Form 168 INCOME TAX RULES 2026 Key Details of the Change New Designation: Form 26AS is now known as Form 168 under the new compliance document numbering system. Functionality: The core purpose remains the same; it continues to serve as a consolidated Annual Tax Statement linked to your PAN. Terminology Update: The new framework replaces “Assessment Year” and “Previous… Read More »
IMPORTANT INCOME TAX CASE LAWS 02.04.2026 Relevant Act Section Case Law Title / Authority Key Ruling Citation Income Tax Act Sec 2(15) Govardhan Eco Village Trust Charitable Status: Receipts from rent/Goshala are not “commercial” merely by quantum; the “Dominant Activity” of the trust must be examined. Click Here Income Tax Act Sec 10A ACPL Products… Read More »
10-year reassessment limit is calculated backwards from the search year; AY 2015-16 was time-barred. The Dispute: Calculating the 10-Year “Block” The Conflict: The Revenue conducted a search on 09-05-2024 and found documents suggesting the assessee received unaccounted cash from a property sale in AY 2015-16. They issued a notice under Section 148 on 31-03-2025, claiming… Read More »
Section 10A deduction is unit-specific; allowed before loss set-offs, but excludes domestic and interest income. I. Order of Deduction (The “Yokogawa” Principle) The Conflict: The Revenue argued that brought forward losses and unabsorbed depreciation must be adjusted before calculating the Section 10A deduction. The Ruling: Following the Supreme Court in Yokogawa India Ltd., the court… Read More »
Dominant charitable activities determine status; incidental agro-receipts aren’t automatically commercial or business income. The Dispute: GPU Limb vs. Specific Charitable Objects The Legal Conflict Under Section 2(15), if a trust falls under the “General Public Utility” (GPU) limb, it loses its exemption if commercial receipts exceed 20% of total receipts. The Facts The Rejection: The… Read More »
AY 2026-27 ITR Forms Notified: Top 22 Changes Every Taxpayer & Practitioner Must Know The Central Board of Direct Taxes (CBDT) has officially notified ITR Forms 1 to 7 for Assessment Year 2026-27 (relating to FY 2025-26). In a proactive move, the forms have been released well in advance to avoid the technical bottlenecks and… Read More »
How to make NRI TDS Payment on sale of property after 1st april 2026 Under the new Income-tax Act, 2025 (effective from April 1, 2026), the process for deducting and depositing TDS on the sale of property by a Non-Resident Indian (NRI) is different from the process for resident sellers. The simplified PAN-based Challan-cum-Statement (Form… Read More »
Challan Serial Number Income Tax , What it is, How to get it, How to get it from CIN Challan Serial Number Income Tax as per Serial Number The Challan Serial Number is a unique 5-digit number (occasionally 6 or 7 digits depending on the bank) assigned by a bank branch to a specific tax… Read More »
Where to enter BSR code and challan number in ITR In the Income Tax Return (ITR) portal, you must enter the BSR code and Challan Serial Number in Schedule IT (for Advance Tax and Self-Assessment Tax). [1, 2] Where to Enter Details in the ITR Form Navigate to Schedule IT: While filling out your ITR… Read More »
what is BSR code in Income Tax challan In an income tax challan, the BSR (Basic Statistical Return) Code is a unique 7-digit numeric identifier assigned by the Reserve Bank of India (RBI) to every bank branch authorized to collect taxes. Structure of BSR code in Income Tax challan First 3 digits: Identify the specific… Read More »