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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...
With a view to impart greater efficiency, transparency and accountability, the idea of group assessment of income has been proposed over the last few decades. In the course of the re-structuring of the department, in 2001, a system of group assessment was sought to be introduced by way of setting up of assessment range, where Joint Commissioner of Income-tax, Assistant Commissioner of Income-tax and Income-tax officer were given concurrent jurisdiction over the cases.
The Regular Assessments u/s 143(3)/143(3A) being conducted under the New Scheme of e-Assessments 2019, are more popularly known as ‘Faceless Assessments’ & ‘Jurisdiction-less Assessments’.
The invoking by Assessing Officers of the recently promulgated Black Money Act has its first brushes with the Courts of Law with the Hon’ble Delhi High Court and later on The Apex Court rendering almost diametrically opposite judgements. The author attempts a critical analysis of the issue and the various facets of the judgements.
The provision for exemption of long term capital gains from shares requiring payment of securities transaction tax has been taken advantage by unscrupulous tax evaders. An organised tax evasion involving the brokers of stock exchanges, taxpayers and their consultants, entry operators and exist operators was in action for quite some time.
The Investor Education & Protection Fund (Accounting, Audit, Transfer and Refund) Rules 2016 have been amended vide GSR No.571 (E) dated 14.8.2019 to simplify the process of refund of claims filed with The Investor Education & Protection Fund Authority (the Authority).
Krishnasa Bhute Vs ITO (ITAT Bangalore) ITAT held that when considering Rule 6DD(e)(i) of the Income Tax Rules, 1962, and when the payment was made by cash exceeding Rs. 20,000/-, it was permissible if the same was paid for purchase of agricultural produces. If there are entries in the books of accounts and payment is […]
Union Budget is the most comprehensive report of the Government’s finances in which revenues from all sources and outlays for all activities are consolidated. The Budget also contains estimates of the Government’s accounts for the next fiscal year called Budgeted Estimates.
This article covers some of the basic but important issues faced by the Assessing Officer in Search assessment. It also covers the judicial history of the issue and stand taken by the Department. After completion of search by the Investigation Wing, correct application of the provision of the Income Tax Act and assessment of true income of the assessee is most important task of the A.O. in Central Charge
Considering the unique social, cultural and economic dynamics of Indian joint family, the Income Tax Act has given the status of separate legal entity to Hindu Undivided Family(HUF) under section of 2(31) of the IT Act. This article discusses various aspects of HUF taxation, touching upon recent judicial decisions which help to understand the HUF holistically.
The issue of cross examination of witnesses in Income Tax proceedings has seen substantial litigation before various appellate fora. Many a time, income tax assessments, otherwise sound on facts and merits, suffer adverse consequences due to opportunity of cross examination not being provided to the assessees.
