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Income Tax : Budget 2026 has extended the due dates for ITR-3, ITR-4, and revised returns, offering taxpayers greater flexibility. Understandin...
Income Tax : Relocating to Sikkim does not automatically exempt you from income tax. This article explains who qualifies under Section 10(26AAA...
Income Tax : The article outlines practical methods through which business owners and professionals can legally minimise their tax burden. It h...
Income Tax : Section 54 grants exemption on long-term capital gains from the sale of a residential house because the proceeds are reinvested in...
Income Tax : The Income-tax Act mandates e-payment of direct taxes for companies and taxpayers covered under Section 44AB, while others may opt...
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 : 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 Jodhpur ITAT held that deduction under Section 80GGC cannot be denied merely on allegations against a political party in the a...
Income Tax : Assessment orders passed pursuant to express liberty granted by the High Court during pendency of settlement-related litigation re...
Income Tax : The ruling emphasizes that undisclosed business receipts and stock arising from an existing business cannot automatically be chara...
Income Tax : The Tribunal held that when sales are accepted and books of account are not rejected, the entire amount of disputed purchases cann...
Income Tax : The ITAT Pune held that the CIT(A)/NFAC cannot dismiss an appeal merely for non-prosecution without adjudicating the issues on mer...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
Each spouse must disclose jointly held foreign accounts and securities in Schedule FA, even if only one spouse reports the income. Proper classification as “Beneficiary” for the non-funding spouse avoids penalties and inconsistencies.
Indian ROR taxpayers must disclose all foreign assets and interests in Schedule FA, even if non-taxable abroad. Non-compliance can trigger strict penalties under the Black Money Act, though a ₹20 lakh carve-out now applies.
The Supreme Court ruled that payments under non-compete agreements are revenue expenditures if they protect business without creating new assets. Companies can claim such fees as ordinary business expenses under Section 37(1).
The tribunal held that remuneration received by a professional partner qualifies as professional income. The key takeaway is that such receipts can be taxed under Section 44ADA.
The tribunal held that cash deposits of a petrol pump operator during demonetisation could not be fully treated as unexplained. Only a lump sum addition was sustained, recognizing the business nature of receipts.
Explains when IT services qualify for 44AD or 44ADA, highlighting classification risk and compliance requirements under the “cash ≤ 5%” rule.
Explains deadlines for belated returns and the updated ITR-U window, helping taxpayers avoid escalating additional tax under section 140B.
Explains how holding period over or under 24 months affects capital gains classification and company tax liability on industrial plot sales.
ITO Vs Oval Investment Pvt. Ltd (ITAT Delhi) AIS/Form 10DB Mismatch Not Conclusive- Share & F&O Profits Taxable Only in Real Owner’s Hands- Commission Agent Cannot Be Taxed on Principal’s Trading Income dismissed the Revenue’s appeal and upheld deletion of additions aggregating to ₹4.13 crore, holding that share trading, F&O and dividend income belonged to the […]
Chennai ITAT held that reassessment notices issued by a JAO after 29-03-2022 are invalid under the mandatory faceless assessment framework, quashing all consequential orders while preserving the Revenue’s right to revive proceedings if Apex Court rules otherwise.
