practical manner along with relevant provisions under the Income Tax Act, 1961.
Avoid common AY 2026-27 ITR filing errors, including deadline confusion, capital gains mistakes, AIS mismatches, and missed e-verification.
ITAT Delhi upheld deletion of disallowance under Section 40A(3) after finding that payments were made to multiple labourers and no individual payment exceeded statutory limit. Tribunal accepted that bulk transfers were only administrative in nature.
ITAT Delhi confirmed deletion of addition on alleged diversion of interest-bearing funds, holding that hypothetical or notional income cannot be brought to tax. The ruling relied on the principle that only real income is taxable.
The High Court held that adjustment of refunds beyond 20% of disputed tax demand during pendency of appeal was unsustainable without proper justification. It directed refund of the excess amount adjusted under Section 245 of the Income Tax Act.
The Tribunal held that CIT(A) cannot enhance income under Section 251 on matters not considered by the Assessing Officer during assessment proceedings.
