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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...
ITAT Ahmedabad remands Bhavesh Sureshchandra Shah’s case back to the AO for detailed verification of a Rs. 2.09 crores unexplained income claim, highlighting the need for comprehensive examination of bank statements and evidence.
Classification of royalties and fees for technical services as income in India according to the Income-tax Act, 1961. Explore the definitions and implications of these categories, as well as the concept of Tax Deducted at Source (TDS) and its rates for residents and non-residents.
Karnataka State Chartered Accountants Association (R.) addresses the significant issue of delay in income tax refunds. Read their comprehensive representation highlighting the challenges faced by taxpayers and suggestions for improvement.
ITAT Mumbai held that amendment to section 40(a)(ia) of the Income Tax Act vide the Finance (No.2) Act, 2014 is effective from 01/04/2015 and shall be applicable from the Assessment Year 2015-2016.
ITAT Delhi held that addition in case of bogus purchases is restricted to the extent of 25% of the purchases. As lower authorities made addition of 25% of bogus purchase, the same is sustainable.
ITAT Chennai held that reopening of assessment in absence of any failure on the part of the assessee to disclose material facts necessary for the assessment and without any new tangible material is untenable in law.
Suppose you are a non-resident Indian (NRI) or a person of Indian origin (PIO) with income sources outside India. In that case, you may wonder how to file your income tax returns in India. This article will explain the basics of e filing of income tax return for international income sources.
ITAT Ahmedabad held that benefit of exemption under section 11 of the Income Tax Act cannot be denied merely on account of delay in furnishing of audit report in Form No. 10B.
Demystify complex taxation terms under the Income Tax Act in India with simplified explanations. Understand key concepts like income, taxable income, deductions, exemptions, assessment year, advance tax, TDS, tax return, tax credit, penalties, tax residency, capital gain, tax audit, tax evasion, tax planning, APA, tax deductible, and GST. Gain insights into the layman’s language definitions to navigate the tax landscape effectively. For personalized advice on tax matters, consult with a Chartered Accountant with over 5 years of experience.
Unravel the tax implications of gifts received during weddings in India. Explore the Income Tax Act’s provisions on gift taxability, exemptions, and specific categories like gifts from relatives and non-relatives. Gain insights into case studies illustrating tax exemption scenarios for gifts during weddings. Learn the importance of documentation and compliance to navigate the tax landscape confidently. Connect with a Chartered Accountant for personalized advice on managing tax implications for gifts during weddings.
