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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...
There is a change in the provisions for determining residential status, as per the amendment in Income tax act. The general rule will remain as same i.e. any person who is in India for more than 182 days will be treated as resident in India. OR, if he was in India for 60 days or more […]
The Income Tax Act makes a distinction between Trusts for charitable purposes and those for religious purposes, though both are entitled to exemption under section 11 of the Act. The creation of religious charitable trusts is governed by the personal laws of the religion. The administration of these religious trusts can either be left to […]
M/s. Fibre Boards (P) Ltd. Bangalore Vs. CIT (Supreme Court), Civil Appeal Nos. 5525-5526 of 2005, Dated- 11th August 2015 BACKGROUND Prior to 01.04.1988 Section 280ZA of the Income Tax Act, 1961 (‘Act’) provided that any company owning an industrial undertaking situated in an urban area, is entitled for a tax credit certificate with reference […]
As we know, various benefits are attached to the life insurance policy, and tax benefit is one such key benefit. The tax benefit is available in terms of income tax deduction and income tax exemption. Provisions of section 80C offer the income tax deduction, whereas, provisions of section 10(10D) provides the income tax exemption. Under […]
The supreme court was of the view that section 12AA of Income Tax Act, 1961 mandates that the commissioner of Income tax or the principal commissioner, as the case may has to satisfy his/her conscious that the activities under taken by the Trust are genuine and are eligible charitable activities.
In our view this is not a fair or proper procedure. If not in the first notice, at least at the time of furnishing the reasons the assessee should have been informed that the revenue relied upon the second proviso. The assessee must be put to notice of all the provisions on which the revenue relies upon.
Deduction u/s 80CCD in Current and New Tax Regime and Maximum Exemption Limit for Employer’s Contribution A new regime of Income Tax for individuals and HUFs was announced in Budget 2020 which is applicable from A.Y. 2021-22 (relevant to F.Y. 2020-21). The concessional slab rates were introduced by insertion of new section 115BAC. However, for […]
The Budget target for each cadre-controlling Pr. CCIT has been fixed keeping in view the revenue potential of the Region, which is based on the weighted average growth rate of net collections of last three years, giving highest weight to the immediately preceding year
Understanding the new vs old income tax regime for FY 2020-21. Learn about the conditions to avail it and choose wisely for optimal tax savings.
As per section 61 of the Income Tax Act, if an asset is transferred under a ‘revocable transfer’ then the income arising from such asset is taxable in the hands of the transferor. The purpose of such kind of transfer includes any trust settlement, covenant, agreement or arrangement. When a transfer is considered Revocable As […]
