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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...
The penalty provisions of section 272A of the Income Tax Act covers various penalty like failure to answer the questions or failure in furnishing several information / returns / statements etc. The provisions of section 272A are taken up and explained in the present article. Applicability of provisions of section 272A of the Income Tax […]
1. Introduction Section 148 of the Income Tax Act, 1961 is a complete code in respect of the powers conferred with the jurisdictional assessing officer to step into the assessment/reassessment proceedings. In addition, section 148 embodies and inherently carries with it the layers of riders attached primarily falling in nature of the time constraints, assumption […]
Fees for late filing of income tax returns under section 234F was a fixed charge not a penalty for the extra service which the Department had to provide due to the late filing of the Income Tax return.
CIT Vs Shri R. Rajinikanth (Madras High Court) In this case When the matters are taken up for hearing, learned Junior Standing Counsel brought to our notice the Circular instruction issued by the Central Board of Direct Taxes vide Circular No. 17/2019 dated 8th August 2019, wherein, it is stipulated that appeals shall not be […]
For a developing country like India- what we need the most is a stronger economy which indeed needs a stronger budget which in turn builds a stronger nation altogether. This budget shall propose to give Indian economy an impetus to emerge as more vibrant and stronger. Our Finance Minister released Budget 2020 with an aspiration of […]
The Announcement: A Positive Move On February 1, Finance minister Nirmala Sitharaman, in her budget speech declared that employees of startups (exempt under Section 80-IAC) could defer paying income tax on stock options. The proposal was put forward by the Department for Promotion of Industry and Internal Trade (DPIIT) which suggested extending tax benefits to […]
Revised/enhanced minimum threshold limit of tax effect of Rs. 50 Lakh vide CBDT Circular No. 17/2019, dated 8-8-2019 was applicable not only for appeals to be filed by Revenue in future; but also for appeals already filed by Revenue in ITAT. Therefore, all existing appeals in ITAT, having tax effect below the revised/enhanced limit of Rs. 50,00,000, were to be treated as withdrawn/not pressed; and were, not maintainable.
Penalty under section 271(1)(c) could not be levied for bonafide explanation furnished by assessee as assessee had not offered interest income for tax due to wrong interpretations of the provisions of the Act, not on account of deliberate concealment of income or furnishing of inaccurate particulars of such income.
Finance Bill 2020 has introduced new section, Section 115BAC where employee can pay tax on their total income at the rate specified in the Table from the assessment year 1st April, 2021. Table Sr. No. Total Income Rate (1) (2) (3) 1. Upto Rs.2.50 lacs Nil 2. From 2.50 lacs to 5 lacs 5% 3. […]
It is almost three years since Modi Government sat in the saddle. The people of India have a lot of expectations from this Government as compared to the previous ones and the whopping majority with which this Government was elected by the electorate signifies this aspect.
