Delay in filing Form No. 10 and Form No. 10B is a procedural lapse which cannot be the sole ground for denying exemption under Section 11: ITAT Ahmedabad

In a significant ruling, the Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, in the case of Gujarat Technological University vs. DCIT (order dated 19 August 2025), held that a mere procedural lapse such as delay in filing Form 10 and Form 10B cannot be the sole …

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ITAT Ahmedabad: Trust Eligible for Section 12AB Registration Despite Caste-Based Objects if Activities Not Exclusionary

In a significant ruling, the Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, held that a trust cannot be denied registration under Section 12AB of the Income-tax Act, 1961 merely on the ground that it was created for the benefit of a particular caste …

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Income Tax Benefits and Exemptions for Startups in India

India has emerged as one of the world’s fastest-growing startup ecosystems, with the government actively promoting innovation and entrepreneurship through the Startup India initiative. Recognizing that newly established businesses face funding challenges and high compliance costs, the Income-tax Act, 1961 provides …

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Taxability of Pensions in India: Uncommuted, Commuted & Family Pension Explained

Retirement brings financial security in the form of pensions. However, many retirees and their families are often unsure about how pensions are taxed in India. The Income-tax Act distinguishes between different types of pensions—uncommuted pension, commuted pension, and family pension—and …

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ITAT Mumbai: Section 43CA Inapplicable Where Possession and Full Sale Consideration Received Before Registration

The Income Tax Appellate Tribunal (ITAT), Mumbai, in the case of Navketan Premises Pvt. Ltd. vs. DCIT (AY 2015-16), delivered a significant ruling on 6 August 2025 clarifying the scope of Section 43CA of the Income-tax Act, 1961. The dispute revolved around whether undervaluation provisions under …

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CBDT Notification No. 136/2025: Key Changes to Rule 21AIA Explained

The Central Board of Direct Taxes (CBDT) has notified important changes to the Income-tax Rules, 1962 through Notification No. 136/2025 (G.S.R. 566(E)), dated 21st August 2025. The amendment specifically impacts Rule 21AIA, which deals with procedures relating to the income of certain investment funds. The …

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Notification No. 133/2025 (dated 18 August 2025): Higher Limits for Tax-Free Perks – Explained in Q&A

The Central Board of Direct Taxes (CBDT) has brought welcome relief for salaried employees by revising the income limits for taxation of certain perquisites (benefits provided by employers, like free housing, cars, education, or medical facilities). Until now, the thresholds were outdated and caused …

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CBDT Issues New Guidelines: No Prosecution Under Black Money Act for Small Undisclosed Assets

The Central Board of Direct Taxes (CBDT) has released Instruction No. 01/2025, dated 18 August 2025, easing compliance requirements under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The move brings relief to taxpayers holding minor undisclosed foreign assets by …

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ED Arrests Chartered Accountant in ₹792 Crore “Falcon Invoice Discounting” Fraud

On 20 August 2025, the Enforcement Directorate (ED) of India’s Hyderabad unit arrested Sharad Chandra Toshniwal, a Chartered Accountant, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The arrest is connected to the ongoing probe involving Capital Protection Force …

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Income Tax Bill 2025: Key Corporate Tax Changes (February vs August Drafts)

The Income Tax Bill, 2025 has undergone major revisions between the February Draft and the August Draft, with significant implications for corporate taxpayers, LLPs, NPOs, and professionals. While the August draft addresses several concerns raised earlier, it also expands the tax net in some …

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Entry Providers Taxable Only on Commission, Not Entire Accommodation Entries – ITAT Lucknow in ITO Vs Status Vyapaar Pvt Ltd

The Income Tax Appellate Tribunal (ITAT), Lucknow Bench, has recently clarified an important issue concerning “entry providers” and the scope of additions under Section 68 of the Income-tax Act, 1961. In the case of ITO Vs Status Vyapaar Pvt Ltd, the Tribunal …

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Income-Tax Act, 2025 Receives Presidential Assent — Effective from 1 April 2026

On 21 August 2025, the Income-Tax (No. 2) Bill, 2025 officially received the President’s assent, becoming the Income-Tax Act, 2025 — a landmark overhaul of India’s tax code. This modernized legislation is slated to commence from 1 April 2026, ushering in a new unified Tax Year system and supplanting …

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