The Bangalore bench of the Income Tax Appellate Tribunal has emphasized substance over form, ruling that technical paperwork flaws should not block capital gains tax exemptions when genuine investment in a new home is proven. The Bangalore bench of the…
The Income Tax Department has opened Form 1 on its e-filing portal for the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026, providing eligible taxpayers a narrow timeframe to regularise undisclosed overseas holdings and income online, with strict criteria and…
The Jaipur bench rules that procedural lapses in submitting Form 26A manually do not bar relief if the underlying tax has been paid, emphasizing substance over form in tax compliance. The Jaipur bench of the Income Tax Appellate Tribunal has…
India’s GST Council is debating a potential reduction in the goods and services tax on mobile phones from 18% to 5%, aiming to boost consumer spending and aid domestic handset manufacturing amid a recent slowdown in smartphone shipments. India’s tax…
New trade regulations in India are shifting the responsibility to commercial banks for verifying cross-border transactions, raising concerns over inconsistent decisions and heightened risks amid a changing regulatory landscape. Banks in India are bracing for a sharper compliance burden as…
With post-2024 tax rates confirmed for listed shares and mutual funds, Indian investors are urged to adopt strategic tax-loss harvesting to optimise net returns and preserve capital, making careful year-end review crucial. Indian equity investors have a simple reminder from…
Backed by the government and offering quarterly compounding at 6.7%, India Post’s recurring deposit scheme remains a low-risk, straightforward savings option for households planning medium-term financial goals. For savers looking for a low-risk route, the Post Office recurring deposit has…
India’s GST e-invoicing system enforces stricter compliance deadlines and enhanced security measures for businesses with turnovers exceeding ₹10 crore, reflecting a push towards automation and fraud prevention in tax processes. E-invoicing under India’s GST system remains a hard requirement for…
The Delhi bench of the Income Tax Appellate Tribunal has sharply reduced the unexplained cash addition for Jeewan Hospital and Nursing Home Pvt. Ltd., highlighting the evolving approach to demonetisation cases and the importance of business records. In a ruling…
The Central Board of Direct Taxes has formalised a new reporting route for search-linked block assessments through the introduction of Form ITR-BN, intensifying compliance demands for taxpayers involved in search and requisition cases from April 2026. India’s Central Board of…
The Mumbai bench of the Income Tax Appellate Tribunal has held that Section 263 cannot be used to re-open assessments based solely on potential deeper inquiries, emphasising detailed prior examination by assessing officers. The Mumbai bench of the Income Tax…
The Mumbai Income Tax Appellate Tribunal has confirmed that physically and legally merged adjoining flats can qualify as one residence for Section 54 relief, providing new guidance for property tax exemptions amid evolving legal standards. India’s income tax tribunal has…
