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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 Tribunal ruled that the Assessing Officer cannot tax share premium under Section 68 solely on the basis that the premium lacks...
Income Tax : The ruling emphasized that CAM charges remain separate transactions irrespective of whether payments are made to the same landlord...
Income Tax : The Tribunal held that, apart from the CBDT clarification, the seller had declared the capital gains and discharged taxes. Therefo...
Income Tax : The Tribunal held that interest under Section 244A must be computed up to the actual date of refund issuance. Restricting interest...
Income Tax : The ITAT held that Section 56(2)(viib) cannot apply where equity shares are issued upon conversion of CCDs without receipt of fres...
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...
CBDT notifies the Rajasthan State Seed and Organic Certification Agency for income tax exemption under Section 10(46A) of Income-tax Act, 1961, effective from AY 2024-2025.
Finance Ministry’s Notification 151/2025 grants income tax exemption to the Chennai Metropolitan Water Supply and Sewerage Board (CMWSSB), effective retrospectively from Assessment Year 2024-25.
The ITAT refused to condone the Revenues 100-day delay in filing an appeal, holding that busy officer or bureaucratic delay does not constitute sufficient cause. The Tribunal emphasized that the law of limitation binds Government departments equally, and vague excuses are not acceptable.
The ITAT ruled that loose, uncorroborated diaries maintained by a third party are dumb documents and cannot be the sole basis for major tax additions or the denial of Section 11 exemption for a charitable trust. The Tribunal emphasized that suspicion is not a substitute for proof, and denying Section 11 requires concrete evidence of a violation under Section 13.
The ITAT confirmed that Section 54F capital gains exemption covers the entire investment in a new residential house, including the cost of land, even if purchased early. It ruled that land is an inseparable component, upholding the construction timeline as sufficient compliance.
HC directed CBDT to issue a circular extending due date for filing income tax returns to 30th November 2025, especially for taxpayers required to file audit reports for assessment year 2025-26, in line with extension of specified date to 31st October 2025.
ITAT rules that “hardship compensation” received by a flat owner from a builder during society redevelopment is a capital receipt, not taxable income. It adjusts the cost of acquisition.
ITAT Mumbai quashes reassessment (AY 13-14, 14-15) as AO missed the Rajeev Bansal-mandated “surviving limitation.” S. 149 prevails over S. 148A procedural timelines.
Understand how interest under the Income Tax Act is calculated, including Sections 234A–234D, 244A, and Rule 119A mechanics for taxpayers.
The Tribunal confirmed a co-operative banks use of a mixed accounting system (mercantile/receipt basis) for NPA interest, prioritizing consistency and adherence to RBI/NABARD prudential norms over the AOs theoretical objection. This ruling solidifies that regulatory requirements trump mechanical accounting changes.
