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Income Tax : Tax Audit Form 26 now requires reporting of both quantity and value of principal stock, purchases, and sales. The key takeaway is ...
Income Tax : This article examines whether educational institutions with receipts up to Rs. 5 crore must obtain RNPO registration to claim exem...
Income Tax : This article explains why ELSS redemption gains are taxable despite offering tax deductions at the time of investment. It highligh...
Income Tax : Learn how the increased Rs. 1.25 lakh exemption and 12.5% LTCG tax rate apply to listed shares and equity mutual funds. The guide ...
Income Tax : The Income Tax Department explains how the e-Verification Scheme addresses mismatches between reported financial transactions and ...
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : ITAT Delhi held that cash deposits arising from recorded and accepted cash sales cannot be added as unexplained cash credits under...
Income Tax : ITAT Mumbai held that Compulsorily Convertible Debentures cannot be equated with call options and that no option premium arose fro...
Income Tax : ITAT Bangalore held that RBI's classification of compulsorily convertible debentures as equity for FDI purposes cannot determine t...
Income Tax : ITAT Delhi held that no disallowance under Rule 8D(2)(ii) could be made where investments yielding exempt income were financed fro...
Income Tax : ITAT Mumbai held that Compulsorily Convertible Debentures retain their character as debt until conversion into equity. It deleted ...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
In recent times, blogging has become one of the trending professions in the market. One of the major reasons behind it is income generating capacity of this profession. Bloggers can earn lakhs of rupees per month but most of the time they are unaware about the tax implications on their income. Hence today we are […]
High Court by referring to one of the judgment of the Division Bench of HC states that it would not be necessary that the payment of 20% can be dispensed with only if there is an order of the high court. The AO or the appellate authority while exercising the power of appeal or stay of the assessment proceedings under section 226 of the Income Act 1961 are enjoined obligation to give regard and respect to the directions of the Hon’ble High Court
The Income Tax Act, 1961 does not contain specific provisions relating to Alimony. Analogous provisions along with relevant case laws must be studied for taxation of alimony. Under circumstances where there is NO divorce; when an asset is transferred by one spouse to another, for inadequate consideration, the same shall be a gift exempt from […]
In the recent years, the Indian Startup ecosystem and Small Business Ecosystem has taken off and is on the verge to get mature. In a young country like India, with the population of around 1.3 Billion out of which around 30% are youth between the age of 15-24 years, these startups and small businesses emerged […]
Over the decade, use of technology has drastically changed the global business structure by creating immense transformations in the way companies globally conduct their businesses. Technology has expanded the outreach and connectivity of the businesses and with the use of digital space, companies located outside India are able to run their businesses in digital domain […]
2 in 1 Auto Income Tax Calculator with Salary Statement for Financial Year (FY) 2020-21/ Assessment Year (AY) 2021-22 in Excel Govt. has introduced a new tax regime from F.Y.-2020-21 with a lower tax rate without any exemption/deduction. Also left an option for assesses to choose any one suitable regime between Old(existing) and New income-tax […]
However, registration process under section 80G has also been amended with similar effect as that of section 12AB & section 10(23C)
In attempts to cope up increasing demand to reduce tax rates as well as current Government’s commitment to lower tax burden on not so-rich tax payers, various provisions are introduced during the recent years, to name a few – Sections 115BA, 115BAA, 115BAB, 115BAC and 115BAD. These sections intend to lower tax burden on taxpayers […]
All of us are well aware of TDS (Tax Deduction at Source) , wherein Buyer of goods or service has an obligation to withhold the Tax and make the remaining amount to seller of Goods and service. In another way, TCS (Tax Collected at source) will operate. Here, Seller of goods shall collect the tax […]
In such situation, persons carrying on business being individual, HUF or partnership firm (other than LLP) have option to opt for presumptive taxation under section 44AD of the Income Tax Act, 1961. Accordingly, it is expected that voluminous income tax returns will be filed under this section for FY 2019-20 (AY 2020-21).
