Articles

As per Section 51 of the Banking Regulation Act, 1949, banks and banking institutions that fall under this category are still considered "banking companies" under the new Income-tax Act, 2025.

Income Tax Dept Provides Clarification Regarding TDS Exemption on Interest Payments by Banking Institutions

Notifications

CBDT has notified tax exemption under Section 10(46) to the Goa Board of Secondary and Higher Secondary Education, subject to conditions.

CBDT Notifies Tax Exemption for Goa Board of Secondary and Higher Secondary Education u/s 10(46)

News

NHPC reported a Rs 231.78 crore tax demand on its subsidiary due to a computation issue, which it plans to rectify, while also increasing its stake in RHPCL to gain majority control.

Subsidiary of NHPC Flags Rs 231.78 Crore Income Tax Demand, Plans to Furnish Rectification Application

The government gave tax exemption to OPELIP and set some important rules it had to follow. It also explained income sources and applied the benefit from past years.

CBDT Grants Conditional Income Tax Exemption To Odisha PVTG Empowerment

CBDT has mandated a standardised 26-character UIN system and quarterly e-filing process for Form 121 declarations where tax is not deducted, effective April 1, 2026.

CBDT Mandates Structured UIN System for Form 121 (Earlier Form 15G & 15H) Declarations: Effective April 01, 2026

Judgement

ITAT ruled that unsupported claims and lack of evidence for Rs 80 lakh cash deposits during demonetisation justify treating them as unexplained income and upheld the tax addition.

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Income Tax Dept Provides Clarification Regarding TDS Exemption on Interest Payments by Banking Institutions

CBDT Notifies Tax Exemption for Goa Board of Secondary and Higher Secondary Education u/s 10(46)

Subsidiary of NHPC Flags Rs 231.78 Crore Income Tax Demand, Plans to Furnish Rectification Application

CBDT Grants Conditional Income Tax Exemption To Odisha PVTG Empowerment

CBDT Mandates Structured UIN System for Form 121 (Earlier Form 15G & 15H) Declarations: Effective April 01, 2026

No Evidence, No Relief: ITAT Upholds Rs 80 Lakh Addition in Unexplained Cash Credits Case