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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...
CBDT notifies Institute of Pesticide Formulation Technology Gurugram under section 35(1)(ii) vide Notification No. 07/2020-Income Tax dated 28th January, 2020.
Though as a Company or a Firm you are required to file a return irrespective of whether you have income or losses. In cases where a person (an individual) has Loss under the head ‘Income from House Property’ or loss under the head ‘ Profits & Gains of Business or Profession’ ‘Capital Gains’ or losses from ‘Income from Other Sources’. Such losses may be allowed to be carried forward and set off (upon fulfillment of certain conditions) provided a Return has been submitted by you in time.
The issue under consideration is whether the re-opening of assessment is justified if it is based on the similar issues and evidences which have been already considered in original assessment?
The Union Finance Minister of India, Nirmala Sitharaman presented the Finance (No. 2) Bill, 2019 in the Lok Sabha proposing several amendments and insertions in the Income Tax Act, 1961. The Bill received the President’s assent and has come into force from 1st September, 2019. This amendment provides for some major changes in the ongoing […]
CBDT further amends Income Tax jurisdiction vide Notification No. 05/2020-Income Tax dated 28th January, 2020. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES Notification No. 05/2020-Income Tax New Delhi, the 28th January, 2020 S.O. 388(E).—In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, […]
Understand the practical issues related to the new penalty provisions under Section 270A of the Income Tax Act. Learn about underreporting and misreporting of income and the implications for taxpayers.
Understand the consequences of failing to maintain books of accounts and documents as required by section 271A of the Income Tax Act.
Clubbing of income, means addition of income of other in the gross total income of a person, while computing his/her taxable income. Generally, it is applicable in family. Income of a spouse, child may be clubbed with income of major earner of the family. Provisions of Section 64 of the Income Tax Act, 1961, deals […]
Sri. Girish V.Yalakkishettar Vs ITO (ITAT Bangalore) Section 44AD of the Act gives an option to the assessee to offer income on presumptive basis. These are special provisions. The assessee has opted for the same and offered to tax income at the rate of 8% of his turnover. The issue is whether, the Assessing Officer […]
It was submitted that therefore, the first proviso to section 148 of the Act would be attracted and the assumption of jurisdiction on the part of the Assessing Officer under section 147 of the Act is invalid.
