Category: Income Tax
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 …
Amendment in due dates for filing return of income and time limit for filing revised return under Income Tax Act 2025 Due dates for filing return of income and time limit for filing revised return has been amended by Union Budget 2026-27 from 1st April 2026 i.e. tax …
No changes proposed in Section 87A Rebate for AY 2027-28 ( FY 2026-27 ) under New Tax Regime and Old Tax Regime as per Union Budget 2026-27. The Finance Minister today presented Union Budget 2026-27. No change has been proposed in Section 87A rebate in Union Budget 2026-27 …
No changes proposed in Income Tax basic exemption limit and tax slabs for individuals & HUFs for AY 2027-28 in Union Budget 2026 Union Finance Minister has presented Union Budget 2026-27 in Parliament on 1st February 2026. No changes have been proposed in existing income tax slabs or …
ITAT has jurisdiction to stay an order appealed against, even in absence of any subsisting tax demand. In a recent judgment, High Court has held that the ITAT has the jurisdiction to grant stay of the order cancelling Registration u/s 12A of the Income Tax Act notwithstanding that …
Effect on a common taxpayer of reduced timeline for filing TDS Correction statements on TDS Credits Income Tax Department has issued an advisory for a common taxpayers regarding effect of reduced timeline for filing TDS Correction statements on your TDS Credits. The advisory is as under: Important for …
Accounting principles and provisions of law do not permit the addition in relation to an opening balance – ITAT In a recent judgment, ITAT Lucknow has held that accounting principles and provisions of law do not permit the addition in relation to an opening balance. Adverse reference, if …
Penalty levied for late supply of goods is an allowable deduction u/s 37 as late supply neither a crime nor a prohibited activity – ITAT In a recent judgment, ITAT Delhi has deleted addition made u/s 37 of Income Tax Act on account of penalty due to late …
Deduction u/s 80P(2)(d) towards interest received from cooperative banks is allowable to a cooperative society. In a recent judgment, Hon’ble Sikkim High Court has held that interest received from Cooperative banks is an allowable deduction u/s 80(P)(2)(d) to Cooperative Society. ABCAUS Case Law Citation:5025 (2026) (01) abcaus.in HC …
