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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...
With the advent of time, all the processes ranging from our day to day life to corporate models (work from home as observed recently), everything is becoming digital. There were the days when the process of applying Nil/lower withholding certificate (or order) under section 197 of the Income-tax Act, 1961 (‘the Act’) was manual. The […]
Presently, the charitable trusts/Institution are enjoying the perpetual benefit of zero taxation on income earned out of property held by such trust/Institution. Interestingly, once the registration under section 10(23C)/12AA/35/80G/ is notified/granted, will remain in force till the CG/Commissioner of Income tax basis the documents called for, find that the same should be rescinded/withdrawn. Also Read: […]
The Government of India specified Corporate Tax Rates in Income Tax Act, 1961 and Finance Act through schedules thereto. Income Tax Act, 1961 cover section i.e. Section 115BA, 115BAA & 115BAB though which corporate tax rate has been specified and further tax rates also specified in finance act through first schedules thereto.
When a non-resident sportsman comes to India for participating in any game or sport then a question arises which country has right to charge tax on such income earned by sportsmen by participating in game or sport and what are the tax implications on such income earned. Non-Resident Sportsmen means he is not the Citizen […]
In the recent past, GST Department has caught various fraudulent cases of Input Tax Credit. Fake invoice are issued without any actual supply of goods or services with an aim of claiming ITC and reduce GST output liability. To curb this, Finance Act,2020 has brought amendment to penalty provisions of Sec 122 & Sec 132 […]
Applicability of clubbing provisions where Income is derived from the separate property converted into Joint Family Property and subsequent Partition- Section 64(2). Transactions covered by Section 64(2) by an Individual, who is a member of HUF — In a case where an individual (who is a member of the HUF),— 1. Converts his separate property […]
Exclusion of comparables from the list of comparables on basis of turnover, functional difference for determination of Arms Length Price was valid.
2 OPTION FOR TAX PLANNING-F.Y.-20-21 -Option-I–Old Regime i.e old tax rates with all investment benefits, allowances -Option-II-New tax regime with new rates without investment benefits ,allowance AGENDA- OPTION I (OLD RATE) What is Tax Planning Tax Planning For Retirement Plans Calculation of Gross Total Income Tax Saving Deduction Allowance Available Calculation of Net Taxable Income […]
CBDT has vide its order dated 20.08.2014 extended the due date for e-filing of Tax Audit Report to 30.11.2014 for A.Y. 2014-15. The order has nowhere mentioned about the due date for e-filing of Income tax Return (ITR). It seems due date for filing of ITR are been kept same. If the Assessee who are covered under tax audit provisions but not under transfer pricing audit provisions do not file the ITR on or before 30th September 2014, he may have the following implications:-
Proposed Savings Declaration Format for Salaried Staff for Financial Year 2020-21 relevant to Assessment Year 2021-22 Article compiles format of Deceleration to be taken by HR Department of the Company from its Employees for Proper deduction of TDS on Salary for Financial Year 2020-21 related to Saving to be made by Employees and which Income […]
