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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...
Explore the challenges of AI-driven tax processing, focusing on the controversial addition under section 143(1)(a) of the Income Tax Act for GST not deposited by the due date. Understand the implications and potential issues arising from automated systems.
ITAT Chennai held that addition under section 69 of the Income Tax Act sustained as no corroborative evidence produced to prove the source for the cash deposits during demonetization period.
Legatum Ventures Limited Vs ACIT (ITAT Mumbai) ITAT held that capital gains arising on the sale of unlisted shares by a non-resident has to be computed only by reference to the provisions of Section 112(1)(c)(iii) of the Income Tax Act, 1961 without cognizance to the provisions under Section 48 of the Act. From the perusal […]
M.A. Projects Private Limited Vs ACIT (ITAT Delhi) ITAT note that the notice is an omnibus notice without specifying the specific charge upon the assessee and in such circumstances, Higher Courts have held that penalty levied is not sustainable. In this regard, we refer to Hon’ble Bombay High Court (Full Bench at Goa) in the […]
State Bank of India Vs PCIT-2 (ITAT Mumbai) ITAT note that the AO during the assessment proceedings had requested the assessee to furnish explanation in respect of such items of expenses and receipt appearing in the trading accounts and profit and loss accounts (either by way of excess or reduction) in comparison to last year. […]
No ample opportunity was given to the legal heirs of the deceased assessee. Therefore, this Court is of the view that the order impugned in the writ petition is liable to be set aside and the matter should be remitted back to the original authority for affording due opportunity to the legal heirs of the original assessee to put forth their case.
Discover the essential documents needed for filing income tax returns on income earned from trading in shares and F&O markets. Tips from Alliance Tax Experts to ensure a smooth and hassle-free filing process.
Explore MSME compliances and implications under the Income Tax Act. Learn about the advantages of MSME registration, revised definitions, and compliance steps. Ensure timely payments to MSME units to avoid interest penalties. Stay informed about the latest changes in the MSME sector for a thriving business.
Learn how to E-Verify your Income Tax Return using various banks’ Net Banking services. Follow the step-by-step guide for Canara Bank, HDFC Bank, SBI Bank, Axis Bank, IndusInd Bank, IDFC First Bank, and AU Small Finance Bank. Ensure a hassle-free verification process and stay tax compliant.
Sahil Infra Creative Pvt Ltd Vs ITO (Gujarat High Court) The position which unfolds in this case is that the petitioner assesse had filed its objections to the notice for reassessment under section 148 unamended issued to him, however, the Assessing Officer never attended to the objections dated 12.10.2022 and left it undecided. Thereafter, the […]
