Category: Income Tax

Income Tax Notifications & Order IT

CBDT FAQ Deep-Dive Series #7: Section 43B Actual-Payment Deductions and the 43B(h) MSME Disallowance Under the Income-tax Act 2025 – How Section 37 Maps the Transition Before the September 30, 2026 Tax Audit

CA Adityavikram Banka

Section 43B becomes Section 37 of the Income-tax Act 2025 and 43B(h) becomes Section 37(2)(g). Period-aware guide to the MSME disallowance for the 30 Sept 2026 tax audit.

Income Tax

Form 16 for FY 2025-26: The June 15, 2026 Employer Deadline, the Rs 100 Per Day Penalty, and the Pre-Issue TRACES Checklist

CA Adityavikram Banka

Form 16 for FY 2025-26 is due June 15, 2026. Miss it and face Rs 100 per day under Section 272A(2)(g). Pre-issue Form 24Q and TRACES checklist for employers.

Income Tax Notifications & Order IT

CBDT FAQ Deep-Dive Series #6: Depreciation Transition Under Section 32 of the Income-tax Act 1961 Preserved by Section 536(2)(m) for FY 2025-26, Mapped to Section 33 and the Section 33(11) Capital Allowance Pool of the Income-tax Act 2025 for Tax Year 2026-27 – WDV Carry-Forward, Unabsorbed Depreciation, and the Practitioner Checklist Before the September 30 2026 Tax Audit

CA Adityavikram Banka

FY 2025-26 depreciation files under Section 32 of the 1961 Act; Section 34 and the Section 33(11) pool govern Tax Year 2026-27 under the Income-tax Act 2025.

Income Tax Notifications & Order IT

CBDT FAQ Deep-Dive Series #5: Transfer Pricing Transition Under Sections 92 to 92F of the Income-tax Act 1961 Preserved by Section 536 Sub-Clause 5 of the Income-tax Act 2025 for FY 2025-26 Files – Form 3CEB October 31 2026 Deadline, Form 3CEAA Master File Rule 10DA, Form 3CEAD CbCR Rule 10DB, Section 92CA TPO Reference, Section 92CB Safe Harbour Rule 10TD, and the 8-Step Practitioner Sprint Before October 31, 2026

CA Adityavikram Banka

Section 536 sub-clause 5 of the Income-tax Act 2025 preserves the entire Chapter X transfer pricing framework (Sections 92-92F of the 1961 Act and Rules 10A-10THD) for FY 2025-26 international and specified-domestic transactions. Form 3CEB October 31, 2026 deadline, Form 3CEAA master file Rule 10DA, Form 3CEAD CbCR Rule 10DB, Section 92CB safe harbour Rule 10TD, Section 92CC APA continuity, penalty exposure under Sections 271BA / 271AA / 271G / 271GB / 270A, and an 8-step practitioner sprint.

Income Tax Notifications & Order IT

Section 14A and Rule 8D Disallowance Deep-Dive for FY 2025-26 Tax Audits Under Section 44AB and Section 536 Sub-Clause 4 of the Income-tax Act 2025: Exempt-Income Expense Allocation, Three-Limb Rule 8D(2) Computation, Form 3CD Clause 21(h), Maxopp Investment Satisfaction Doctrine, South Indian Bank Own-Funds Presumption, Strategic Foods Carve-Out, and the September 30, 2026 Practitioner Defence Playbook

admin

Practitioner deep-dive on Section 14A and Rule 8D for FY 2025-26 tax audits, preserved by Section 536 sub-clause 4 of the Income-tax Act 2025. Three-limb Rule 8D(2) computation, Form 3CD Clause 21(h) disclosure, Maxopp Investment satisfaction-recording defence, South Indian Bank own-funds presumption, Strategic Foods carve-out for controlling stakes, Section 115JB MAT add-back, and Section 270A penalty grid for under-reporting.

Income Tax Notifications & Order IT

CBDT FAQ Deep-Dive Series #4: Capital Gains Transition Under Section 536 Sub-Clause 5 of the Income-tax Act 2025 – Sections 45 to 55A of the 1961 Act, Section 47 Exempt Transfers, Section 48 Indexation, Section 49 Cost of Acquisition, Section 54 to 54GB Reinvestment Exemptions, and the Pre-April 2026 / Post-April 2026 Asset Holding Period Cutover for FY 2025-26 Files

admin

Fourth instalment of the CBDT FAQ deep-dive series on the Income-tax Act 2025 transition. How Section 536 sub-clause 5 preserves Sections 45 to 55A of the 1961 Act capital gains framework for AY 2026-27. Section 47 exempt transfers, Section 49 cost anchoring, Section 54 to 54GB reinvestments locked under 1961 Act conditions across the April 1, 2026 cutover.

Income Tax Notifications & Order IT

FY 2025-26 Tax Audit Practitioner Sprint Under Section 44AB of the 1961 Act and Section 536 Sub-Clause 4 of the Income-tax Act 2025: Form 3CD 41-Clause Hot Spots, Section 43B(h) MSME Disallowance, Section 40(a)(ia) TDS Reconciliation, Section 271B Penalty, and the September 30, 2026 Ten-Step Sprint Plan

admin

Practitioner advisory on FY 2025-26 tax audit compliance under Section 44AB of the 1961 Act, preserved by Section 536 sub-clause 4 of the Income-tax Act 2025. Form 3CD 41-clause map, applicability thresholds (Rs 1 crore vs Rs 10 crore cash-test proviso, Rs 50 lakh profession), Section 43B(h) MSME interest disallowance, Section 40(a)(ia) TDS-default disallowance, Section 271B penalty grid with Section 273B defence, and a ten-step May-to-September sprint plan.

Income Tax Notifications & Order IT

CBDT FAQ Deep-Dive Series #3: Loss Carry-Forward Continuity Under Section 536 Sub-Clause 5 of the Income-tax Act 2025 – How Section 72 Business Loss, Section 32(2) Unabsorbed Depreciation, Section 115JAA MAT Credit, and Section 115JD AMT Credit Survive the April 1, 2026 Cutover

admin

Third installment of the CBDT FAQ Deep-Dive Series on the Income-tax Act 2025. Section 536 sub-clause 5 preserves every loss carry-forward and credit carry-forward window: Section 72 business loss (8 AYs), Section 32(2) unabsorbed depreciation (no limit), Section 115JAA MAT credit (15 AYs), Section 115JD AMT credit (15 AYs). Section 79, 80, and 78 forfeiture gates continue to apply. Nine-step file review sprint and five-Q FAQ for practitioner client memos.

Income Tax Notifications & Order IT

ITR Forms AY 2026-27 Practitioner Advisory: Why FY 2025-26 Returns Are Still 1961 Act Returns Under Section 536 of the Income-tax Act 2025, the Seven-Form Map, and the Ten-Step Filing Season Sprint

admin

ITR forms for AY 2026-27 are 1961 Act forms because Section 536 saves FY 2025-26 income under the earlier statute. Schedule references, Section 115BAC new regime, Schedule CG indexation, Schedule TDS section codes, and filing due dates (July 31, October 31, November 30) all continue under the 1961 Act. Ten-step filing season sprint plus five-Q client FAQ.

Income Tax Notifications & Order IT

CBDT FAQ Deep-Dive Series #2: Section 147-148 Reassessment Continuity Under Section 536 Saving Clause After the Income-tax Act 2025 – How Open Notices, TOLA Cases, Section 151 Sanctions, and ITAT Appeals Survive the April 1, 2026 Cutover

admin

Section 536 of the Income-tax Act 2025 preserves Sections 147 to 153 of the 1961 Act for every reassessment notice issued before March 31, 2026. Outer time-limit math, Section 151 sanctions, TOLA 2020 cases, and ITAT appeals from reassessment all continue under the 1961 Act. Practitioner sprint: eight-step file review and five-Q FAQ for open Section 148 files.