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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...
ITAT Mumbai held that an employee cannot be denied TDS credit merely because the employer failed to deposit the tax deducted from salary. The Tribunal directed verification of evidence and grant of full TDS credit under Section 205.
ITAT Mumbai held that penalty under Section 270A cannot be levied merely because income was estimated after rejection of books. Since the addition was based on estimation and not on specific concealed income, the penalty was deleted.
ITAT Mumbai held that purchases supported by invoices, e-way bills, transport records, bank payments, and GST documents cannot be treated as bogus merely because of allegations against the supplier. The Tribunal deleted the entire addition after finding no contrary evidence.
The FAQs explain the prosecution provisions under the Income-tax Act, covering offences such as tax evasion, non-payment of TDS/TCS, false statements, and non-filing of returns. They also outline punishments, exceptions, and situations where prosecution may not be launched.
The case examined whether compulsorily convertible debentures should be treated as debt or equity for allowing interest deductions. The Tribunal identified this as the primary issue before determining the arm’s length price of interest.
The Madras High Court ruled that medical reimbursements up to ₹15,000 per employee cannot be subjected to Fringe Benefit Tax in the absence of a clear statutory charging provision. The judgment reiterates that tax cannot be imposed by implication or through administrative circulars.
The Gujarat High Court dismissed the Revenue’s appeals after holding that the additions qualified for deduction under Section 80IB, making the entire exercise revenue neutral despite disagreeing with the Tribunal’s approach.
The ITAT Bangalore held that, from AY 2018-19 onwards, Section 80AC makes timely filing of the return under Section 139(1) a mandatory condition for claiming deductions under Chapter VI-A. A return filed later in response to a Section 148 notice could not revive the claim for deduction under Section 80P.
ITAT Ahmedabad held that repayment of the entire loan with TDS-compliant interest payments undermined the allegation that the loans were accommodation entries. The additions towards interest and commission were deleted.
ITAT Chennai held that loose sheets and estimates alone cannot justify an addition under Section 69B without independent corroborative evidence. The Tribunal deleted the addition after finding no proof of investment outside the books of account.
