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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...
Presumption that Petitioner beneficiary of accommodation entries based on statement of third party was disproved. Consequently, onus would be on AO to provide reasons to disbelieve bank statements and supporting documents for reopening the assessment.
CBDT notifies Food Safety and Standards Authority of India under Section 10(46) of Income Tax Act, 1961 vide Notification No. 26/2023-Income Tax Dated: 10th May, 2023 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 26/2023-Income Tax | Dated : 10th May, 2023 S.O. 2155(E).—In exercise of the powers conferred by […]
CBDT notifies Pune Metropolitan Region Development Authority under Section 10(46) of Income Tax Act, 1961 vide Notification No. 25/2023-Income Tax Dated: 10th May, 2023. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 25/2023-Income Tax | Dated : 10th May, 2023 S.O. 2154(E).—In exercise of the powers conferred by clause (46) […]
ITAT Delhi held that proviso to Section 147 of the Income Tax Act gets applicable as reopening of assessment is initiated after four years of original assessment. Accordingly, re-opening of assessment based on mere change of opinion is unsustainable.
Supreme Court held that ITAT accepted the rectification deed reducing the amount from Rs. 15,94,06,500/ to Rs. 5,24,27,354/ without questioning the factum of refund of differential amount. Accordingly, matter remanded back for fresh consideration.
ITAT Delhi held that the amounts advanced for business transaction between the parties would not fall within the definition of deemed dividend under section 2(22)(e) of the Act.
Meena Nayyar Vs ACIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently, in an appeal filed before it, held that no additions can be made de hors any incriminating material for assessment under Section 153A of the Income Tax Act. The aforesaid observation was made by the Delhi ITAT, when appeals […]
HC allows petitioner to demonstrate that tractors/trailors against which exemption of motor vehicles tax are claimed are not used or do not ply in public road but are confined only within the tea garden area.
Klug Avalon Mechatronics Private Limited Vs ITO (ITAT Pune) ITAT held that a person is liable to deduct any sum under the provisions of chapter XVII of the Act, is under obligation to deliver or furnish a statement u/s 200(3) of the Act within the due date prescribed therein and in the event of default, […]
Finance Act, 2023 introduced significant amendments related to Micro, Small, and Medium Enterprises (MSMEs) in India. One of the key changes pertains to the payment compliance and deductions for MSMEs. Let’s explore the definition of MSMEs, the amendment to Section 43B of the Income Tax Act, and provide some author remarks on the matter.
