Category: Income Tax

Form 26 to replace Form 3CD of tax audit report from Tax Year 2026-27 Draft Form 26 has been issued which is to substitute existing Tax Audit Report Form 3CD from Tax Year 2026-27 onwards.  Income Tax Department has issued Draft Income Tax Rules 2026, Draft Income Tax …

When AO do not make any addition on the basis of the reasons on which the reopening was done, the reopening is bad in law – ITAT In a recent judgment, ITAT Cuttack has held that when the AO do not make any addition on the basis of …

Trust accredited by National Institute of Open Schooling eligible for registration u/s.12AB and u/s 80G of the Act. In a recent judgment, ITAT Chennai has held that assessee trust accredited by National Institute of Open Schooling (NIOS) and imparting education with aims to achieve fluency in Sanskrit with …

Delay in furnishing Form 10B – Period between 15.03.2020 till 20.08.2022 to be excluded as per decision of Hon’ble Supreme Court In a recent judgment, Hon’ble High Court has directed acceptance of Audit Report in Form 10B holding that Covid period to be excluded for the purposes of …

Section 271AAB does not grant any immunity from penalty even if the assessee was able to show some reasonable cause in terms of section 273B of the Act In a recent judgment Agra ITAT has held that provisions of section 271AAB of income tax Act does not grant …

Sundry creditors outstanding in books can’t be treated income u/s 41(1) merely because recovery was barred by limitation – ITAT In A recent judgment, ITAT Bangalore has held that sundry creditors shown as outstanding in books could not be automatically treated as income liable to be taxed u/s …

For claiming exemption u/s 11, assessee is required to furnish return of income within time allowed u/s 139 and not u/s 139(1) of the Act – ITAT In a recent judgment, ITAT Pune has held that for claiming exemption u/s 11, assessee is required to furnish the return …

FAQs on amendment proposed to rates of Tax Collection at Source u/s 394(1) of the Income-tax Act, 2025  Income Tax Department has issued a FAQ  on amendment proposed to rates of Tax Collection at Source under section 394(1) of the Income-tax Act, 2025 Q.1 Are the any changes …

FAQs on amendment proposed in Updated return provisions under section 263(6) of Income Tax Act 2025 by Budget 2026-27 Income Tax Department has issued a FAQ on amendments proposed for updated return provisions under section 263(6) of Income Tax Act 2025 Q.1 What is an “Updated Return” under …

Income Tax Department has issued a FAQ on amendments proposed to provisions related to Tax Deduction at Source (TDS) and related procedures (a) No TDS on interest awarded by Motor Accidents Claims Tribunal to an individual as per the provision of Section 393(4) Q.1 Is there any provision …