When property purchased and sold within same year both sale and purchase price has to be adopted by applying same guideline value u/s 50C – ITAT If AO adopts a deemed price u/s 50C, then where property was purchased within same year both sale and purchase price has …

ICAI defers the mandatory effective date of SQM 1 and SQM 2 The Council of ICAI, at its 451st Meeting held on 30th and 31st March 2026 considered the matter relating to the mandatory effective date of SQM 1 and SQM 2. The Council decided to defer the …

Addition deleted as it was made on the basis of letter of District Magistrate which not recovered during the search In a recent judgment, Allahabad ITAT has deleted addition made on the basis of letter of District Magistrate which had not been recovered during the search and therefore, …

Banks not required to deduct TDS under Income Tax Act 2025 on interest income below threshold limit – CBDT clarification  CBDT has issued a clarification on threshold for deduction of tax on interest income by banks or banking companies under section 393 of Income Tax Act 2025. Under …

Allegations of delay in TDS deposit, role of person responsible are disputed factual matters which must be tested at trial through evidence and cross examination. In a recent judgment, Hon’ble Supreme Court has dismissed assessee’s SLP against High Court order that allegations regarding deduction of TDS, delay in …

Procedure, formats and standards for generation and allotment of Unique Identification Number (UIN) in respect of Form No. 121 declaration for payment without deduction of tax from tax year 2026-27 As per Income tax Act 2025, Section 393 provides for provisions regarding deduction of tax at source. Similar …