20 Flash Cards

A proceeding for an earlier assessment year does not migrate merely because the calendar crossed 1 April 2026. The 2025 Act governs tax year 2026-27 onward; the 1961 Act is saved for earlier years and pending matters.

Where a covered monetary gift is received without consideration and the tax-year aggregate exceeds ₹50,000, the taxable amount is ordinarily the whole covered aggregate, not merely the excess. Test the relative, marriage, inheritance and other statutory exclusions first.

An updated return may be filed within the statutory 48-month window, but only once for a tax year. It cannot be used to reduce tax payable or to create or increase a refund. Since 1 March 2026 it can reduce a previously claimed loss, but it still cannot create or increase one; other statutory exclusions also apply.

During a search, an authorised officer may inventory business stock-in-trade. But that stock-in-trade is expressly carved out of seizure; its quantity or value may instead be noted. The protection does not automatically cover other assets.

AIS reflects information presently available with the Department, and may omit other transactions. Reconcile it with books and bank records, report the complete return, and submit AIS feedback where an item is wrong or duplicated.