Section 276C: When Income Tax Prosecution Fails
At a Glance Parameter Legal Position Offence under Section 276C(1) Wilful attempt to evade imposition of tax, penalty, or interest Offence under Section 276C(2) Wilful attempt to evade payment of tax, penalty, or interest Punishment — Section 276C(1) Rigorous imprisonment: 6 months to 7 years + fine Punishment — Section 276C(2) Simple imprisonment: 3 months […]
Tax Audit Checklist for AY 2026-27 and Tax Year 2026-27
At a Glance Parameter AY 2026-27 (FY 2025-26) Tax Year 2026-27 (from April 2026) Governing provision Section 44AB, IT Act 1961 Section 63, IT Act 2025 Audit form Form 3CA / 3CB + Form 3CD Form 26 (new — under IT Rules 2026) Business turnover threshold ₹1 crore (₹10 crore if >95% digital) Same Profession […]
Master Income Tax Compliance Calendar: Tax Year 2026-27
Publisher’s Accuracy Note This calendar has been verified against the official Income Tax Department portal (incometax.gov.in), CBDT notifications, IT Act 2025, and IT Rules 2026. Two governing frameworks run simultaneously: the IT Act 1961 applies to AY 2026-27 (income of FY 2025-26), while the IT Act 2025 applies to Tax Year 2026-27 (income from 01 […]
Section 43B(h): The Complete Professional Commentary
Section at a Glance Parameter Details Inserted by Finance Act 2023 Effective from AY 2024-25 (FY 2023-24) Applies to Buyers making payments to Micro and Small Enterprises Does NOT apply to Medium enterprises Payment deadline — with written agreement Agreed period, subject to maximum 45 days Payment deadline — without written agreement 15 days from […]
Section 263: The Complete Professional Commentary
Section at a Glance Parameter Position Under IT Act 1961 Power PCIT/CIT may revise orders prejudicial to Revenue Twin conditions Order must be (i) erroneous AND (ii) prejudicial to interests of Revenue Both conditions Must co-exist — satisfying one alone is insufficient Limitation period 2 years from end of FY in which order was passed […]
The Taxpayer Charter in IT Act 2025: Your Statutory Rights Against the Income Tax Department
Quick Summary Box Right Old Position (IT Act 1961) New Position (IT Act 2025) Fair and impartial treatment Administrative policy only Statutory guarantee Timely communication No specific statutory guarantee Statutory obligation on department Privacy of information Sec 138 (limited) Statutory + expanded scope Right to be heard Available in law; often violated Strengthened + personal […]
Updated Return (ITR-U) Extended to 48 Months: The Biggest Taxpayer Benefit in IT Act 2025 — Practical Guide
Quick Summary Box Parameter Old Position (Section 139(8A), IT Act 1961) New Position (Section 263, IT Act 2025) Window for filing updated return 24 months from end of relevant AY 48 months from end of relevant Tax Year Additional tax for filing at 12 months 25% of tax + interest 25% of tax + interest […]
Old Tax Regime vs New Tax Regime Under IT Act 2025: The Complete Comparison for Tax Year 2026-27
Quick Summary Box Parameter Old Tax Regime New Tax Regime (Section 202) Default regime No — must opt in Yes — default from Tax Year 2026-27 Basic exemption limit ₹2.5 lakh (general) / ₹3 lakh (senior) ₹4 lakh (all individuals) Rebate u/s 87A equivalent Up to ₹5 lakh total income Up to ₹12 lakh total […]
How to Cite Income Tax Sections in Court After 01 April 2026: The Practitioner’s Protocol for Two-Act Litigation
Quick Summary Box Forum Proceeding Type Governing Act Section to Cite AO Office Assessment for AY 2024-25 IT Act, 1961 Old section numbers CIT(A) Appeal for AY 2022-23 IT Act, 1961 Old section numbers ITAT Appeal for AY 2020-21 IT Act, 1961 Old section numbers High Court Reference for AY 2018-19 IT Act, 1961 Old […]
Tax Year vs Previous Year vs Assessment Year: Ending 65 Years of Confusion — A Complete Professional Guide
Quick Summary Box Concept Under IT Act, 1961 Under IT Act, 2025 Income earning period Previous Year (PY) Tax Year Tax filing/assessment period Assessment Year (AY) Subsequent Tax Year Duration 12 months (April–March) 12 months (April–March) Example PY 2024-25 → AY 2025-26 Tax Year 2026-27 → Return filed in 2027 Confusion factor HIGH (two different […]