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Income-tax Act

Budget 2026: Know the Complete Taxation and Compliance Changes of Trusts and NGOs [Read Finance Bill 2026]

Budget 2026-27 brings key direct tax changes that matter for charitable trusts, societies, Section 8 companies and other non-profit bodies. These...

FM Proposes to Align ₹7.5 Lakh Annual Cap on Employer Contributions With EPF Act [Read Finance Bill...

Ignore Special Audit Direction? Know Consequences as per New Finance Bill [Read Finance Bill 2026]

Advertising & Sales Promotion Spend to Dealers Not ‘Fringe Benefit’: ITAT deletes ₹1.08 Cr FBT...

Understanding Shift in Surcharge, Rebate, and Marginal Relief Provisions under New Income Tax [Old...

Books of Account must be Rejected u/s 145(3) before Unexplained Cash Additions: ITAT Deletes ₹64 Lakh Addition [Read Order]

The New Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that the Assessing Officer cannot treat cash deposits as unexplained income without first rejecting the books of account under Section...

Why Should Parents-in-Law Pay Income Tax on Gifts Given to a Daughter-in-Law?

In most Indian households, financial decisions are driven by family needs rather than tax planning. One such decision is when parents-in-law gift money or property to their daughter-in-law. The...

CBDT Redefines Jurisdiction of 47 Appeals Commissioners for Search and Survey Related Assessments [Read Notification]

The Central Board of Direct Taxes (CBDT) has issued a notification restructuring the appellate jurisdiction for income tax appeals arising from search, survey, and requisition cases. A total of 47...

New ITR Forms Under Income-tax Act, 2025, CBDT Committee in wide Discussions: Know Release of New Forms

The Central Government has confirmed that new Income Tax Return ( ITR ) forms arising from the recently enacted Income-tax Act, 2025 are currently under development, with extensive stakeholder...

ITAT Sides with Clothing Firm, Rules Double Taxation on Already Declared Sales is Illegal [Read Order]

In a significant ruling, the Income Tax Appellate Tribunal (ITAT) in Ahmedabad bench has quashed a major tax addition made against a Gujarat-based company, holding that the tax department cannot...

CBDT Grants Income Tax Exemption to U.P. Awas Evam Vikas Parishad u/s 10(46A) [Read Notification]

The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), issued Notification No. 153/2025 [S.O. 4680(E)] dated October 15, 2025, granting income tax exemption to the U.P. Awas Evam...

Income Tax Dept Releases Excel Utility of ITR-7 for AY 2025-26

The Income Tax Department has released the Excel Utility of ITR-7 for Assessment Year (AY) 2025-26 on 21st August 2025. Along with the schema and validation files have also been made available for ...