Form 69 Income Tax Rules 2026 pdf download and Key points Form 69 Income Tax Rules 2026 pdf download and Key points FORM NO. 69 [See rule 140] Statement of income of a specified fund eligible for concessional taxation under section 210(2) of the Act Under the Income-tax Rules, 2026, Form No. 69 replaces the… Read More »
General promotional costs are deductible immediately, while project-specific costs must be capitalized as Work-in-Progress. The Dispute: Immediate Deduction vs. Project Cost The Conflict: The assessee, a real estate developer, followed the Project Completion Method (where profit is only recognized when the project is finished). During the year, they spent money on: Group A: Advertisements, Business… Read More »
Registration cannot be denied to new trusts solely because activities have not commenced or involve member conferences. The Dispute: Charity vs. Mutual Benefit The Conflict: A trust formed in July 2024 applied for registration in March 2025. The Commissioner (Exemptions) rejected the application, arguing: Limited Scope: The trust’s activities seemed confined to its members. Membership… Read More »
Registration cannot be denied based on commercial activity; CSR funds are not “commercial receipts.” I. Registration vs. Exemption: The “Two-Stage” Rule The Conflict: The Commissioner (CIT-E) rejected the trust’s registration (Form 10AB), arguing that because the trust sold processed agricultural goods, it was a “business” under the Proviso to Section 2(15). The Verdict: The Tribunal/Court… Read More »
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Form 68 Income Tax Rules 2026 pdf download and Key points Form 68 Income Tax Rules 2026 pdf download and Key points FORM NO. 68 [See rule 139] Statement of exempt income under Schedule VI [Table: Sl. Nos. 1 to 4] Under the Income-tax Rules, 2026, Form No. 68 replaces the erstwhile Form 10-IG. It… Read More »
BSNL VRS-2019 is a “Forced Retrenchment” in substance; hence, the entire compensation is a non-taxable Capital Receipt. The Dispute: Voluntary vs. Forced Separation The Conflict: The assessee, a BSNL employee, retired under the BSNL VRS-2019 scheme. Original Claim: The employee initially claimed the standard ₹5 lakh exemption under Section 10(10C) (Voluntary Retirement). The New Claim:… Read More »
Capital gains cannot be taxed twice; if tax was paid in later years, a reassessment for an earlier year must credit those payments. The Conflict The assessee (an HUF) entered into a Joint Development Agreement (JDA) and a General Power of Attorney (GPA) in AY 2005-06. Revenue’s Stance: The execution of the JDA and GPA… Read More »
Form 67 Income Tax Rules 2026 pdf download and Key points FORM NO. 67 [See rule 138] Report for computation of adjusted total income and alternate minimum tax for the purposes of section 206(2) of the Act Under the Income-tax Rules, 2026, Form No. 67 replaces the erstwhile Form 29C. It is governed by Section… Read More »
Form 66 Income Tax Rules 2026 pdf download and Key points Form 66 Income Tax Rules 2026 pdf download and Key points FORM NO. 66 [See rule 137] Report for Computation of Book Profit for the purposes of section 206(1) of the Act Under the Income-tax Rules, 2026, Form No. 66 replaces the erstwhile Form… Read More »