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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 performance of officers in respect of `Vivad Se Vishwas Scheme’ will be specifically commented upon by the Reporting and the Reviewing officers and shall be an important factor in determining their future postings.
Assessee is a company which had undertaken development of integrated township. The assessee had claimed the license fees received from the persons for the use of the IT Parks provided along with various infra structural and other facilities and services under the head ‘Income from business’. However, the AO had considered the same under the head ‘Income from house property’.
Central Government in order to widen and deepen the tax net by bringing participants of e-commerce within the ambit of tax, through the Union Budget 2020-21 has proposed to insert a new section ‘194O – Payment of certain sums by e-commerce operator to e-commerce participant’ with effect from Assessment Year beginning from April 1, 2020.
Elimination of dividend distribution tax and returning to the classical system of dividend taxation was the one of the key highlights of this Union Budget 2020. We will discuss the proposed scheme of the taxation and impact thereon forthwith: The Need: The old system had created a hurdle and DDT was considered as extra cost […]
♠ Section 115BAC is introduced to provide an option to individuals or HUFs to pay tax at reduced slab rates subject to foregoing of certain exemptions / deductions and satisfaction of certain conditions. ♠The option shall be exercised for every financial year where the individual or the HUF has no business income and in other […]
The Constitution (Amendment) Bill, 2020 — introduced in Rajya Sabha; Bill to encourage — ‘two child policy-small family norms‘- The Constitution (Amendment) Bill, 2020 as a private member bill was introduced in the Rajya Sabha on February 7 seeking to introduce a Directive Principle in the Constitution with respect to population control measures. As the reason […]
The penalty provisions of section 271FB of the Income Tax Act applies to all the employer (who paid fringe benefits to its employees) who fails to furnish the ‘return of fringe benefits’ as required under section 115WD (1) of the Income Tax Act. The said penalty provisions of section 271FB are taken up and explained […]
The question before us is, whether the receipts derived from leasing out of the cinema hall, along with furniture & fixtures, plant & machineries and other amenities, was ‘business income’ as contended by the assessee or ‘income from other sources’ as treated by the Department.
HIGHLIGHTS OF FINANCE BILL, 2020 APPLICABLE TO ASSESSMENT YEAR 2021-22 (FINANCIAL YEAR 2020-21) (HOWEVER SOME AMENDMENTS ARE PROPOSED TO BE EFFECTIVE FROM 1.4.2020/ DIFFERENT DATES NOTIFIED AND SOME ARE APPLICABLE TO ASSESSMENT YEAR 2020-21 ALSO) 1. TAX RATES A. TAX RATES APPLICABLE TO INDIVIDUAL AND HINDU UNDIVIDED FAMILY (HUF) a) Option – I (OLD SCHEME) […]
Get a briefing on the penalty provisions of section 271FAB of the Income Tax Act. Understand the consequences of failure to furnish statement/information/documents by an eligible investment fund.
