Public Charitable Trusts: Irrevocability Clauses and Section 12AB Registration In this landmark ruling (March 2026), the High Court quashed orders passed by the Commissioner (Exemptions) that had rejected the registration renewals of several public charitable trusts. The court clarified that the absence of a specific “irrevocability clause” in a trust deed is not a valid… Read More »
Carry Forward of Additional Depreciation: The “50-50” Rule for New Machinery In this significant ruling (AY 2007-08), the court settled a long-standing dispute regarding Additional Depreciation under Section 32(1)(iia). The decision ensures that taxpayers do not lose out on tax incentives simply because their new machinery was installed late in the financial year. The Legal… Read More »
Corporate Tax Deductions: Bad Debts, Prepaid Expenses, and TDS Compliance This ruling for AY 2011-12 addresses three common friction points in corporate tax assessments: the write-off of bad debts, the treatment of provisions, and the applicability of TDS on hotel and petty bills. I. Bad Debts: The “Post-1989” Write-Off Rule The Legal Dispute The Assessing… Read More »
ITAT Quashes Capital Gains on JDAs, Search-Based Disclosures, and Rejections of Agricultural Income I. Capital Gains on JDAs: The “Finality of Transfer” Test The Legal Dispute Does executing a Joint Development Agreement (JDA) and a General Power of Attorney (GPA) automatically trigger Long-Term Capital Gains (LTCG) tax under Section 2(47)(v)? The Ruling The Tribunal held… Read More »
FAQs and Guidance Notes on Forms as per Income-tax Rules, 2026 FAQs and Guidance Notes on Forms as per Income-tax Rules 2026 .The Guidance Notes and FAQs provided on this website are intended solely as educational resources to help taxpayers navigate the new forms. They do not constitute legal advice. For any legal interpretation, please… Read More »
New Income Tax Rules 2026 for salaried employees New Income Tax Rules 2026 for salaried employees Under the new Income-tax Act, 2025 (effective from April 1, 2026), several significant changes have been introduced for salaried employees, ranging from revised tax slabs to new compliance forms. Here are the key rules and updates for salaried employees… Read More »
Income Tax Rules 2026 PDF DOWNLOAD Notification ENGLISH AND HINDI Income Tax Rules 2026 PDF DOWNLOAD as per govt notification MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 20th March, 2026 G.S.R. 198(E).—In exercise of powers conferred by section 533 of the Income-tax Act, 2025 (30 of… Read More »
NEW INCOME TAX PENALTIES UNDER INCOME TAX ACT 2025 Based on the information from Income-tax Act, 2025, here is a comprehensive table detailing the various sections for penalties, their nature, and the corresponding amounts: Section Nature of Default / Offence Amount / Quantum of Penalty 298(2) Undisclosed income determined during a block period (search cases).… Read More »
New Income Tax Form no under New Income Tax Rules 2026 Here are the various Form Numbers and their descriptions under the Income Tax Rules 2026, Audit and Assessment Forms Form No. 6: Audit report for claiming deduction of certain preliminary expenses under section 44 or expenses for prospecting of certain minerals under section 51.… Read More »
New Section for Notices in Income Tax Act 2025 Section 171(2): Notice requiring a person who has entered into an international or specified domestic transaction to furnish information or documents during any proceeding. Section 175(7): Notice in writing to require a person to provide details of securities to discover whether income-tax has been borne in… Read More »