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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...
When is the New Personal Tax Regime under Section 115BAC Beneficial? An In-depth Break-Even Point Analysis Friends, with the blessings of the Almighty, we will soon battle out and overcome this unfortunate COVID-19 outbreak and the current essential lock-down period will also pass shortly. 1. The new FY 2020-21 corresponding to the AY 2021-22, has […]
Scope of Equalisation Levy Extended The Finance Act, 2016 introduced Equalisation Levy with effect from 01-06-2016. This levy is charged at the rate of 6% from the consideration paid or payable to a nonresident person for the online advertisement services. The Finance Bill, 2020, as passed by the Lok Sabha, has extended the scope of […]
The Central Government and Ministry of Corporate Affairs vide its General Circular No. 11/2020 dated 24.03.2020, has launched the Companies Fresh Start Scheme, 2020 in order to provide a one-time opportunity to the Companies to complete their pending compliances by filing necessary documents, annual returns, financial statements and other necessary documents as required through MCA […]
Start-up means an entity, incorporated or registered in India not prior to ten years, with annual turnover not exceeding INR 100 crore in any preceding financial year, working towards innovation, development, deployment or commercialisation of new products processes or services driven by technology or intellectual property. Eligibility criteria for start-up companies: Must be a private […]
Salient features of section 115BAA of the Income tax Act. 1961 (status as on 30th March 2020) as amended by Finance Act 2020 and as approved by the President of India on 27th March 2020. Background: Inorder to promote growth and investment and to be competitive as a nation (especially with respect to tax rates), […]
You can keep and generate 2000 parties Form 15H by using this utility with in seconds.Simple to generate as and when require Form 15H UIN (Unique Identification Number) will generate automatically as per the prescribed format.
Applicability of Section 194-O-TDS on payments made to e-commerce participants by e-commerce operators -Section 194-O shall be applicable on R & NR (Resident & Non-Resident) E-commerce operators making payment to resident e-commerce participants in relation to sale of goods or services facilitated through its digital or electronic facility or platform. -Applicable for the transactions from […]
Understand the provisions of section 10(10A). Learn about the exemption available for commuted value of pension under the Income Tax Act.
THE FINANCE ACT, 2020, received the assent of the President on the 27th March, 2020 substituted the following in place of the existing provisions of section 194N, which was introduced as a deterrent for cash transactions. 1.0 STATUTORY PROVISION For section 194N of the Income-tax Act, the following section shall be substituted with effect from […]
Different Audit applicable to individuals, Companies and HUF. There are many tax compliances in India. Here I simplify the different audit applicable to entity and to whom. Tax audit: A tax payer having a turnover or gross receipts more than 1 Crore is liable for tax audit for that financial years. Please note that with […]
