CBDT notifications, ITAT rulings, reassessment developments, ITA 2025 transition updates, and practical implications for your ITR filing — every week.
The Story Here’s a question every accountant has quietly wrestled with at some point: if you capitalise an expense in
The Delhi High Court holds that the Income Tax Department cannot deny credit or refund of excess TDS merely because the return was filed in response to a Section 148 reassessment notice rather than under Section 139.
Practical Compliance Guide · Income Tax · Tax Audit · KNOWLEDGE/EXPLAINER (not tied to a new development today) Executive Summary
ITAT New Delhi holds that a routine, performance-linked subsidy paid by an associated enterprise to compensate a distributor’s losses is operating revenue for transfer pricing purposes, deleting a ₹3.08 crore adjustment against Chanel (India) Pvt. Ltd.
ITAT Delhi allows a long-term capital loss on the sale of unlisted company shares, holding that physical (non-demat) transfer of unlisted shares was lawful and that the date consideration was received does not determine the date of transfer.
ITAT New Delhi holds that interest awarded under Section 28 of the Land Acquisition Act, 1894 on compulsorily acquired rural agricultural land — not a “capital asset” under Section 2(14)(iii) — cannot be separately taxed as Income from Other Sources.
A practical, step-by-step guide to the Foreign Assets of Small Taxpayers – Disclosure Scheme Rules, 2026 — how to identify eligible clients, distinguish Category 1 from Category 2, and navigate the Form 1–4 sequence before the 31 December 2026 deadline.
CBDT Notification No. 114/2026, dated 14 August 2026, introduces the Foreign Assets of Small Taxpayers – Disclosure Scheme Rules, 2026 — effective 16 August 2026, with a window to 31 December 2026 for taxpayers to voluntarily disclose previously unreported foreign income and assets and obtain protection from prosecution under the Black Money Act, 2015.
Executive Summary With the ITR-7 online utility for AY 2026-27 now live, this Practical Compliance Guide sets out a structured
Executive Summary The Income Tax Department has enabled the online filing utility for Form ITR-7 on the e-filing portal for