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Income Tax : The article explains how taxpayers often wrongly assume that housing loan loss benefits remain available under the new tax regime....
Income Tax : The article explains how seemingly simple questions in ITR-1 can create major confusion for taxpayers. It highlights practical iss...
Income Tax : The ITAT Mumbai held that alleged accommodation entry operators cannot be taxed on the entire turnover amount. The Tribunal ruled ...
Income Tax : AI-driven scrutiny and AIS integration are increasing Income Tax notices where property transactions occur below stamp duty value....
Income Tax : This case highlights that cash paid to builders as “on-money” will not automatically be treated as tax evasion if it originate...
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 : 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 ITAT Ahmedabad held that co-operative banks qualify as co-operative societies for purposes of Section 80P(2)(d). The Tribunal ...
Income Tax : The Delhi High Court set aside an assessment order after finding that the Assessing Officer failed to consider the assessee’s re...
Income Tax : The ITAT held that credits received in the assessee’s bank account were repayments of earlier advances and not unexplained cash ...
Income Tax : Tribunal ruled that income tax demands not included in the approved resolution plan were irrevocably extinguished. The decision fo...
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 Tribunal held that excess stock found during survey had direct nexus with business operations. It ruled that such income should be taxed as business income, not as unexplained investment under special provisions.
The Tribunal held that absence of a clear charge in the penalty notice makes the proceedings invalid. It ruled that failure to specify the exact limb of misreporting renders the penalty unsustainable.
The Tribunal held that prior to the 2023 amendment, returns filed within the broader time under Section 139 were eligible for exemption. It ruled that updated returns could not be denied benefits retrospectively.
TDS payments under Challan 281 require correct selection of system-driven Nature of Payment codes. The guide explains that wrong code selection can lead to credit mismatches and compliance issues.
The new law replaces complex provisions with a streamlined structure and fewer sections. It makes compliance easier while retaining core tax principles.
The tribunal held that selling only open land, even if earlier part of a residential property, does not qualify as transfer of a residential house. Since no building was sold, exemption under Section 54 was rightly denied.
Interplay of Tax Treatment Between Section 10(23C)(iiiad) of the 1961, Act and Section 332 (RNPO) of the New Income Tax Act, 2025 Introductory View The era of New Income Tax Act, 2025 marks a shift from “Category-Based Exemptions” to a “Universal Registration Framework.” The specific exemption for small educational institutions under Section 10(23C)(iiiad) of the 1961 Act […]
Explains when professionals must undergo tax audit based on Sections 44ADA, 44AD, and 44AB. Key takeaway: audit depends on profession type, turnover, and declared profit thresholds.
The issue addressed complexity arising from multiple TDS declaration forms. The new framework replaces them with a single Form 121 for all eligible taxpayers. The takeaway is simplified and standardized compliance.
The case examined validity of a reassessment notice issued beyond statutory limits. The ITAT held the notice invalid as it exceeded the permissible time period. It reinforces strict compliance with limitation provisions.
