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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...
1. The Income Tax Act is riddled with various exemptions and deductions which make compliance by the taxpayer and administration of the Income Tax Act by the tax authorities a burdensome process. In order to provide significant relief to the individual taxpayers and to simplify the Income-tax law, this Budget propose to bring a new […]
This is my approach to explain the ESOPs Accounting, Taxation & Compliance in simpler terms. Ind AS (Accounting) The accounting for ESOP is dealt by Ind AS 102, Share-based Payment. First we need to understand terminology used in ESOP, which are as follow: Grant : Grant means issue of options to employees under ESOP. Exercise: It […]
Earlier Finance Act, 2013 introduced tax on the distributed income by the company on the buyback of the Unlisted Shares vide section 115QA under chapter XVII-DA. The Bare Act language of the section 115QA mentioned below for the reference. 115QA. Tax on distributed income to shareholders. “(1) Notwithstanding anything contained in any other provision of […]
Since unutilized credit in the MODVAT scheme without incurring the liability could not be treated as sum actually paid by assessee under section 43B hence the unutilized credit under MODVAT scheme did not qualify for a deduction.
When a retiring partner took only money towards the value of his share on retirement and when there was no distribution of capital asset/ assets going to the partners, there was no transfer of capital asset and consequently no profits or gains was chargeable u/s. 45 (4).
Section 68 – Bogus Cash Credit – The expression ‘any previous year’ to mean as not referring to all the previous years, but, the previous year in relation to the assessment year concerned.
Income tax returns are public documents and they can be summoned by the Court. If same are produced before the Court , the same does not result in violation of Article 21 of Constitution of India, as they are Government documents and are accessible to others.
Learn about the penalty for failure to furnish required information in Form 49D under section 285A of the Income Tax Act.
Neha Chowdhary Vs ITO (ITAT Kolkata) Bogus capital gains from penny stocks- It emerges that from a perusal of these case files that although the assessee has produced her documentary evidence before the lower authorities about the impugned sums to be in the nature of income derived from the sales of shares, the fact remains […]
What is Adjusted Gross Revenue (AGR)? Pursuant to the National Telecom Policy, 1994, the telecom sector was liberalized. The licenses were granted to the companies operating in the telecom sector. To tide over the huge fixed license fee, the government in 1994 gave an option to the licensees to follow the Revenue sharing model. Under […]
