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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 Bangalore held that a genuine claim of application of income supported by documentary evidence cannot be denied merely because of a reporting mismatch in different schedules of the income tax return.
ITAT Bangalore held that where the assessee disputed the stamp duty valuation and furnished a registered valuer’s report, the Assessing Officer ought to have referred the matter to the Departmental Valuation Officer (DVO).
ITAT Bangalore held that once a search under Section 132 was conducted, the assessment for the relevant year had to proceed under Section 147/148 in accordance with the post-2021 statutory scheme.
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 receipts. Advance tax collections also recorded double-digit growth, reflecting strong revenue performance.
The ITAT Bangalore held that a mismatch between the income tax return and Form 3CD cannot by itself justify disallowance of a genuine bonus payment. It allowed the deduction after finding that the payment was supported by books of account and bank records.
ITAT Visakhapatnam remanded the assessment after holding that documentary evidence relating to cash deposits, members’ records and audit reports required proper verification. The Tribunal directed a fresh assessment without expressing any opinion on the merits.
The Income Tax Department explains how the e-Verification Scheme addresses mismatches between reported financial transactions and income tax returns through online verification and Section 133(6) notices. It also highlights taxpayers options to submit explanations or file updated returns to avoid further assessment proceedings
ITAT Hyderabad held that an addition under Section 69 cannot be sustained solely on the basis of an uncorroborated loose sheet. The Tribunal ruled that independent evidence is necessary to establish alleged on-money payments.
The ITAT Visakhapatnam held that delayed filing of Form No. 67 does not justify denial of Foreign Tax Credit where taxes have been paid in the foreign jurisdiction. It ruled that the procedural delay cannot override the substantive benefit available under the DTAA.
ITAT Visakhapatnam held that filing a return of income before completion of assessment is mandatory for claiming deduction under Section 80P. The Tribunal upheld denial of the deduction where the return was filed only after the assessment.
