📰August 2026 Newsletter (Direct Tax)

This month’s edition from S K Patodia & Associates LLP features:

✅ Key due dates for August 2026, including TDS/TCS deposits, quarterly TDS/TCS returns, TDS certificates, and ITR filing due dates.

✅ Reader’s Digest:

1. Intraday Trading & ITR: Key Tax Rules Every Trader Should Know:

2. New ITR-4 Disclosure Rules for Small Businesses and Freelancers:

3. ITAT Rejects Section – Deduction for Non-Genuine Political Donation:

✅ Key Income Tax Rulings, including case laws on:

Hon’ble High Court held that exemption under section 54F of the Act 1961 cannot be denied merely because construction, possession or registration of the residential house was delayed three years due to reasons beyond the assessee’s control.
Hon’ble Mumbai ITAT held that mere Re-characterisation of returned income, without any increase in assessed income, does not amount to under-reporting of income & does not attract penalty under section 270A of the Income Tax Act, 1961.
Hon’ble Bangalore ITAT held that only real net winnings from online gaming are taxable under section 115BBJ and not the gross wallet credits or gross winnings reflected during the course of gameplay.
Hon’ble ITAT held that approval under section 80G cannot be denied merely on the basis of an isolated object clause in the MOA.

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