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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...
Keva Industries Pvt. Ltd Vs ITO (ITAT Mumbai) We find that there is no dispute that the assessee company had acquired the shares of a foreign company from its directors. We also find the provisions of section 56(2)(viia) of the Act refers to transaction of acquisition of any property being shares of a company not […]
AO had duly adjudicated the same on merits in the assessment order itself and hence there is no question of said claim of assessee getting rejected for not claiming the same by way of a valid return.
S. K. Mineral Handling Private Limited Vs Commissioner, Central Excise, Customs & Service Tax (CESTAT Kolkata) In this case contract is essentially for the transportation of goods which incidentally involving loading of tipper/unloading of tipper at Railway Track head/Railway Siding which cannot be taxed under the category of Cargo Handling Service simply because rates for […]
When resulting company had not received notice of reopening of assessment of amalgamating company, then, order of assessment that came to be passed pursuant to the notice of reopening of assessment, was not against the resulting company, thus, notice of recovery was set aside and attachment of the resulting company’s bank accounts was lifted.
Though the co-operative banks pursuant to the insertion of subsection (4) to Sec. 80P would no more be entitled for claim of deduction under Sec. 80P of the Act, but as a co-operative bank continues to be a co-operative society registered under the Co-operative Societies Act, 1912 (2 of 1912), or under any other law for the time being in force in any State for the registration of co-operative societies, therefore, the interest income derived by a co-operative society from its investments held with a co-operative bank would be entitled for claim of deduction under Sec.80P(2)(d) of the Act.
When the excess stocks were found during the Survey, there was no question of allowing the assessee to record any additional purchases because such purchases had already been recorded in the books of account of the assessee. Therefore, the excess stock, per se, had to be naturally brought to tax as ‘undisclosed income’ by itself and there was no question of any corresponding deduction from that in such cases. Hence, revenue was justified in bringing to tax the undisclosed Income under section 69C.
Public Provident Fund (PPF) account is an excellent tool for tax planning as well as for accumulating funds for retirement. The money in PPF account is not supposed to be used any other purpose except under exceptional circumstances. PPF rules allow you to use the money before its maturity. Let us discuss how one can […]
Less than 1% of the Income Tax Returns are selected for scrutiny/investigation Selection for scrutiny is made by Computer Assisted Scrutiny System (CASS) without any human interface
Many companies as a part of the compensation to employees and its HR policy pay for the health insurance of the employees and it’s family. The premium is paid by the company for the benefit of the employees.However, the HR department needs to understand the tax implication for the premium paid in the hand of the Company/Organisation and the employees.
Article explains What are Carbon Credits, Why is there need for Carbon Credits, Certified Emission Certificate, Whether Certified Emission Certificate (CER) are tradable, Taxability of Carbon Credits and contains text of Section 115BBG : Tax on income from transfer of carbon credits. What are Carbon Credits? Carbon Credits is an incentive given to an industrial […]
