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Income Tax

Key Takeaways: NRE exemption claim is contingent upon proof of RBI permission; reassessment proceedings sustained

By Goyal Raj Kumar & Associates 01 May 2026 2 min read

The Abhinav Jain v. Income-tax Officer ruling provides important clarity on reassessment proceedings, limitation periods, and documentation requirements for NRE transactions. 🔍 Background of the Cas...

#income tax #case law

Income Tax

Key Takeaways: Revenue appeal arising from the section 263 order held not maintainable where the tax effect is below the Rs 2 crore ...

By Goyal Raj Kumar & Associates 27 Apr 2026 2 min read

In a noteworthy ruling, the Delhi High Court in the case of Principal Commissioner of Income-tax v. Nivesh Group has clarified the applicability of monetary limits prescribed for filing departmental a...

#income tax #case law

Income Tax

Key Takeaways: Reduction of share capital via buy-back cannot be treated as property acquisition under Sec 56(2)(x)

By Goyal Raj Kumar & Associates 27 Apr 2026 2 min read

In a significant ruling, the Delhi High Court in the case of Principal Commissioner of Income-tax v. Globe Capital Market Ltd. has held that buy-back of shares cannot be treated as acquisition of...

#income tax #case law

Income Tax

CBDT Issues Corrigendum to Income-tax Rules 2026

By Goyal Raj Kumar & Associates 20 Apr 2026 2 min read

The Central Board of Direct Taxes (CBDT) has issued a corrigendum to the Income-tax Rules, 2026 to rectify drafting and reference inconsistencies. This update aims to improve clarity and ensure unifor...

#income tax #tax update

Income Tax

Upcoming Deadline: Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending March, 26 — Due 15 Apr 2026

By Goyal Raj Kumar & Associates 14 Apr 2026 2 min read

Cross-border remittances are closely monitored under Indian tax laws to ensure proper tax reporting and compliance. Authorized Dealers (ADs), such as banks, have a statutory obligation to report forei...

#income_tax #deadline #compliance

Income Tax

Upcoming Deadline: Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of March, 2026 — Due 15 Apr 2026

By Goyal Raj Kumar & Associates 14 Apr 2026 2 min read

Stock exchanges play a critical role in ensuring transparency in securities transactions. One such compliance requirement is the reporting of client code modifications through Form 3BB under the Incom...

#income_tax #deadline #compliance

Income Tax

Key Takeaways: Rejection of lower TDS certificate without proper reasons held invalid

By Goyal Raj Kumar & Associates 12 Apr 2026 3 min read

The Delhi High Court has reiterated that tax authorities must follow due process while deciding applications for NIL or lower TDS certificates under the Income-tax Act, 1961. Background of the Case In...

#income tax #case law

Income Tax

CBDT Introduces PAN CR-01 & CR-02 for PAN Corrections

By Goyal Raj Kumar & Associates 06 Apr 2026 2 min read

The Central Board of Direct Taxes (CBDT) has introduced new standardised forms for PAN correction—PAN CR-01 for individuals and PAN CR-02 for non-individuals—effective from 1st April 2026....

#income tax #tax update

Income Tax

All ITR Forms Notified for AY 2026-27

By Goyal Raj Kumar & Associates 04 Apr 2026 1 min read

The Government has officially notified all Income Tax Return (ITR) forms for Assessment Year 2026-27 through the e-Gazette, applicable for FY 2025-26 filings. List of Notified ITR Forms The following...

#income tax #tax update

Income Tax

GAAR Clarification on Old Investments

By Goyal Raj Kumar & Associates 03 Apr 2026 1 min read

The Central Board of Direct Taxes (CBDT) has provided much-needed clarity on the applicability of General Anti-Avoidance Rules (GAAR) to legacy investments. Key Clarification by CBDT The recent amendm...

#income tax #tax update

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