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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...
Whatever rights the assessee acquired in the said plot started from 1997, during which year the substantial payment for purchase consideration was also made. The said consideration was recognized in the later registered document, which established the case of assessee of having acquired the rights way back in 1997. Accordingly, the gains arising on transfer of development rights in the hands of assessee would be assessed as ‘long-term capital gains’.
Income Tax scrutiny is essential for detecting discrepancies and maximizing revenue. Learn why scrutiny selection is necessary, manual case-picking criteria (e.g., high TDS volume), and methods like Computer Aided Scrutiny Selection (CASS). Discover the steps taken by Assessing Officers post-selection, such as checking cash transactions, verifying expenses, assessing TDS applicability, and ensuring compliance with various tax provisions.
Krishna, on 26th January, India celebrates its Republic Day. Over the past few months GST and Income Tax departments have been sending notices to the taxpayers to increase the collection of Revenue. Please tell what are the weapons that department is using to take the Taxpayer’s parade?
The Income Tax Department mounted a search on a group operating leading educational institutions having a large number of schools and colleges in Chennai and Madurai region. The search was conducted at the office of the Trust, residences of the trustees and key employees of the group.
Learn about the penalty provisions under section 270A(1) of the Income Tax Act for under-reporting and misreporting of income.
To discuss the tax treatment of the pension received, comprehensively, the employees have been divided in two types, government and non-government. Even the pension received can be of two types, commuted and uncommuted.
CBDT has issued instruction dated 12th February 2018 to conduct assessment proceedings in scrutiny cases electronically, saying that except for search-related assessments, proceedings in other pending scrutiny assessment cases shall be conducted only through the E-proceeding functionality in ITBA/e-filing.
Tax benefits under section 80C for the girl child under the Sukanya Samriddhi Account Scheme,2019 The Central Government initially launched the ‘Sukanya Samriddhi Account’ programme in January 2015 with an objective to promote the welfare of girl child. After that the Government has further notified new Sukanya Samriddhi Account Scheme, 2019 w.e.f. 12th December, 2019 […]
Residential status will be determined as per section 2(30) and test of resident in India u/s 6(1). Section 6(6) does not have any role once the status has been determined as non-resident and no conditions given under 6(6) needs to be checked further.
We go on travel with our family and if we can get tax benefits on such traveling expenses, than why waste to it. This Article on Leave Travel allowance or LTA explains how to claim LTA benefit and Income Tax Provisions related to the same.
