Income Tax Rulings: HRA, LTCG & Section 54 Exemptions
Employer Pays Rent Directly to the Landlord – Can an Employee Still Claim HRA?(Income Tax Rulings) Gujarat High Court Gives Relief to Taxpayers In a landmark decision in Kuldeep Kumar D. Kaura v. DCIT [2026] 187 taxmann.com 1025 (Gujarat), the Gujarat High Court has clarified that an employee is entitled to claim House Rent Allowance […]
July 2026 Direct Tax Case Law Round-Up
Assessee entitled to TDS credit even if employer fails to deposit TDS; recovery to be made from employer:ITAT Aditya Ramniwas Dhoot v. DCIT | ITAT Mumbai Bench ‘A’ | IT Appeal No. 313 (M)/2025 | AY 2022-23 | Decided: 25 March 2025 | [2026] 187 taxmann.com 429 (Mumbai – Trib.) Background Aditya Ramniwas Dhoot, a […]
From ITR Filing to ITA 2025: Key Tax Developments Every Taxpayer Should Know
1. ITR Forms for FY 2025-26 (AY 2026-27) Notified — Last Return Under the Old Act The Central Board of Direct Taxes (CBDT) has notified the Income Tax Return forms for FY 2025-26 (Assessment Year 2026-27). This marks a significant milestone — FY 2025-26 is the final year for which returns will be filed under […]
Income Tax Act, 2025: Complete Transition Guide & April 2026 TDS Compliance
1. THE NEW INCOME TAX ACT, 2025 — A HISTORIC OVERHAUL After 64 years, the Income Tax Act, 1961 stands repealed. The Income Tax Act, 2025 (ITA 2025) came into force on 1st April 2026, replacing every provision of the old Act with a cleaner, simplified framework. The Central Board of Direct Taxes (CBDT) also […]
Direct Tax Update For the Month of September 2025
CBDT extends due date for filing Tax Audit Report for A.Y 2025-26 to 31st October 2025 The Central Board of Direct Taxes (CBDT) has extended the due date for furnishing audit reports under the Income-tax Act, 1961 for AY 2025-26 (PY 2024-25). · Original Due Date: 30th September 2025 · Extended Due Date: 31st October […]
Rebate u/s 87A available even if tax payable on STCG on listed shares under section 111A : ITAT
Section 87A of the Income Tax Act, 1961 provides a tax rebate to resident individual taxpayers whose total income does not exceed a specified threshold. For the financial year 2023-24 (assessment year 2024-25), under the new tax regime, individuals with a total income up to ₹7,00,000 are eligible to claim a rebate of up to […]
Income Tax Department cracks down on bogus claims of Deductions & Exemptions
The Income Tax Department initiated a large-scale verification operation across various locations in the country on 14th July 2025, identifying individuals and entities that have undertaken fraudulent claims of deductions and exemptions in Income Tax Returns (ITRs). Investigators have uncovered organized rackets by certain ITR prepares and tax consultants, who have been filing returns claiming […]