CBDT turns its attention to Form 15CB – and to the Accountants who sign it
CBDT turns its attention to Form 15CB – and to the Accountants who sign it On 18 August 2026, the Central Board of Direct Taxes announced a nationwide verification exercise into suspicious outward foreign remittances. The exercise covers approximately 394 entities, of which 117 are located in districts along India’s land borders, and –… […]
Rejected of application done under Section 119(2)(b) Application: Is It Appealable?
Rejected of application done under Section 119(2)(b) Application: Is It Appealable? What is the remedy when the Income Tax Department refuses to condone the delay? Tax laws prescribe deadlines for almost everything—filing a return, claiming a refund, submitting a particular form or making a claim for an exemption or deduction. But what happens when… […]
87A Rebate: When the Computer Said “No”, Nagpur ITAT Said “Yes”
87A Rebate: When the Computer Said “No”, Nagpur ITAT Said “Yes” Nagpur ITAT allows rebate on special-rate income for AY 2024-25; but was this litigation really necessary? Imagine a taxpayer with a total income of less than ₹7 lakh. The law says such a taxpayer, if covered by the new tax regime, can get… […]
One House, Two Houses or Three? The Changing Tax Story of Home Ownership
One House, Two Houses or Three? The Changing Tax Story of Home Ownership Owning a house is an emotion. Owning a second house is often called an investment. Owning a third house may make the Income Tax Department interested in the “Rent” you never received! Thankfully, the tax law has become considerably more taxpayer-friendly,… […]
129 Days Late, But Not Too Late: Nagpur ITAT directed CIT (A) to decide the case on merits after providing an opportunity of hearing to the Assessee
129 Days Late, But Not Too Late: Nagpur ITAT directed CIT (A) to decide the case on merits after providing an opportunity of hearing to the Assessee When justice prevailed over limitation-and a taxpayer got another opportunity to fight the real tax issue In tax litigation, sometimes the first battle is not about how… […]
Income Tax Reassessment Notice Issued to a Dead Person: ITAT Nagpur Restores Case to CIT(A)
Income Tax Reassessment Notice Issued to a Dead Person: ITAT Nagpur Restores Case to CIT(A) What happens when the Income Tax Department reopens the assessment of a person who had already died nearly five years earlier? Can a reassessment proceeding survive if the notice under section 148 is issued in the name of the… […]
Is Surcharge Automatically Payable When Income Is Taxed at the Maximum Marginal Rate (MMR)? ITAT Mumbai Says No
Is Surcharge Automatically Payable When Income Is Taxed at the Maximum Marginal Rate (MMR)? ITAT Mumbai Says No Landmark Ruling Clarifies That Maximum Marginal Rate Does Not Automatically Attract Surcharge Where the Statutory Income Threshold Is Not Crossed The phrase “Maximum Marginal Rate (MMR)” appears in several provisions of the Income-tax Act governing taxation of trusts, Associations… […]
Section 153C Cannot Be Invoked After 1 April 2021 for an “Other Person” Merely Because the Search Was Conducted Earlier: ITAT Bangalore
Section 153C Cannot Be Invoked After 1 April 2021 for an “Other Person” Merely Because the Search Was Conducted Earlier: ITAT Bangalore Landmark Ruling Clarifies That the Date of Recording Satisfaction-not the Date of Search-Determines the Validity of Section 153C Proceedings One of the most significant changes brought about by the Finance Act, 2021 was the… […]
Received Salary Arrears? Don’t Miss Section 89 Relief-It Could Save You Thousands in Income Tax
Received Salary Arrears? Don’t Miss Section 89 Relief-It Could Save You Thousands in Income Tax How Form 10E Can Reduce Tax on Salary Arrears and How AI Makes the Calculation Surprisingly Easy Receiving a large amount of salary arrears often feels like good news-until you realize it may push you into a higher tax bracket. Many… […]
When 80P Meets Bank Interest: Nagpur ITAT Reaffirms the View on allowability of deduction of credit cooperative societies
When 80P Meets Bank Interest: Nagpur ITAT Reaffirms the View on allowability of deduction of credit cooperative societies A decade-old argument finds fresh acceptance in three cooperative society cases For cooperative credit societies, interest earned on bank deposits has been a recurring tax controversy. The Assessing Officer often sees an FDR and immediately… […]
