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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...
Delhi ITAT held that donations qualifying under Section 80G do not lose eligibility merely because they form part of Corporate Social Responsibility (CSR) expenditure.
The Tribunal ruled that addition of the entire amount of bogus purchases as unexplained expenditure was unwarranted in the facts of the case. It reaffirmed that only the estimated profit arising from such purchases should be brought to tax.
Delhi ITAT ruled that delayed deposit of employees’ PF/ESI contributions attracts disallowance under Section 36(1)(va). The decision reinforces that such adjustments are permissible during summary processing of returns.
The ITAT held that an assessee can contest a Section 143(1) adjustment in an appeal against the assessment order if the adjustment is retained therein. The case emphasizes that multiple statutory remedies may coexist.
The document explains the framework of the Wealth-tax Act, 1957, including taxable persons, chargeable assets, exemptions, valuation rules, and clubbing provisions before its abolition. The key takeaway is that wealth tax was imposed on specified net wealth exceeding prescribed limits, with detailed rules governing asset inclusion, exemptions, and compliance requirements.
The Court held that, for assessment year 2009-10, filing the audit report along with the return was directory and not mandatory. Deduction under Section 80IA could not be denied when the report was furnished during assessment proceedings.
The Chennai ITAT held that the Pr. CIT could not invoke Section 263 on matters already under consideration before the appellate authority. The ruling emphasises the statutory bar against parallel revision proceedings on the same issue.
The Chennai ITAT held that excess stock found during a survey could not be taxed as unexplained investment when it had been accounted for in the books and offered as business income. The ruling emphasises that a satisfactory explanation regarding the source of stock defeats the application of Section 69B.
The Tribunal upheld the disallowance of a ₹10 lakh deduction after the recipient political party informed the tax authorities that it had not received the contribution. The ruling emphasises that taxpayers must establish the genuineness of donations claimed under Section 80GGC.
The Tribunal upheld the denial of deduction under Section 80GGC after finding that the political donation formed part of an alleged accommodation entry arrangement. The ruling emphasised that deductions may be denied where investigative findings indicate a lack of genuineness and remain unrebutted by the taxpayer.
