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Revision u/s 264 – PCIT bound to follow ITAT Special Bench: Tax on Deemed STCG u/s 50 at LTCG rate u/s 112 Bombay High Court-Samir N. Bhojwani. vs. Principal Commissioner of Income Tax & Ors. Writ Petition (L) No. 37709 of 2025 Decision dated: 06 January 2026 Core Issue:-Whether, while exercising revisionary jurisdiction under...
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Updated Return 2.0: From Correction Tool to Compliance Settlement Framework We have discussed the Updated Income Tax Return (ITR-U) in this column earlier. At that time, it was seen largely as a voluntary correction mechanism – a safety valve for taxpayers who discovered omissions after filing their return. But the law has not stood...
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ROC Bengaluru Imposes Penalty for Approving Share Transfer in Physical Form A significant compliance reminder for companies that are public companies or deemed public companies regarding mandatory dematerialisation of shares. Case: In the matter of Stalwart Intellisense Private Limited The Registrar of Companies (ROC), Bengaluru imposed penalties on the company ...
Budget 2026: No deduction of interest in case of dividend income Amendment: 1. The Union Budget 2026 has proposed a significant tax change by completely disallowing the deduction of interest expenses on borrowed funds used to earn dividend income or income from mutual fund units. 2. Effective April 1, 2026, the prior 20% limit...
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AI vs. Tax Evasion: The Success of NUDGE: Meaning of NUDGE: 1. NUDGE stands for Non-Intrusive Usage of Data to Guide and Enable, and the CBDT has carried out two campaigns under this banner till now – first in November 2024 for taxpayers who had undisclosed foreign assets for the assessment year 2024-25, and...
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