Finance Bill 2026 allows Registered NPOs to File Belated Income-Tax Returns
Finance Bill 2026 allows Registered NPOs to File Belated Income-Tax Returns Amendment in the budget: The Finance Bill, 2026 proposes an amendment to section 349 of the Income-tax Act, 2025 to expressly allow registered non-profit organisations (NPOs) to file belated returns of income. Existing provisions: Under the existing framework, section 349 of the… […]
Block Assessment Period Curtailed for Third Parties Under Finance Bill 2026
Block Assessment Period Curtailed for Third Parties Under Finance Bill 2026 Existing Sec 295 (Undisclosed income of any other person): Section 295 of the Income Tax Act, 2025, provides, inter-alia, that where Assessing officer is satisfied that any undisclosed income belongs to or pertains to or relates to any person (herein after referred… […]
CBI arrest income tax department stenographer in Chennai for demanding bribe!
CBI arrest income tax department stenographer in Chennai for demanding bribe! The copy of the order is as under: The post CBI arrest income tax department stenographer in Chennai for demanding bribe! appeared first on The Tax Talk.
Section 54 Deduction Allowed Even Without CGAS Deposit: ITAT Hyderabad Prioritises Substance Over Procedure
Section 54 Deduction Allowed Even Without CGAS Deposit: ITAT Hyderabad Prioritises Substance Over Procedure One of the most common and costly mistakes assumed by tax authorities in capital gains cases is treating the Capital Gains Accounts Scheme (CGAS) as an inflexible and mandatory condition for claiming exemption under Section 54 of the Income-tax Act,… […]
Distribution of Assets on Total Partition of HUF Is Not a “Transfer” Under the Income-tax Act
Distribution of Assets on Total Partition of HUF Is Not a “Transfer” Under the Income-tax Act The Hindu Undivided Family (HUF) occupies a unique position under Indian tax law-partly contractual, partly status-based, and wholly misunderstood. One of the most litigated and yet repeatedly settled issues relating to HUFs is whether distribution of assets… […]
Signed a JDA? This ITAT Ruling on Capital Gains Can Save You from Premature Taxation
Signed a JDA? This ITAT Ruling on Capital Gains Can Save You from Premature Taxation Joint Development Agreements (JDAs) are common in real estate transactions, especially where landowners lack the resources to develop property themselves. However, JDAs have also become a frequent trigger for premature and often incorrect capital gains taxation, with Assessing Officers… […]
Budget 2026: Income-Tax Highlights at a Glance
Budget 2026: Income-Tax Highlights at a Glance Presented by Finance Minister Smt. Nirmala Sitharaman, the Union Budget 2026 does not tinker with income-tax slabs or basic rates. Instead, it focuses on structural reforms, compliance simplification, market-related taxation and targeted reliefs. Let us have a look at some of the key income-tax proposals every taxpayer,… […]
Application for Condonation of Delay under Section 119(2)(b) filed beyond a period of 3 years in terms of Circular No. 16 of 2024 issued by CBDT & Recent HC Ruling
Application for Condonation of Delay under Section 119(2)(b) filed beyond a period of 3 years in terms of Circular No. 16 of 2024 issued by CBDT & Recent HC Ruling The Petitioner Trust filed a Combined Application for Condonation of Delay in filing Return of Income, Form 10B and Form 10, beyond a period… […]
Stay of Demand and the 20% Recovery Rule: CBDT Instructions and Judicial Reinforcement by the Bombay High Court
Stay of Demand and the 20% Recovery Rule: CBDT Instructions and Judicial Reinforcement by the Bombay High Court The power of the Income-tax Department to recover tax demand during the pendency of appellate proceedings is statutorily traceable to section 220 of the Income-tax Act, 1961, which provides that any amount specified as payable in… […]
20% Pre-Deposit for Stay of Demand Is NOT Mandatory: Delhi High Court Corrects a Common and Costly Misconception
20% Pre-Deposit for Stay of Demand Is NOT Mandatory: Delhi High Court Corrects a Common and Costly Misconception One of the most persistent myths in income-tax practice today is that payment of 20% of disputed demand is compulsory for grant of stay. This misconception has become so entrenched that many Assessing Officers treat it as a… […]
