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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...
PCIT Vs MLS CBRE South Asia Private Limited ((Delhi High Court) So far as the amount of Rs.4,73,39,848/- being the excess. Remuneration paid to Sh. Anshuman Magazine is concerned, we find the assessee has obtained approval of the competent authority though on 18.07.2011 i.e. much after the date on which such remuneration has been paid. In […]
Section 270A(8) states that where an under-reported income is in consequence of any misreporting by any person, such person shall be liable to pay 200% penalty on an amount of tax payable on such under-reported income.As per the said sub-section, penalty in case of misreporting is equal to 200% of under-reported income.
Similar to benefit of the concessional new tax regime for companies introduced in the Finance Act 2019, the Government came up with the concessional tax provisions for Individuals and HUFs by inserting a new Section 115BAC under the Income Tax Act, 1961 (‘Act’) with effect from FY 2020-21. The broad provisions are enumerated below: Eligible […]
The Coronavirus (‘COVID-19’) pandemic has already caused major health crisis in almost entire world and has led to disruption of the global economy. The situation has resulted in economic slowdown and is likely to get worse in coming time. The International Monetary Fund (‘IMF’) has stated that the global economy has already entered into a […]
Brief about new Personal Income Tax Regime & Key Highlights New section 115BAC is inserted in Income Tax Act by the Finance Act 2020 and it is applicable w.e.f 1st April 2020 and will be applicable on Individuals and HUFs for assessment year 2021-22 and subsequent assessment years. Under this section taxpayers i.e Individuals and […]
FM has proposed various amendments in Union Budget 2020 which includes Amendments in Section 12A, Section 80G, 12AA etc related to Registration of Charitable Trust or Non-Profit organization (NPO). Article discusses the same in detail- Question: My NGO has life time validity of 12A and 80G certificate, should I apply for fresh registration? Answer: Yes, […]
Understand the benefits of approved superannuation funds and the tax exemptions available under section 10(13) of the Income Tax Act.
Analysis of newly inserted section 115BAC (Concessional Tax Regime for Individual and Hindu Undivided Family) 1. The Finance Act, 2020 inserted new section 115BAC, the section provides that notwithstanding anything contained in other provision of Income Tax Act, 1961, Income tax payable in respect of Income of a person being individual and Hindu undivided family […]
Central Government vide Notification No. 16/2020 Dated March 23, 2020 has amended the definition of Zero-rated export of goods for the purpose of claiming of refund on the ITC u/s 89(4) of the CGST Rules, 2017. CHAPTER X of the CGST Rules, 2017 provides the provision and procedure related to the refund under the GST regime.
OECD develops database to provide insights on Global profiles of Multinational Enterprises (MNEs) 1. Background Multinational Enterprises (MNEs) have been at the forefront of changes in the global economy over the last few decades, as trade and investment barriers have been removed and transportation and communication costs have declined. In a world of global value […]
