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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...
Union of India & Ors. Vs. Exide Industries Limited & Anr. (Supreme Court) Before the judgment in Bharat Earth Movers (supra), various tribunals and High Courts across the country were treating the liability in lieu of leave encashment as a contingent liability. This did not go down well with the assessees following the mercantile accounting […]
Understanding the law of recording satisfaction when AO of searched person and other person is the same. Analysis of a recent Supreme Court judgment.
Exemption under section 10(32) of the Income Tax Act comes into play only when the income of a minor child is clubbed (i.e., added) into the income of his parent in terms of section 64(1A). The exemption provisions of section 10(32) are covered under the present article.
Provisions under section 64(1)(vii): Where an Individual is assessable for the Income derived from the assets transferred to a person for the benefit of spouse As per section 64(1)(vii) of the Income Tax Act, if an individual (assessee) transfers his/her asset (directly or indirectly) otherwise than for adequate consideration to a person or an association […]
Whenever assessing officer issues assessment order u/s 143(3), 147, 271(1)(c) along with it notice of demand u/s 156 is also raised. This demand notice is usually required to be paid within 30 days of service/receipt of the same. In case assessee fails to pay the demand within the required time, he/she becomes assessee in default.
Taking medical insurance has become extremely relevant in the current days and medical expenditures for purchase of medicines for life style diseases have also started becoming a regular expenditure especially for senior citizens. Medical expenditure can cover even the hospitalization expenses also of the senior citizen. The Income Tax Act, 1961 has given tax benefits […]
Since S.54F of the Act is a beneficial provision and the Hon’ble Courts have held that the beneficial provision should be construed liberally, I deem it fit and proper to admit assessee’s claim of deduction u/s 54F of the Act and remand the issue to the file of the AO with a direction to consider the eligibility of the assessee for deduction u/s 54F of the Act and allow the same if the assessee satisfies the conditions.
Clarification issued by CBDT in relation to short deduction of TDS/TCS due to increase in rates of surcharge by Finance (No.2) Act, 2019 By way of this writing, I would like to discuss the recent clarification issued by CBDT dated 13th April, 2020 in relation to the deduction/collection of TDS/TCS under various provisions of the […]
The Authors in part one of the Article dealt with Historical Background and scope of Section 271AAD along with certain interesting issues. In this Article, the Authors would be addressing the other relevant issues in continuation to Part one.
The income tax return (ITR) forms issued by the Government for the financial year (FY) 2018-2019 require accurate reporting. For example, compared to previous years, where only aggregate amounts under allowances and perquisites had to be published, descriptions of various allowances as well as perquisites received during the FY are required to be disclosed separately […]
