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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...
TAX DEDUCTORS: IT’S TIME TO FILE TDS RETURN FOR QUARTER 3 OF FINANCIAL YEAR 2019-20 31st January, 2020 is the last date for filing TDS statement for the quarter October- December, 2019. The more you delay, the more you pay! 1. Time Limit to File Statement for quarter ending on 31.12.2019: Due date of filing […]
Every Political Party, whether big or small, need funds to run its’ election campaigns, advertise heavily and buy votes to win the elections. With elections around the corner in various Legislative Assemblies and the upcoming elections of Lok Sabha in 2019, the political funding flight is on the runway to take-off.
Avoid penalties for non-filing of ITR before December 31st, 2019. Learn about Section 271F and the consequences of not filing your income tax return on time.
ncome from House Property covers the rent earned from the House property which is chargeable to tax. Sometimes, the owner may have to pay tax on ‘deemed rent’ in case the property is not let out or vacant. The income from house property would be taxable if it satisfies the following three essential conditions:
Objection to be filed by the assessee in case notice u/s 148 is issued to the assessee . Below is the complete procedure laid down by the Hon’ble SC In the case of GKN Driveshafts (India) Limited v. ITO (2003) 259 ITR19(sc), The Hon’ble Supreme Court has laid down an elaborate procedure as to the […]
Public consultation on the proposal for amendment of Income-tax Rules 1962, to inset new rule 29BA and Form 15E, to give effect to the amendment in section 195 of the Income-tax Act, 1961 (the Act) vide Finance (No.2) Act 2019- reg.
Dashrathbhai G. Patel Vs DCIT (ITAT Ahmedabad) Unlawful reference u/s Sec 142A in absence of tangible material and adopting FMV under different section 55A was in gross contradiction of law Conclusion: Since AO had merely issued reference to DVO under s.142A without any background or reasons and the Valuation Officer, in turn, had conferred within […]
The issue under consideration is whether Additional Depreciation u/s 32(1)(iia) will be allowed if the assessee engaged in generation of electricity?
Who is a non resident under Income Tax Act, 1961? Non-resident is a person who is not a ‘resident’ as per the Income Tax Act, 1961. For detailed provisions related to residential status, reference may be made to TPI brochure titled “Determination of Residential status under Income-tax Act, 1961”. Income which are not included in […]
M/s. Charbhuja Marmo (India) Pvt. Ltd. Vs PCIT (ITAT Delhi) Invalid Reassessment Proceedings can not be Revised Under Section 263 by PCIT It is well settled Law that since re-assessment proceedings are invalid and bad in law, therefore, such proceedings could not be revised under section 263 of the I.T. Act. It is also well […]
