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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 issue under consideration is whether in case of real estate, tax liability will be arise when land was sold or when same was contributed for development under JDA?
The issue under consideration is that whether the activities carried out by Surat Urban Development Authority are considered as Charitable Activities and hence entitled to the exemption under section 11 of the Income Tax Act or not?
CBDT Instruction No. 1916 allowing the specific quantity as reasonable and need not to be explained, does not include the jewellery which is otherwise explained by proof of documents of acquisition as well as declared/ recorded in the books of account of the assessee.
The moot point discussed here is very important where in, the allowed quantity as per the Instruction no 1916 is applicable in case where the assessee does not explain the source of the jewellery and the presumptive quantity is allowed. Such quantity is a Blanket Allowance.
Understanding the penalty under section 271J of the Income Tax Act for professionals providing incorrect information in reports or certificates.
Finance Bill, 2020 has proposed certain amendments in section 254 of the Income Tax Act, 1961. These amendments need your separate attention; therefore, we are sending a representation describing the hardships to you for your kind consideration.
SC has upheld addition under Section of Share Capital and Share premium Considering the Same as Bogus as Appellant was failed to prove the genuineness of the transaction of receiving share application money and to prove the creditworthiness.
Omega Corrugators Pvt. Ltd Vs ITO (ITAT Mumbai) ITAT Mumbai bench has held that genuine omissions must be excluded from the levy of penalty under section 271 (1)(c) of the Income Tax Act, 1961. We find that assessee has debited a sum of Rs.3,57,541/- towards loss on sale of motor car in its profit and […]
In the well known case of Deepak Kochhar, the husband of ex-ICICI Bank CEO Chanda Kochhar Bombay High Court has passed an order that the Income Tax (IT) Assessment Order pertaining to the Assessment Year 2012-13 which was passed against Deepak Kochhar was put on hold and further, the High Court ordered to move to the First Appellate Authority challenging the Income Tax (IT) Assessment Order and till such remedy is availed by the appellant the Income Tax (IT) Assessment Order will be put on stay.
Union Budget 2020-21 has undoubtedly paved the way for start ups to retain and recruit the human talent by issuing ESOP in the initial years when most of them face liquidity crunch. The Union budget 2020-21 speech states in the words of honourable finance minister Nirmala Sitharaman, “I propose to ease the burden of taxation […]
