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 …
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 …
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 Until now, the thresholds were outdated and caused …
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 …
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 …
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 …
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 …
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 …
The Calcutta High Court, in its landmark judgment dated 28 July 2025 in the case of Asian Financial Services Ltd. v. CIT, settled a long-standing controversy regarding the tax treatment of losses incurred from trading in derivatives. The Court categorically held that such losses …
The Chhattisgarh High Court has clarified that the Income Tax Department cannot file appeals before the High Court solely on the basis of monetary thresholds. Even if the tax demand exceeds the prescribed limit, the appeal must be supported by substantive legal grounds. In a …
The Bombay High Court has taken a significant step in a matter concerning equal tax treatment for same-sex couples. A division bench comprising Justice Burgess Colabawalla and Justice Firdosh Pooniwalla has issued notice to the Attorney General of India on a petition challenging …
The Madras High Court has recently set aside a faceless assessment order passed by the National Faceless Assessment Centre (NFAC), ruling in favor of a taxpayer who was denied a fair opportunity to respond. The judgment underscores the critical need for procedural fairness …
In a significant relief for small taxpayers, the Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has ruled that the Section 87A rebate is available on Short-Term Capital Gains (STCG) under the new tax regime (Section 115BAC(1A)), provided the total income does not exceed ₹7 lakh …
The characterization of payments for computer software has long been a contentious issue under Indian tax law. The Revenue has consistently argued that consideration paid to foreign suppliers for software amounts to “royalty” under section 9(1)(vi) of the Income-tax Act, …
The government has overhauled the Income Tax law with sweeping changes effective from FY 2025-26. From higher exemption limits and revised tax slabs to faceless assessments and simplified compliance, the new law aims to make taxation fairer, easier, and more transparent. For …
Form No. 10AB is the statutory application prescribed under the Income-tax Act, 1961 for obtaining, renewing, or modifying registration and approval of charitable or religious trusts, institutions, funds, universities, and research entities under sections 12AB, 10(23C), 80G, and 35. It …
In a significant ruling, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) reiterated that the Commissioner of Income Tax (Exemptions) [CIT(E)] cannot refuse registration to a charitable trust under Section 12AB merely on the apprehension that its funds …
When selling land, the Income Tax Act, 1961 allows you to reduce your taxable capital gains by deducting not only the original acquisition cost but also certain eligible expenses incurred for improving the property or executing its transfer. These deductions …
The sale of land in India can trigger significant tax liabilities in the form of capital gains tax. Whether the property is held for a short or long period determines not only the applicable tax rate but also the availability …
In a significant relief to real estate developers, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has ruled in favour of M/s Experion Developers Pvt. Ltd., holding that revenue authorities cannot make arbitrary ad-hoc disallowances of business expenditure …