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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 Delhi High Court held that ₹25 lakh paid under a prior agreement to sell was deductible under Section 48(i) as it was incurr...
Income Tax : The Chennai ITAT held that payments received by a UAE resident could not be taxed as Fees for Technical Services in India because ...
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 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...
Gujarat High Court held that reopening of assessment based on direction of CIT(A) cannot be sustained since the period of limitation prescribed under section 149(1) of the Income Tax Act has expired. Accordingly, reassessment notice u/s. 148 quashed and petition is allowed.
A summary of the tax framework governing charitable entities in India, covering the definition of ‘charitable purpose,’ mandatory registration under Section 12AB, audit requirements, taxation of accumulated and anonymous donations, and consequences including the cancellation of registration and levy of accreted income tax.
The CBDT’s Income Tax Informants Reward Scheme 2018 offers rewards up to ₹5 crore for specific, written information leading to the detection of substantial tax evasion, including undisclosed foreign assets. It specifies eligibility, confidential procedures, and tiered rewards based on the realized tax amount.
Understand Sections 234A, 234B, 234C, and 234D of the Income Tax Act covering interest on late filing, short payment, delayed advance tax, and excess refunds, including rates, calculation, and applicable periods.
Section 143(1) intimation is the automated processing of Income Tax Returns (ITR) by the CPC to correct arithmetical errors and apparent inconsistencies. Learn the types of mandatory adjustments, the 9-month time limit for issuance, and the 30-day window for electronic response.
The Income Tax Act, 1961, uses different definitions of ‘relative’ depending on the section, impacting tax-free gifts (Sec 56(2)(x)), clubbing of income (Sec 64), trust exemptions (Sec 13), and authorized representation (Sec 288). This divergence requires specific legal analysis.
Explaining the necessity of income tax for funding national defence, infrastructure, and welfare in India. Discusses the lack of a strong tax culture, the shift from high historical rates to current small-taxpayer relief, and the need for system transparency.
A summary of key penalties under the Income Tax Act for AY 2026-27, covering defaults from late filing and non-payment to misreporting income and non-compliance with compliance. Learn about financial penalties and potential rigorous imprisonment for serious tax offenses.
ITAT Mumbai held that reopening of assessment under section 147 of the Income Tax Act on the basis of third party statement substantiated with tangible material is justifiable. Accordingly, matter restored back to CIT(A) with liberty to assessee to place supporting documents explaining source of cash deposits.
ITAT Lucknow held that cash deposits during demonetization period cannot be treated as unexplained credit since the same is made out of cash sales. Accordingly, addition merely on suspicion, doubt, conjecture and guess work cannot be sustained.
