Executing a JDA granting construction rights alone does not constitute transfer or trigger capital gains tax. Issue Whether the execution of a registered Joint Development Agreement (JDA) granting construction and approval rights constitutes a “transfer” under Section 2(47)(v) of the Income-tax Act, 1961 read with Section 53A of the Transfer of Property Act, 1882, making… Read More »
Assessing Officer’s unverified classification of agricultural land as a non-capital asset warrants a de novo assessment. Issue Whether the assessment treating the sale proceeds of agricultural land as long-term capital gains based solely on an Inspector’s field enquiry—without placing official Revenue reports on record—warrants a fresh, de novo examination by the Assessing Officer when contradictory… Read More »
Crypto-Asset Reporting Obligations Under Section 509 of The Income Tax, Act 2025 Crypto-Asset Reporting Obligations Under Section 509 of The Income Tax, Act 2025 Released on : 24th July 2026 Disclaimer This Guidance Note intends to provide guidance to Reporting Crypto-Asset Service Providers (RCASPs) for compliance with the reporting obligations under section 509 of the… Read More »
INCOME-TAX (THIRD AMENDMENT) RULES, 2026 – AMENDMENT IN RULE 332 AND INSERTION OF FORM ITR-BN INCOME-TAX (THIRD AMENDMENT) RULES, 2026 – AMENDMENT IN RULE 332 AND INSERTION OF FORM ITR-BN NOTIFICATION G.S.R. 656(E) [NO. 97/2026/F. NO. 370142/11/2026-TPL], DATED 24-7-2026 In exercise of the powers conferred by section 294, read with section 533 of the Income-tax Act,… Read More »