Income Tax Department releases draft Income-tax Rules, 2026: Simplified forms, easier compliance & other key features explained

Income-tax Rules: The Income Tax Department has released draft Income-tax Rules, 2026, effective April 1, 2026, simplifying ITR filing forms and procedures. These draft rules, open for public feedback ...
Tax Guru

Cash Deposits Explained by Withdrawals & Opening Balance – Section 69A Addition Quashed

The Revenue treated cash deposits as unexplained under Section 69A despite matching withdrawals and opening cash balance. The Tribunal ruled that redeposit of available cash cannot be taxed as ...
Tax Guru

Demonetisation Cash Sales Upheld Again – Chawla Jewellers Gets a Clean Chit

The tribunal held that cash deposits during demonetisation cannot be treated as unexplained income when supported by audited books and stock records. Mere suspicion or surrounding circumstances cannot ...