Section 142(1) Notice: Responding to Scrutiny Information Requests
Notice at a Glance Parameter Details Notice type Preliminary inquiry or demand for documents When issued Before or during scrutiny assessment Three purposes of 142(1) (a) Asking non-filer to file return (b) Asking for books/accounts (c) Demanding specific information Time limit to issue Must be within assessment completion time limit Reply deadline As specified in […]
Section 148A(b) Notice: How to Reply and Win
Notice at a Glance Parameter Details Notice type Show-cause before reassessment What it asks Why notice under Section 148 should not be issued Minimum reply time 7 days from date of service Maximum reply time 30 days from date of service AO must pass order within 1 month from receiving reply Time limit — income […]
Which Act Governs What After 01 April 2026? — The Complete Guide to Pending Proceedings, Parallel Compliance, and the Two-Act World
Quick Summary Box Proceeding Type Old AY (up to AY 2026-27) New Tax Year (TY 2026-27+) Return filing IT Act, 1961 IT Act, 2025 Scrutiny notice (143(2)) IT Act, 1961 IT Act, 2025 Reassessment notice (148A) IT Act, 1961 (Section 148A) IT Act, 2025 (Section 281) Penalty proceedings IT Act, 1961 IT Act, 2025 (Section […]
CBDT Circular 03/2026 on Sovereign Wealth Fund Notification
CBDT Circular 03/2026 prescribes Form I and Form II for Sovereign Wealth Funds seeking exemption under Schedule V of the Income-tax Act, 2025. Circular-3-2026 The Central Board of Direct Taxes (CBDT) has issued Circular No. 03/2026 to streamline the notification process for Sovereign Wealth Funds (SWFs) under the Income-tax Act, 2025. Further, the circular introduces: […]
CBDT Circular 02/2026 – Extension of Time Limit for Issuance of TDS Certificates
Circular-2-2026 The Central Board of Direct Taxes (CBDT) has issued Circular No. 02/2026 to provide relief to deductors facing technical difficulties in generating TDS certificates for the quarter ending 31 December 2025. The circular extends the due date for issuance of TDS certificates under Section 203 of the Income-tax Act, 1961. Further, CBDT has exercised […]
CBDT Circular 01/2026 on Delay in Form 10A
Circular-No-1-2026 Section 12A of the Income-tax Act prescribes the conditions for availing exemption under Sections 11 and 12 by charitable trusts and institutions. One of the mandatory conditions is timely filing of registration application in Form No. 10A. Earlier, trusts/institutions seeking registration under Section 12A(1)(ac)(i) were required to file Form 10A within the prescribed time […]