Get all latest income tax news, act, article, notification, circulars, instructions, slab on Taxguru.in. Check out excel calculators budget 2017 ITR, black money, tax saving tips, deductions, tax audit on income tax.
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 laws are getting complex day by day and also scope for simple tax planning is also getting narrower day by day. In this dynamic environment, knowledge of only tax laws will not help you to sustain the proper tax planning. Knowledge and better understanding of different laws is very much important.
Release of Return Preparation Software: Software for preparing ITR 1 & ITR 4S in Java, Excel & Online for AY 2015-16 are now available for e-Filing. ITR 1 & ITR 4S can also be filled and submitted online after logging to the e-Filing website. E-filing of ITRs 2 and 2A will be enabled shortly. ITR […]
The Hon’ble Tribunal held that the property in question was sold by assessee’s late husband before his death and the receipts out of the sale proceeds are deposited in a joint bank account that of assessee and her late husband. Once this is the position the entire receipts are to be assessed in the hands of late husband although through legal heirs by adopting the procedure prescribed u/s. 159 of the Act.
Under the project only product neutral training will be given except a short session on company’s profile and prixiucts. Further, the farmers benefitted under the project will have the privilege of supplying their produce to any other entity.
The object and activities of the assessee were entrusted to it by RBI as a part of its supervisory role over the bank in India. Revenue doubted that assessee is engaged in commercial activities and hence proviso of section 2 (15) was applicable to the case of assessee and hence not eligible for exemption u/s 11.
Appeals filed by the assessee were withdrawn. The Revenue filed the appeal. Facts of the case were that the assessee company was engaged in the business of running a mall. A TDS survey was conducted on 15-11-2012 during which it was observed that the assessee company had deducted tax on professional fees u/s.194J at lower rate than as required by the section.
When reassessment proceedings were started and ended by passing a reassessment order u/s 147/143(3) of the Act, then original assessment order passed u/s 143(3) of the Act and appeal against that order does not survive for adjudication and the same was correctly dismissed by the CIT(A).
Mohini Originals v. ITO (ITAT Delhi) Facts of the Case The Assessee was an EOU filed its return of income, where AO observed that they have claimed exemption under section 10B which was allowed at the time of Assessment. Deduction on duty drawback was also allowed. However, in the proceedings for the next year A.O. […]
The Hon’ble Tribunal held that the DVO has estimated the cost of investment at Rs.3,58,39,100/- against the cost of investment declared by the assessee at Rs.3,47,12,678/-. Therefore, the difference is about 3.24% and for this minor difference, no addition is called for. Since the difference is very nominal, no addition is called for in this regard.
The sole basis of the Department to assess profit of Rs.70.00 lacs is based upon the statement recorded under section 132(4) of the Act. It is a matter of fact that by the time statement was recorded, the entire project was not sold by the assessee. Only two shops were sold.
