Stay updated with the latest income tax notifications for changes in tax laws, rates, and compliance requirements. Get insights into income tax updates, exemptions, deductions, and important deadlines through income tax notifications.
Income Tax : The article examines whether Section 58(3) of the Income-tax Act, 2025 makes tax audit compulsory whenever profits fall below 6%, ...
Income Tax : Income may become tax-free under the new tax regime because of the standard deduction and Section 87A rebate, but ITR filing may s...
Income Tax : The issue concerns whether declaring profits below the presumptive rate automatically triggers tax audit or whether turnover thres...
Income Tax : The article analyses whether declaring profits below presumptive rates automatically triggers tax audit under the Income-tax Act, ...
Income Tax : This analysis explains how charitable and religious trusts qualify for exemption under Sections 11 to 13 of the Income-tax Act. It...
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 : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : The data shows a steady increase in net direct tax collections driven by higher corporate and non-corporate tax revenues. It highl...
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 : The tax department clarified that no search or restriction was carried out against the individual. It termed the allegations basel...
Income Tax : The ruling clarifies that unauthenticated digital chats and screenshots cannot form the sole basis of tax additions without proper...
Income Tax : The case involved denial of deduction due to delayed execution of purchase deed. The Tribunal held that investment in an under-con...
Income Tax : Gujarat High Court upheld the deletion of a Section 271D penalty, ruling that the assessment order did not record satisfaction for...
Income Tax : Supreme Court reviews the Kakadia Builders case, addressing Settlement Commission's authority to waive interest under Sections 234...
Income Tax : We request the authority concerned to take a practical view of the problems which the assessees are facing as on date on account o...
Income Tax : CBDT has clarified that lessees need not deduct TDS on ship lease payments once the IFSC lessor submits Form 1(N), provided the Se...
Income Tax : CBDT has notified tax exemption for specified income of the Mussoorie Dehradun Development Authority under section 10(46). The not...
Income Tax : Exercising powers under Section 119(2)(b), CBDT has condoned delays in Form 10AB filing for eligible cases. The Circular does not ...
Income Tax : CBDT has approved a scientific research institution under the Income-tax Act, 2025 for tax years 2026-27 to 2030-31. The notificat...
Income Tax : CBDT has approved the University of Hyderabad for scientific research under Section 45 of the Income-tax Act, 2025. The approval i...
CBDT has granted scientific research approval to a biotechnology institution under the Income-tax Act, 2025. Eligible donations made during tax years 2026-27 to 2030-31 may qualify for prescribed tax benefits.
CBDT has granted approval to a higher educational institution for scientific research under the Income-tax Act, 2025. Eligible donations made during tax years 2026-27 to 2030-31 may qualify for the prescribed tax benefits, subject to compliance conditions.
CBDT has instructed tax officers to uniformly apply Sections 68 to 69D and Section 115BBE after a C&AG audit found inconsistencies in assessments and incorrect tax computations leading to revenue loss.
The Income Tax Act 2025 introduces mandatory reporting of high-value gifted immovable properties exceeding ₹45 lakh. The amendment significantly expands the SFT framework and increases scrutiny of property transactions without consideration.
The ITAT Surat held that agricultural land qualifies as “immovable property” under Section 56(2)(x) since the provision covers “any land or building or both.” The Tribunal ruled that purchases below stamp duty valuation may attract tax on the differential amount.
The ITAT Mumbai held that alleged accommodation entry operators cannot be taxed on the entire turnover amount. The Tribunal ruled that only the commission element embedded in such transactions, estimated at 1%, can be treated as taxable income.
Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation of the Income Tax Act, 2025. It emphasized that officers will remain heavily engaged in training, awareness, and transition-related activities throughout the financial year.
The article explains all important income tax deadlines for FY 2026-27 under the new Income Tax Act, 2025. It covers advance tax, TDS, ITR filing, audit reports, and penalties for non-compliance in a month-wise format.
The Income Tax Department increased monetary thresholds for assigning cases between ITOs and D/ACITs in Delhi Region. The revised limits aim to streamline jurisdictional allocation and improve administrative efficiency in tax assessments.
The article explains how gems and jewellery businesses must distinguish compliances governed by the Income-tax Act, 1961 and the new Income-tax Act, 2025 during May 2026. It highlights important TDS, TCS, and reporting deadlines applicable during the transition period.
