Page 2 - Latest Updates on Income tax
SC seeks Centre's reply on vacancies in Income Tax Appellate Tribunal
The top court was hearing a PIL filed by an ex-vice president of the ITAT, Parveen Kumar Bansal, concerning vacancies in the Income Tax Appellate Tribunal
 "SC seeks Centre's reply on vacancies in Income Tax Appellate Tribunal")
CBDT pushes banks, MFs to file error-free transactions by May 31
CBDT has asked banks, mutual funds and other reporting entities to ensure timely and error-free filing of Statements of Financial Transactions
 "CBDT pushes banks, MFs to file error-free transactions by May 31")
IIFL Finance shares jump despite ₹476 crore income tax demand notice
Lender says it has strong legal grounds to contest the tax demand as investors cheer the end of a key regulatory overhang on the stock
 "IIFL Finance shares jump despite ₹476 crore income tax demand notice")
IBC-tax law mismatch clouds loss carry-forward benefits: Experts
Under the Insolvency and Bankruptcy Code (IBC), financially stressed companies can be taken over by new owners through a resolution process
 "IBC-tax law mismatch clouds loss carry-forward benefits: Experts")
Presumptive taxation: Explain income-investment gap with clear proofs
Reconcile investment details with bank records, Form 26AS and AIS before tax filing
 "Presumptive taxation: Explain income-investment gap with clear proofs")
Old vs new tax regime: Higher allowances, HRA changes warrant a review
Employees whose cost to company includes these components may find the old regime more beneficial this year
 "Old vs new tax regime: Higher allowances, HRA changes warrant a review")
Broader 'export incentives' definition in ITA 2025 prompts CBDT clarity
Experts warn wider wording in new income-tax law could expand tax scope to indirect benefits, urging CBDT to clarify and prevent disputes for exporters
Form 121: Aggregate of small incomes shouldn't breach exemption limit
The Income-tax Rules, 2026, mark a major clean-up of the compliance framework
 "Form 121: Aggregate of small incomes shouldn't breach exemption limit")
Foreign-hallmarked gold found in I-T raids on TMC MLA aide; DRI may probe
Investigators uncover foreign-marked bullion during tax raids linked to TMC MLA aide, prompting possible DRI probe amid scrutiny of asset disclosures
 "Foreign-hallmarked gold found in I-T raids on TMC MLA aide; DRI may probe")
I-T searches at TMC MLA's properties in Kolkata ahead of Bengal polls
Simultaneous searches began at his house on Manoharpukur Road and his election office around 6 am
 "I-T searches at TMC MLA's properties in Kolkata ahead of Bengal polls")
Charities, trade bodies come under Income-Tax Department scrutiny
Tax authorities flag certain receipts as 'commercial', citing possible violation of Section 2(15)
APAs may remain relevant despite expanded safe harbour regime
Experts say advance pricing agreements will continue to be preferred by large firms for flexibility, certainty, and cross-border alignment despite simplified safe harbour rules
CBDT urged to issue master circular on legacy tax guidance in new I-T law
Experts flag ambiguity over applicability of legacy circulars under the new Income-tax Act, 2025, seeking clarity to reduce disputes and ensure uniform compliance
 "CBDT urged to issue master circular on legacy tax guidance in new I-T law")
Disclose high-value property gifts, taxable or exempt, in tax return
With high-value immovable property gifts now under SFT reporting, scrutiny will rise, making accurate disclosure of such transactions in income tax returns increasingly important
 "Disclose high-value property gifts, taxable or exempt, in tax return")
CBDT issues revised DIN norms, replaces 2019 circular on tax notices
New guidelines introduce flexibility in quoting DIN in tax communications while ensuring traceability and reducing litigation over procedural lapses
 "CBDT issues revised DIN norms, replaces 2019 circular on tax notices")
Income Tax Dept signs record 219 advance pricing agreements in FY26
With this the total APAs signed so far stood at 1,034
FY26 marks sweeping tax overhaul with new income tax law, GST reforms
Union Budget-driven changes introduce new Income Tax Act, GST 2.0 rationalisation, and compliance reforms aimed at simplifying taxation and boosting transparency
Fortis Healthcare arm receives ₹117 crore income tax demand, weighs appeal
Fortis Hospitals Ltd is in receipt of an income tax order dated March 27, 2026, for AY 2024-25 and a demand of ₹117.04 crore has been raised, it said in a regulatory filing
 "Fortis Healthcare arm receives ₹117 crore income tax demand, weighs appeal")
New Income-Tax rules: Registration to become simpler for charitable trusts
New Income-tax Rules, 2026 introduce a single registration form and cut record retention to six years, reducing compliance burden for charitable trusts and non-profits
 "New Income-Tax rules: Registration to become simpler for charitable trusts")
New I-T rules notified; new Act to ease compliance, cut litigation, says FM
New rules expand HRA benefits to more cities, clarify EV taxation, tighten reporting norms and streamline transfer pricing and foreign tax credit processes