Income Tax

Overview and Judicial Developmentsi. Landmark Supreme Court Rulings and Their InfluenceThe Supreme Court’s decision in Union of India v. Ashish Agarwal ([2022] 138 taxmann.com 64) significantly affect...

1. Taxation of Agricultural Land in India under the Income Tax Act, 1961(i) Overview of Taxation of Agricultural LandAgricultural land in India receives special treatment under the Income Tax Act, 196...

Introduction to AI Scrutiny for ITRsThe Central Board of Direct Taxes (CBDT) is transforming the scrutiny process of Income Tax Returns (ITRs) by incorporating Artificial Intelligence (AI) and Machine...

1. Overview:A new addition to tax laws, Section 194T, targets the tax deduction at source (TDS) for payments from a firm to its partners. Traditionally, certain payments to partners were not subjected...

1. Overview: New Procedural Safeguards in Reassessment under Sections 148A(b) and 148A(d)The Finance Act, 2021, overhauled the process for reopening income tax assessments under the Income-tax Act, 19...

1. Introduction to Capital Gains TaxationCapital gains taxation applies to profits realized from the transfer of capital assets. The Income Tax Act comprehensively defines both capital gains and the a...

1. Categories of Undisclosed IncomeUndisclosed income refers to income that an assessee fails to report in their income tax return. This includes income, investments, or expenditures that are either a...

Understanding Significant Economic Presence: The Export Purchase Exemption1. Introduction to Significant Economic Presence(i) The Concept and Its EvolutionThe Income-tax Act under Section 9(1)(i) intr...

A game-changing decision that provides nationwide relief to hundreds of charitable trusts facing unjust taxation demandsIn a landmark ruling that promises to provide relief to charitable trusts across...

The Income Tax Appellate Tribunal (ITAT), Hyderabad, in its recent decision dated 9 May 2025 in the case of ITO v. Narayana Murthy Ramaswamy ([2025] 74 CCH 0024 Hyd. Trib., ITA No.1113/Hyd./2024), con...

The Central Board of Direct Taxes (CBDT), through Notification No. 43/2025 dated May 3, 2025, has rolled out the revised Income Tax Return Form 2 (ITR-2) for the Assessment Year 2025-26. This updated...

Background and RelevanceIn light of the increasing frequency of international transactions, the Indian Income Tax Department has implemented specific compliance requirements for foreign remittances. C...

Section 194IA, introduced in 2013 under the Income Tax Act, mandates the deduction of tax at source (TDS) when immovable property is transferred, except in the case of agricultural land. The intent be...

IntroductionThe Income Tax Act, 1961, has introduced significant changes in the taxation framework, notably making the new tax regime under Section 115BAC the default choice starting from Financial Ye...

Introduction: Evolution of ITR Forms and Legislative AlignmentFiling income tax returns (ITRs) is a legal obligation for all assessees under the Income-tax Act, 1961. The Central Board of Direct Taxes...

1. Introduction to Section 69C Section 69C of the Income Tax Act, 1961 deals with unexplained expenditure. This provision empowers the tax authorities to deem any unexplained expenditure as income of...

1. Introduction to Unexplained Money and Assets Section 69A of the Income Tax Act provides for the taxation of unexplained money, bullion, jewelry, or other valuable articles found in the possession o...

Unexplained Investments Under Section 69 of the Income Tax Act 1. Introduction Unexplained investments refer to investments made by an assessee that are not recorded in the books of accounts maintaine...

Understanding the Angel Tax Exemption for DPIIT-Registered Startups Under Section 56(2)(viib) 1. Overview of Angel Tax Provisions (i) Legislative Framework Section 56(2)(viib) of the Income Tax Act, 1...

Applicability of Section 50C on Leasehold Rights Transfer: Analysis of Recent Bombay High Court Decision1. Introduction to Section 50C ProvisionsSection 50C of the Income-tax Act, 1961 establishes tha...