📰July 2026 Newsletter (Direct Tax)

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

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

✅ Reader’s Digest:

1. Key Changes in ITR Forms for FY 2025-26 (AY 2026-27)

2.Chennai ITAT on Taxability of Share Transactions – Capital Gains vs. Business Income (Dolly Khanna Case)

3.Taxability of Foreign Retirement Accounts for Indian Residents and Relief through Form 40

4.Higher Thresholds for Compulsory Scrutiny Assessment continue in 2026

✅ Key Income Tax Rulings, including case laws on:

Hon’ble Gujarat High Court quashes reassessment proceedings where notice under Sections 148A(d) and 148 was issued beyond the prescribed limitation period.
Hon’ble Gujarat High Court holds that survey-based reassessment cases are eligible for benefits under the Direct Tax Vivad se Vishwas Scheme, 2024.
Hon’ble Madras High Court condones delay in filing returns by Co-operative Societies and allows deduction under Section 80P where genuine hardship is established.
Hon’ble Gujarat High Court holds that income surrendered during survey, when assessed as business income, qualifies for all consequential business deductions, including partners’ remuneration under Section 40(b).

👉 Get expert insights and stay tax-compliant.