Income Tax : The Income Tax Act, 2025 replaces old reassessment provisions with Sections 279 to 286 and increases reopening timelines in certai...
Finance : The amended Finance Bill 2026 abolishes the Tax Recovery Officer’s power to arrest and detain taxpayers for recovery of dues. Th...
Income Tax : The article explains why advertisement expenses for brand building remain deductible under Section 37. Courts have consistently ru...
Income Tax : The article explains how Section 115BAE offers newly established co-operative societies a concessional 15% tax rate for manufactur...
Income Tax : The Income-tax Act, 2025 replaces old Sections 68 to 69D with a simplified sequential structure under Sections 102 to 106. The cha...
Income Tax : The issue was complexity in the existing tax law. It was clarified that the new Act simplifies structure by reducing sections and ...
Income Tax : This webinar breaks down the major structural and conceptual changes introduced in the new Income Tax Act, 2025. It helps professi...
Income Tax : The government informed Parliament that taxpayer-specific details of income tax searches cannot be disclosed due to confidentialit...
Income Tax : The Government clarified that the new income tax search provision does not expand powers or permit AI-based digital surveillance, ...
Income Tax : The representation highlights large-scale pendency and administrative bottlenecks under Sections 12AB and 80G, urging immediate re...
Income Tax : ITAT Delhi held that the assessee was covered under the search proceedings even though its name did not specifically appear in the...
Income Tax : Bangalore ITAT ruled that only solar days and not cumulative man-days should be considered while determining the existence of a Pe...
Income Tax : SC examined nature of amounts received from an AOP and upheld findings that receipts constituted profit share rather than revenue ...
Income Tax : The Rajasthan High Court held that the benefit of Section 115BAA could not be denied when Form 10-IC was filed within the period p...
Income Tax : The Court held that the petitioner had no connection with the entities or individuals from whose devices the disputed material was...
Income Tax : The Principal Chief Commissioner of Income Tax (Exemptions) approved the company under Section 35(1)(iia) for scientific research ...
Income Tax : The government enforced a tax collection assistance agreement with Japan effective from 8 July 2025. The notification enables cros...
Income Tax : CBDT updated DIN rules to align with new provisions introduced under the Finance Act, 2026. The circular mandates DIN for most tax...
Income Tax : The CBDT introduced Form ITR-U to allow taxpayers to update previously filed returns. The amendment promotes voluntary compliance ...
Income Tax : The CBDT has substituted the ITR-V form to strengthen verification of electronically filed returns. The amendment enhances accurac...
Explore tax benefits available for parents under the Income Tax Act, including education, health insurance, and deductions for medical expenses and disabilities.
In Seth Banarsi Dass Gupta v. Commissioner of Income Tax, it is held that the High Court within whose jurisdiction the AO has passed the assessment order would have the jurisdiction to entertain the appeal under Section 260A of the Act.
Delhi High Court held that approval accorded in terms of section 153D of the Income Tax Act in a mechanical manner without application of mind is unsustainable in law. Accordingly, appeal of revenue dismissed and assessment order quashed.
CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for AY 2024-25.
PCIT was not justified in assuming jurisdiction u/s 263 in the case of Bank of Maharashtra allowing deduction under Section 36(1)(via) as Assessing Officer’s (AO) assessment order was not erroneous, even if it was prejudicial to the interest of revenue.
Get the latest Income Tax and GST notifications, updates, and circulars from February 10 to 16, 2025, including ITR filing deadlines and GST registration processes.
ITAT Jaipur held that addition under section 68 of the Income Tax Act towards unsecured loan is untenable since loans accepted were repaid in the same year and all the transactions were carried out through banking channels. Accordingly, appeal of revenue dismissed.
Addition made in the case of assessee was held to be unjustified. Assessee had established and satisfied all the three ingredients being identity, creditworthiness and genuineness of share capital contribution to explain credit in terms of provisions of section 68.
Assessee and his family have 261 bighas of agricultural land and did not filed his ITR for AY 2017-18. AO received information that there was cash deposits of Rs. 10,00,000/- in the bank accounts of the assessee during demonetization
In the matter abovementioned ITAT deleted addition made on account of expenditure incurred for initial public offering (IPO) which was subsequently aborted. ITAT held that this expenditure is allowable being revenue in nature.
