📰May 2026 Newsletter (Direct Tax)

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

✅ Key due dates for May 2026, including TDS/TCS deposits and issuance of TDS certificates

✅ Key Income Tax Rulings, including case laws on:

• Hon’ble Supreme Court upholds High Court order that reopening assessment for AY 2016-17 beyond 6 years not permissible & bared by limitation.
• SLP dismissed against order of High Court that reopening assessment under section 148 on the same ground for subsequent year is impermissible under law.
• Hon’ble High court held that Buy back of own shares not taxable under section 56(2)(x) of the Act.
• Hon’ble ITAT held that scholarship granted to an Indian student for pursuing education abroad constitutes a valid charitable application and is not hit by section 11(1)(c) of the Act.

✅ Reader’s Digest: Filing returns for overseas pension accounts: What taxpayers must know

👉Get expert insights and stay tax-compliant.

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