Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Form ITR-BN is inserted in Appendix IV for filing block-period returns under the Income-tax Rules, 2026. The amendment applies to searches initiated or requisitions made on or after 1 April 2026 and is deemed effective from that date. The form requires a verified declaration by the competent person and provides for Tax Years Y6 to Y1, Y0 and, where applicable, Y+1. It prescribes the block-period treatment for other persons, permits provisional figures for specified unaudited periods without treating them as regular returns, and requires such income to be included in the relevant regular return. Undisclosed income from specified international or domestic transactions for part tax years is excluded from the block return.
Form ITR-BN is inserted in Appendix IV for filing block-period returns under the Income-tax Rules, 2026. The amendment applies to searches initiated or requisitions made on or after 1 April 2026 and is deemed effective from that date. The form requires a verified declaration by the competent person and provides for Tax Years Y6 to Y1, Y0 and, where applicable, Y+1. It prescribes the block-period treatment for other persons, permits provisional figures for specified unaudited periods without treating them as regular returns, and requires such income to be included in the relevant regular return. Undisclosed income from specified international or domestic transactions for part tax years is excluded from the block return.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4780
Join Channel
TaxTMI 
