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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 Jodhpur ITAT held that deduction under Section 80GGC cannot be denied merely on allegations against a political party in the a...
Income Tax : Assessment orders passed pursuant to express liberty granted by the High Court during pendency of settlement-related litigation re...
Income Tax : The ruling emphasizes that undisclosed business receipts and stock arising from an existing business cannot automatically be chara...
Income Tax : The Tribunal held that when sales are accepted and books of account are not rejected, the entire amount of disputed purchases cann...
Income Tax : The ITAT Pune held that the CIT(A)/NFAC cannot dismiss an appeal merely for non-prosecution without adjudicating the issues on mer...
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...
The Jodhpur ITAT held that deduction under Section 80GGC cannot be denied merely on allegations against a political party in the absence of evidence showing any benefit returned to the donor.
Assessment orders passed pursuant to express liberty granted by the High Court during pendency of settlement-related litigation remain valid and enforceable. Mere keeping of demand in abeyance did not invalidate already communicated assessment orders, nor did it require passing of fresh assessment orders after rejection or abatement of settlement proceedings.
The ruling emphasizes that undisclosed business receipts and stock arising from an existing business cannot automatically be characterized as unexplained income. In the absence of evidence pointing to any other source, the income should be assessed under normal business provisions.
The Tribunal held that when sales are accepted and books of account are not rejected, the entire amount of disputed purchases cannot be added to income. It directed the Assessing Officer to tax only the profit element embedded in such purchases following settled judicial principles.
The ITAT Pune held that the CIT(A)/NFAC cannot dismiss an appeal merely for non-prosecution without adjudicating the issues on merits as mandated under Section 250(6). The matter was remanded for fresh consideration with a direction to pass a reasoned and speaking order after granting one final opportunity to the assessee.
Budget 2026 has extended the due dates for ITR-3, ITR-4, and revised returns, offering taxpayers greater flexibility. Understanding the updated calendar can help avoid penalties and preserve important tax benefits.
The Telangana High Court held that Section 254(2) of the Income-tax Act is confined to rectifying mistakes apparent from the record and cannot be used to revisit the merits of an ITAT order.
The Telangana High Court held that reassessment proceedings initiated under Sections 148A and 148 by the Jurisdictional Assessing Officer after implementation of the faceless scheme were without jurisdiction. The Court quashed the notices while preserving the Revenue’s rights subject to the Supreme Court’s final decision.
Relocating to Sikkim does not automatically exempt you from income tax. This article explains who qualifies under Section 10(26AAA) and why eligibility depends on historical status rather than residence.
The Tribunal held that section 50 merely prescribes a special method for computing gains on depreciable assets and does not convert a long-term capital asset into a short-term capital asset. Consequently, long-term capital losses were permitted to be set off against such gains under section 74.
