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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...
श्री कृष्ण और श्री अर्जुन के बीच ITR फ़ाइल करने की तिथि बढ़ने पर वार्तालाप श्री कृष्ण: वत्स अर्जुन, किस चिंता में बैठे हो। जऱा हमें भी तो पता लगे। अर्जुन: भगवन, सादर प्रणाम। मैंने अपनी वित्त वर्ष 2018-19 की ITR फ़ाइल नहीं की हैं। कृष्ण: तो इसमें चिंता करने की क्या बात हैं अर्जुन? […]
This paper examines the proposal to use green channelling to give automatic approval to Insolvency Resolution Plans (IRP) that meet merger thresholds of the Competition Commission of India (CCI).
Avoidance of Tax by Certain Transactions in Securities- Section 94 of Income Tax Act,1961 A bond washing transaction is a transaction where some securities are sold some time before the due date of Interest and reacquired after the due date is over. This practice is generally adopted by persons in the higher income group to […]
25 Important Income Tax (Direct Tax) changes applicable from 1st April 2020 onwards (Financial Year 2020-21 – Assessment Year 2021-22) 1. New Tax Regime applicable to Individuals, HUFs: A new concessional/ alternate tax regime under Section 115BAC of the Income Tax Act,1961 has been laid out wherein SIX different slab rates have been prescribed subject […]
Section 163 of Finance Act 2016: This chapter extends to the whole India except J&K. Section 165 (1) of Finance Act 2016: Charge of Equalisation Levy (EL) Equalisation Levy @ 6% applicable if payment for specified services (#) received / receivable by Non-resident from- a) A person resident in India & carrying Business or Profession […]
INCOME TAX REFUND: The pending income tax refunds to charitable trusts and non-corporate businesses and professions including proprietorship, partnership and LLPs and cooperatives shall be issued immediately. Note: NOT CORPORATE ENTITIES e.g. PRIVATE LIMITED COMPANY ETC Limit of Amount- All Pending Income Tax Refund upto Rs. 5,00,000/- (Rupees Five Lakh Only). DUE DATE: Sl. No […]
Eligibility of deductions under Chapter VI-A while opting for Concessional Tax Regime Background The Taxation Laws (Amendment) Act 2019 (‘TLAA’) introduced new section 115BAA for Concessional Tax Regime (‘CTR’), which provides for reduced tax rates with effect from FY 2019-20. Tax rates under the CTR for the existing domestic Companies is @ 22% plus surcharge […]
Issues have been examined by the A.O and just because the opinion as arrived by the A.O is at a variation of the opinion of the learned Pr. CIT, would not grant the learned Pr. CIT the powers of revision u/s 263 of the Act.
Modes of investment or deposits by a Charitable or Religious Trust or Institution as per provisions of Section 11(5) of the Income Tax Act, 1961 Surplus fund of the Charitable entities should be invested as per forms and modes prescribed under section 11(5) of Income Tax Act. Investment in shares by a charitable Trust As […]
After Central Governments announcement of Rs.20 lakh crore Package to boost economy post Lockdown period, TDS Rates are reduced by 25% except TDS on Salaries. Government has mentioned it as 50,000 crore package. But in my opinion, its can’t be taken as package as there is neither outgo of fund from Government’s Treasury nor tax […]
