Reassessment Beyond Four Years is Void if All Material Facts Were Fully and Truly Disclosed Issue Whether a reassessment notice issued under Section 148 after the expiry of four years from the end of the relevant assessment year is legally sustainable when the original assessment was completed under Section 143(3) and the assessee had disclosed… Read More »
Short Deduction of Tax Cannot Trigger Disallowance Under Section 40(a)(ia) Where Tax Was Faithfully Deducted Issue Whether a disallowance under Section 40(a)(ia) can be invoked in a case of “short deduction” of tax, where the assessee deducted tax under one provision (Section 194C) but the Revenue contended it should have been deducted under another (Section… Read More »
Unsubstantiated Foreign Commission Disallowance is Upheld but Reduced to Prevent Double Taxation of Written-Back Amounts Issue Whether the disallowance of foreign agency commission is justified when the identity of the recipient and services rendered remain unproven, and how to treat such disallowances if the liability is subsequently written back and offered to tax in a… Read More »
Corrigendum of GST Settlement of Fund Rules 2026 The Gazette of India CG-DL-E-11052026-272441 EXTRAORDINARY PART II—Section 3—Sub-section (i) PUBLISHED BY AUTHORITY No. 316] NEW DELHI, MONDAY, MAY 11, 2026/VAISAKHA 21, 1948 Download PDF click here MINISTRY OF FINANCE (Department of Revenue) CORRIGENDUM New Delhi, the 11th May, 2026 G.S.R. 350(E).— In the Hindi version of… Read More »
Publication of Notification under Central Motor Vehicle Rules The Gazette of India CG-DL-E-12052026-272469 EXTRAORDINARY PART II—Section 3—Sub-section (i) PUBLISHED BY AUTHORITY No. 315] NEW DELHI, FRIDAY, MAY 8, 2026/VAISAKHA 18, 1948 MINISTRY OF ROAD TRANSPORT AND HIGHWAYS NOTIFICATION New Delhi, the 8th May, 2026 G.S.R. 349(E).— WHEREAS the draft rules further to amend the Central… Read More »
Schedule S – Detail of Income from Salary AY 2026-27 ‘Schedule S’ in the Income Tax Return (ITR) form captures details of income earned under the head “Salaries.” It applies to taxpayers deriving income from employment, whether as full-time or part-time employees. This schedule requires detailed information about the employer, including their name, Tax Deduction… Read More »
Schedule HP – Details of Income from House Property AY 2026-27 ‘Schedule HP’ in the ITR form captures details of income earned under the head “house property.” It applies to taxpayers deriving income from a property consisting of any building or land appurtenant thereto. The schedule seeks the following details: Rental Income: Income received from… Read More »
New ITR filing Dates for Partners of partnership Firm AY 2026-27 The Finance Act, 2026 officially extended the Income Tax Return (ITR) deadline to 31st August 2026 specifically for non-audit business and professional cases (ITR-3 and ITR-4 filers) Partnership Firms & LLPs (Filing Form ITR-5) The impact on partnership firms is completely binary, depending on… Read More »
ITR 1 FILING ONLINE 2026-27 LATEST INCOME TAX update Salary income HOUSE PROPERTY TDS Summary This video provides a comprehensive guide on how to file ITR 1 (Sahaj) for Assessment Year (AY) 2026-27. It highlights critical eligibility criteria, such as the ₹50 lakh income limit for residents and the restrictions on filing for NRIs, directors,… Read More »
Schedule BP – Computation of Income from Business or Profession AY 2026-27 Schedule BP (computation of income from business or profession) is for taxpayers who earn income from a business or profession. The purpose of Schedule BP is to compute the income under the head “Profits or Gains of Business or Profession.” It starts with… Read More »