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Latest Articles


New Tax Audit Form 26 Expands Stock Reporting Requirements in 2026-27

Income Tax : Tax Audit Form 26 now requires reporting of both quantity and value of principal stock, purchases, and sales. The key takeaway is ...

June 19, 2026 261 Views 0 comment Print

Applicability of Section 332(1) of Income Tax Act, 2025 for Educational Institutions Covered by Schedule VII Sl. No. 19

Income Tax : This article examines whether educational institutions with receipts up to Rs. 5 crore must obtain RNPO registration to claim exem...

June 19, 2026 117 Views 0 comment Print

Redeemed My ELSS Fund After 3 Years – Is Gain Taxable & How Much?

Income Tax : This article explains why ELSS redemption gains are taxable despite offering tax deductions at the time of investment. It highligh...

June 19, 2026 102 Views 0 comment Print

I Sold Listed Shares & Made INR 3 Lakh Profit – How Is LTCG Taxed Now?

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 ...

June 19, 2026 2193 Views 0 comment Print

FAQs on Income Tax e-Verification Scheme 2021

Income Tax : The Income Tax Department explains how the e-Verification Scheme addresses mismatches between reported financial transactions and ...

June 19, 2026 11913 Views 0 comment Print


Latest News


Advance Tax Collections Grow 15.30% due to Higher Corporate Tax Payments

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...

June 19, 2026 123 Views 0 comment Print

Income Tax Superintendent Caught by CBI in Bribery Case Linked to PAN Deletion

Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...

June 6, 2026 6154 Views 0 comment Print

ITAT Prioritizes Old Appeals as Rising Pendency Requires Urgent Disposal Measures

Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...

June 5, 2026 276 Views 0 comment Print

Request for Rationalisation and Merger of TDS Return Codes 1023 & 1024

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...

June 4, 2026 1833 Views 0 comment Print

Reduce CASS 2026 Scrutiny Cases Due to New Income Tax Act Transition Challenges: ITGOA

Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...

May 21, 2026 3900 Views 1 comment Print


Latest Judiciary


ITAT Deletes Section 68 Addition as Accepted Cash Sales Cannot Be Treated as Unexplained

Income Tax : ITAT Delhi held that cash deposits arising from recorded and accepted cash sales cannot be added as unexplained cash credits under...

June 19, 2026 102 Views 0 comment Print

ITAT Deletes Transfer Pricing Adjustment as CCDs Are Not Call Options

Income Tax : ITAT Mumbai held that Compulsorily Convertible Debentures cannot be equated with call options and that no option premium arose fro...

June 19, 2026 84 Views 0 comment Print

ITAT Holds Interest on CCDs Allowable as RBI’s FDI Classification Cannot Govern Income Tax

Income Tax : ITAT Bangalore held that RBI's classification of compulsorily convertible debentures as equity for FDI purposes cannot determine t...

June 19, 2026 69 Views 0 comment Print

ITAT Remands Support Service Fee Disallowance as CIT(A) Ignored Documentary Evidence

Income Tax : ITAT Delhi held that no disallowance under Rule 8D(2)(ii) could be made where investments yielding exempt income were financed fro...

June 19, 2026 90 Views 0 comment Print

ITAT Deletes CCD Interest Disallowance as Debentures Remain Debt Until Conversion

Income Tax : ITAT Mumbai held that Compulsorily Convertible Debentures retain their character as debt until conversion into equity. It deleted ...

June 19, 2026 75 Views 0 comment Print


Latest Notifications


CBDT Issues Complete Income Tax Scrutiny Guidelines for FY 2026-27

Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...

June 7, 2026 49167 Views 1 comment Print

Income-Tax (Amendment) Commencement Ordinance, 2026

Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...

June 6, 2026 753 Views 0 comment Print

CBDT Notifies Infrastructure Sub-Sectors as Eligible Businesses Under Income Tax Act 2025

Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...

June 2, 2026 591 Views 0 comment Print

CBDT Approves National Institute of Advanced Studies as Scientific Research Institution  

Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...

May 30, 2026 228 Views 0 comment Print

CBDT Approves S. Nijalingappa Sugar Institute for Scientific Research Tax Benefit Eligibility 

Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...

May 30, 2026 183 Views 0 comment Print


Delay in filing of TDS refund due to inadvertence of auditor is Bonafide mistake

August 20, 2019 1209 Views 0 comment Print

G. V. Infosutions Pvt. Ltd. Vs DCIT (Delhi High Court) The rejection of the petitioner’s application under Section 119(2)(b) is only on the ground that according to the Chief Commissioner’s opinion the plea of omission by the auditor was not substantiated. This court has difficulty to understand what more plea or proof any assessee could […]

Section 14A disallowance when Expenditure incurred against earning of exempted income disallowed voluntarily by Assessee

August 20, 2019 4536 Views 0 comment Print

Pr. CIT Vs M/s. Lee & Murihead Pvt Ltd (Bombay High Court) Sub-section (2) of section 14A of Income Tax Act, 1961  provides that Assessing Officer would determine the amount of expenditure incurred in relation to income which not forms part of total income if he is not satisfied with the correctness of claim of […]

Section 80IB deduction cannot be allowed if not claimed by assessee in return filed by him

August 20, 2019 2823 Views 0 comment Print

EBR Enterprises Vs Union of India (Bombay High Court) Sub Section (5) of Section 80A of the Act mandates is that, if the assessee fails to make a claim in his return of income for any deduction under the provisions specified therein, the same would not be granted to the assessee. This condition or restriction […]

Section 148 Notice based on Investigation report sustainable if AO enquired before issuing such Notice

August 20, 2019 4446 Views 0 comment Print

The issue under consideration is whether the re-opening of the assessment u/s 147 based on information from investigation report is justified in law?

Benami Transactions Prohibition Amendment Act, 2016 Retrospective or Prospective

August 20, 2019 11067 Views 0 comment Print

Introduction : The Benami Transaction (Prohibition) Act, 1988 (Unamended Benami Act) was a small Act with only 9 sections. Through introduction of The Benami Transactions (Prohibition) Amendment Act, 2016, w.e.f. 1st November, 2016, the Unamended Benami Act was amended wherein the sections were increased from 9 to 72 sections and the name of the said […]

Section 194DA TDS on Sum received under life insurance policy

August 19, 2019 29310 Views 9 comments Print

Under section 194DA of the Act, a person is obliged to deduct TDS, if it pays any sum to a resident under a life insurance policy which is not exempt under sec 10 (10D). At present, TDS is required to be deducted @ 1% on such sum at the time of payment. However, TDS is not deductible if the amount of such payment is less than one lakh rupees.

Representation on Income Tax and GST Issues faced by taxpayers

August 19, 2019 37284 Views 7 comments Print

We take this opportunity to bring to your kind attention certain very important issues in Income Tax and GST which need to be addressed by the government to further strengthen tax payers’ confidence.

Payments to teachers/ lecturers/ staff is covered u/s 192 and not u/s 194J

August 19, 2019 13020 Views 0 comment Print

Principal Sri Sathya Sai College for Women Vs ITO (ITAT Jaipur) Assessee college has issued appointment letters to teachers/ lecturers/ staff members from time to time to whom salary was paid. The monthwise salary sheet was also prepared by the college on the basis of the attendance register of the employees. The salary was paid […]

Bogus Share Capital- Onus is on assessee to prove genuineness of transaction

August 19, 2019 1032 Views 0 comment Print

M/s. Royal Rich Developers Pvt. Ltd. Vs Pr. CIT (Bombay High Court) The Assessing Officer recorded that there was no reason for high premium of Rs.30 per share being paid by the investors. The assessee company had carried out no business during the entire period, except for collection of share application money. The responding investors […]

Bogus Share Capital | Addition upheld | Creditworthiness of shareholders not proved

August 19, 2019 2166 Views 0 comment Print

M/s. Royal Rich Developers Pvt. Ltd. Vs DCIT (ITAT Mumbai) We are of the considered view that the onus is on the assessee company to bring on record the cogent evidences to prove the identity and creditworthiness of the share subscribers and genuineness of the transaction which in the instant case the assessee is not […]

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