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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 ITAT Chennai held that an Assessing Officer cannot introduce a new addition while giving effect to an appellate order. Since t...
Income Tax : The Tribunal held that actual rent received under genuine, registered agreements cannot be replaced with hypothetical market rent ...
Income Tax : ITAT found that the assessee had sufficient cash resources to meet the impugned credit card payments. Since the authorities did no...
Income Tax : The Calcutta High Court held that refund adjustment against a disputed tax demand was unsustainable when both a stay application a...
Income Tax : The High Court questioned the Revenue's refusal to grant credit for advance tax and TDS despite substantial amounts already lying ...
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...
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.
Comprehensive summary of income tax penalties under the Income Tax Act for AY 2026-27. Covers defaults in tax payment, filing, reporting, and compliance as amended by the Finance Act, 2025, with detailed penalty provisions.
This report provides a consolidated overview of the critical monetary threshold limits stipulated under various sections of the Income Tax Act, 1961, relevant for the Assessment Year (AY) 2026-27 (Financial Year 2025-26). These figures define taxability, exemption levels, eligibility for schemes, and compliance obligations for various categories of taxpayers, including individuals, corporations, and businesses.
Madras High Court held that deduction under section 80IB(10) of the Income Tax Act not eligible in absence of any demonstrable evidence regarding any expense incurred towards eligible project to substantiate development of eligible project.
ITAT Mumbai held that capital gains cannot be treated as unaccounted income under section 68 of the Income Tax Act since AO nowhere proved that assessee himself was involved in price rigging of any of the scrips. Accordingly, appeal of assessee stands allowed.
Summary of statutory compliance deadlines for AY 2026-27 under the Income Tax Act. Covers return filing, trust/NGO registrations, audit reports (44AB, 10BB), transfer pricing, and zero-coupon bond requirements. Essential dates for companies and assessees.
Delhi ITAT deleted a 69C unexplained expenditure addition for alleged bogus purchases, ruling that when corresponding sales are accepted and payments made via banking channels, the purchase cannot be disallowed without tangible proof of manipulation.
