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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...
Submission of certificate for claiming deductions U/s. 80G of the Income-tax Act, 1961 in respect of donation made by an employee to Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES FUND)
TAX SAVINGS INVESTMENTS AND WEALTH MANAGEMENT Why to save taxes..?? -Do you feel that you are paying too much tax? -Have you ever thought of saving tax? -Planning your taxes properly can help you save a lot of money. -Income Tax laws appear so complex that people are scared to deal with their taxes. Why won’t […]
Under the existing provisions of the income-tax law, transfer of shares in an Indian company by a shareholder (which includes buy-back of shares under section 77A of the Companies Act, 1956) is subject to tax under the head capital gains.
The Finance Act, 2020 made various other key amendments which were originally not proposed in the Finance Bill, 2020. In this article, the Author has attempt to discuss each amendment in-depth in comparative form (i.e. the position as per earlier law viz-a-viz position as per amended law). Further, the Author has also provided the Flow Chart which will be proven as a useful tool to determine the residential status of an Individual as per amended provisions.
IT Department to release all pending income tax refunds up to Rs 5 lakhs immediately ; Around 14 lakh taxpayers to benefit. All GST & CUSTOM refunds also to be released ; to provide benefit to around 1 lakh business entities including MSMEs
Understanding New Equalisation Levy & TDS on e-Commerce Transactions with Practical Illustrations Section 163 to 172 of ‘CHAPTER VIII OF THE FINANCE ACT, 2016- EQUALISATION LEVY’ deals with Equalisation levy definition, interest, penalty, filing of the annual statement, the penalty for failure to furnish statements. 1. Digital Tax: The Backdrop With the expansion of information […]
And to address the uncertainty in case of a specific transaction related to a particular taxpayer, a Quasi Judicial Body known as Authority for Advance Rulings (AAR) is formed to provide Advance Rulings in respect of the transactions undertaken or proposed to be undertaken by applicant coming under the scope of Advance Ruling Mechanism. AAR functions independent of the Income Tax Authority in India.
Sec 194K of the income tax act clearly states, that TDS is to be deducted by mutual fund companies only on the dividend payment made of mutual funds. No tax is required to be deducted in the case of capital gain arising on the transfer or sale of mutual fund units. section 194K explicitly provides […]
Learn about the exemption towards retrenchment compensation received by workmen under Section 10(10B) of the Income Tax Act.
Nowadays, nearly every deductor or collector of tax at source is getting default report/Intimation u/s. 154 of I T Act, 1961 from www.tdscpc.gov.in . Those reports/intimation only say that this is the amount of default which may be due to late fees, interest on short payment, interest on late payment etc.
