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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 Hyderabad held that when there was an apparent mistake in the order of the AO in accepting the returned income instead of substituting the same with the assessed income there was an apparent error rectifiable under section 154 of the Income Tax Act.
ITAT Mumbai held that amount cannot be treated as unexplained and accordingly addition u/s 69A of the Income Tax Act unsustainable as amount duly recorded in books of account and offered to tax as professional fees.
ITAT Pune held that no proper justification offered by the assessee in respect of difference of turnover reported in audit report and ITR. Accordingly, addition towards the said difference sustained.
ITAT Delhi held that amendment to section 36(1)(va) of the Income Tax Act and section 43B of the Income Tax Act brought in Finance Act, 2021 is prospective in nature i.e. effective from 01.04.2021 and not retrospective in nature.
ITAT Lucknow held that benefit of exemption cannot be disallowed merely because the same was claimed u/s 54F of the Income Tax Act instead of claiming u/s 54 of the Income Tax Act. Such mistake is inadvertent and typographical mistake.
ITAT Delhi held that penalty under section 271(1)(c) of the Income Tax Act not imposable when income is assessed on estimate basis and accordingly additions are made therein on estimate basis.
Article explores Section 192(1C) of Income-tax Act, which permits eligible start-ups to deduct or pay tax on ESOP perquisite within 14 days of specified events. Criteria for being an ‘eligible start-up’ and benefits associated with this provision will be discussed.
The scope of reopening assessments under the Income Tax Act, 1961 (IT Act) remains unclear, despite several reformative changes introduced by the Parliament through the Finance Act, 2021.
As a professional in the field of taxation, I understand that mistakes happen, even in the most diligent processes. If you’ve made an error in your TDS challan, it’s essential to rectify it promptly to ensure accurate tax compliance.
ITAT Surat held that fair market value (FMV) by the registered valuers is determined after taking into account all the relevant factors like size, shape, situation, location, utility, future potentiality, etc. accordingly, the same cannot be ignore.
