Bought a ₹50 lakh LIC policy on ₹4.81 lakh income? Why ITAT rejected the woman’s claim and upheld the tax addition

A woman who declared ₹4.81 lakh income invested ₹50 lakh in an LIC policy, claiming the money came from her late husband’s ...
investywise

ICICI Life Insurance: Tax Demand Rectified, Company Files Appeal

ICICI Life Insurance Limited received a tax rectification order for AY 2023, involving a demand of over ₹591 crore. The company has filed an appeal.
thetaxcorp.in

Comprehensive Section Mapping Guide: Transitioning from Income-tax Act, 1961 to Income-tax Act, 2025

Summary The transition from the Income-tax Act, 1961 to the Income-tax Act, 2025 marks a watershed moment in India's fiscal history. While the economic ...
Tax Guru

Income-tax Act 2025 vs 1961: Section Mapping Cheat Sheet for Sections You Use Every Day

Compare Income-tax Act 1961 and 2025 section numbers for deductions, TDS, TCS, capital gains, tax audit, returns, exemptions ...
ET Now

Tax audit report deadline: What happens if you miss the deadline? Check penalties and latest updates on extensions

The deadline for submitting tax audit reports for AY 2026-27 was earlier September 30. However, the Central Board of Direct Taxes (CBDT) has extended the due date for furnishing the audit report under ...
thetaxcorp.in

Section 68 vs Section 69A: CIT(A) Cannot Substitute Statutory Provision Without Issuing Enhancement Notice — ITAT Mumbai

Summary The ITAT Mumbai's ruling in Eye Focus Entertainment Vs ITO (ITAT Mumbai) for AY 2022-23 offers authoritative clarity on two frequently ...
Tax Guru

Changing Section 68 to Section 69A Requires Hearing: ITAT Mumbai

ITAT Mumbai deletes ₹114.25 crore addition: no books for Section 68 and no Section 251(2) notice before CIT(A) substituted Section 69A.