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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...
In this comprehensive guide, we will explore various techniques and tax-saving avenues that can help individuals optimize their tax liabilities and enhance their financial well-being.
Learn about the mandatory filing of Income Tax Returns (ITR) under Section 139(1) of the Income Tax Act. Understand criteria, exceptions, and avoid penalties. Stay compliant with Indian tax regulations.
ITAT Delhi held that addition based on some dummy name without incriminating material reflecting name of the assessee is unjustified.
CBDT issued Notification No. 32/2023- Income Tax on May 29, 2023. This notification introduces the Income-tax (Sixth Amendment) Rules, 2023, which further amend the Income-tax Rules, 1962. The key changes made by these rules are as follows: Rule 45: The words “Commissioner (Appeals)” in the marginal heading and sub-rule (1) are replaced with “Joint Commissioner […]
Chennai ITAT dismisses Revenue’s appeal against Kovai Medical Centre and Hospital Limited. Consultant doctors’ payments subjected to Section 194J, not 192, due to lack of employer-employee relationship.
In general, benchmarking refers to comparing business processes and performance metrics with industry best practices, which is also the case when it comes to transfer pricing.
Clause 40 of the tax audit report requires the disclosure of important financial information regarding turnover, gross profit, net profit, stock-in-trade, and material consumption/finished goods production for the previous year and the preceding previous year.
Article delve into the details of Section 80EE, its eligibility criteria, and how to claim the deduction while optimizing your income tax return.
Explore the stringent provisions in the Income Tax Act, 1961, aimed at curbing cash transactions in India. Learn about limits, penalties, and the governments push towards a cashless economy. Stay informed to avoid penalties and ensure compliance. Contact us for detailed insights and assistance.
Deciphering the amendments to Section 56(2)(viib) & Rule 11UA(2) of the Income Tax Act post-Finance Bill 2023, impacting FDI and startup ecosystems. Explore the key provisions and valuation methodologies for unquoted equity shares received from residents and non-residents. Stay informed about the impact on closely held companies and exemptions for startups.
