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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 Mumbai held that it is settled legal position that when income is estimated, then there can be no question of imposing penalty u/s 271(1)(c) of the Act.
ITAT Delhi held that assessment order based on notice issued under section 148 not by the jurisdictional AO is unsustainable and liable to be quashed.
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Unlock the significance of the Permanent Account Number (PAN) in income tax systems. Discover how PAN serves as a vital identifier for taxpayers, ensuring transparency, preventing duplicate accounts, and promoting tax compliance. Learn about its mandatory role in income tax filing, facilitating financial transactions, monitoring high-value transactions, and expediting tax refunds and assessments. Stay informed to navigate the taxation landscape effectively.
ITAT Chennai Held that the provisions of section 43A of the Act specifically provides that the amount of increase or decrease in the liability due to fluctuation in exchange rate should be adjusted against the actual cost of the capital expenditure or the cost of acquisition of capital asset.
ITAT Raipur held that exemption under section 11 of the Income Tax Act duly denied to trust as audit report in Form 10B e-filed/ uploaded beyond the date specified u/s 139 of the Income Tax Act.
ITAT Delhi held that expenditure towards gift to persons who work for the assessee company during Diwali occasion is held for the purpose of business as per the principle of commercial expediency and accordingly allowable as business expenditure.
ITAT Chennai held that additions made towards disallowance u/s. 14A r.w.r. 8D of the I.T. Rules, 1962 to book profit computed u/s. 115JB(2) of the Income Tax Act is unsustainable.
ITAT Pune held that difference between average price of sugar sold in the market and that sold to members at concessional rate is appropriation of profit or not needs re-consideration. Accordingly, matter restored.
ITAT Mumbai held that interest income earned by the assessee on account of surplus funds placed in FD is eligible for deduction under section 10AA of the Income Tax Act.
