Refunds on Hold for Long: What the Government’s Own Data Reveals About FY26 Tax Collections
Refunds on Hold for Long: What the Government’s Own Data Reveals About FY26 Tax Collections The Ministry of Finance made an important disclosure in the Rajya Sabha recently. Out of 8,79,62,234 Income Tax Returns filed for A.Y. 2025-26 till 4th February 2026, as many as 24,64,044 returns are pending for processing for more than… […]
Union Budget 2026-27: Expanding Business Opportunities for Foreign Companies in Data Centres and Electronics Manufacturing
Union Budget 2026-27: Expanding Business Opportunities for Foreign Companies in Data Centres and Electronics Manufacturing India’s Union Budget 2026–27, announced on 1 February 2026, signals a decisive policy shift toward attracting foreign capital, technology, and expertise in strategic sectors. The Budget positions India not merely as a consumption market, but as a global base… […]
Raipur ITAT on Section 80GGC: No Disallowance Without Assessee-Specific Evidence in Political Donation Cases (AY 2019-20)
Raipur ITAT on Section 80GGC: No Disallowance Without Assessee-Specific Evidence in Political Donation Cases (AY 2019-20) The controversy around bogus political donations and reopening of assessments under Section 147 has become one of the most litigated issues in recent times. Following large-scale search operations on certain Registered Unrecognised Political Parties (RUPPs), the Income Tax… […]
FORM 48 VS. FORM 3CEB: A COMPREHENSIVE ANALYSIS OF INDIA’S NEW TRANSFER PRICING REPORTING FRAMEWORK
With the introduction of the draft Income‑tax Act, 2025, India’s Transfer Pricing reporting framework is undergoing a significant shift. The proposed Form 48 represents a move away from the narrative‑driven design of Form 3CEB and toward a more structured, data‑rich compliance architecture. For tax professionals, the change is not merely a redesign of the form—it… […]
Union Budget 2026: Five Quiet Reforms That Truly Make Life Easier for Taxpayers
Union Budget 2026: Five Quiet Reforms That Truly Make Life Easier for Taxpayers Budgets are usually judged by income-tax slabs, surcharge tweaks, and whether the middle class got a few extra rupees in hand. Headlines scream about rates, deficits and fiscal math. But for ordinary taxpayers, real reform often lies elsewhere – in small… […]
Commission Earned by Overseas Online Platforms Not Taxable: ITAT Delhi
Commission Earned by Overseas Online Platforms Not Taxable: ITAT Delhi Booking.com B.V. v. ACIT (International Taxation) (ITA No. 2033/Del/2025) Facts: 1. The assessee, Booking.com B.V., is a tax resident of the Netherlands and operates an online accommodation booking platform, hosted entirely outside India. 2. Indian hotels and accommodations list their rooms on the platform… […]
Major Income Tax Forms Renumbered under ITA 2025 / IT Rules 2026
Major Income Tax Forms Renumbered under ITA 2025 / IT Rules 2026 Tax Audit: 3CA/3CB/3CD ➝ Form 26 Transfer Pricing Audit: 3CEB ➝ Form 48 MAT: 29B ➝ Form 66 TRC: 10FA ➝ Form 42 DTAA Info: 10F ➝ Form 41 Charitable Trust / NGO Forms: Provisional Registration: 10A ➝ Form 104 Registration/Renewal: 10AB… […]
Amendment in the Budget on taxation of Sovereign Gold Bonds
Amendment in the Budget on taxation of Sovereign Gold Bonds 1. SGB amendment: Under Clause 35 of the Finance Bill, 2026, the existing provision under Section 70(1)(x) of the Income Tax Act 2025, (which provides a capital gains tax exemption on redemption of Sovereign Gold Bonds) has been substituted with a more specific and… […]
Rationalisation and Alignment in the Budget of Select Provisions of the Income-tax Act, 2025 with the Income-tax Act, 1961
Rationalisation and Alignment in the Budget of Select Provisions of the Income-tax Act, 2025 with the Income-tax Act, 1961 Annual value of property held as stock-in-trade (Section 21(5)) 1. A correction is proposed in section 21(5) of the Income-tax Act, 2025 to align it with the corresponding provision of the Income-tax Act, 1961. 2. … […]
Clarificatory Amendments to Address Jurisdictional and Procedural Uncertainty: Budget 2026
Clarificatory Amendments to Address Jurisdictional and Procedural Uncertainty: Budget 2026 Introduction: The Finance Minister has, in the budget, attempted to lay to rest several direct tax controversies that have been burdening the Apex Court, High Courts and the tax tribunals with substantial litigation. This has been proposed through a slew of clarificatory amendments that… […]
