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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...
The Old Tax Regime and New Tax Regime refer to two different sets of tax rules that individuals in India can choose from to calculate their income tax liability under the Income Tax Act, 1961.
If you are planning to purchase a new flat, there are various ways to save tax under the Income Tax Act. In this article, we will discuss some of the most common ways to save tax on the purchase of a new flat.
Shanthi R. Pai Vs ITO (ITAT Bangalore) AO made addition of Rs.26,79,000/- on account of cash deposits. Assesee stated that she is a home maker & her husband was employed overseas as Chartered Accountant serving overseas from 1975 to 2008. He used to send money from abroad and also invested in Term Deposits in India […]
SAP Labs India Private Vs ITO (Supreme Court of India) Whether in every case where the Tribunal determines the arm’s length price, the same shall attain finality and the High Court is precluded from considering the determination of the arm’s length price determined by the Tribunal, in exercise of powers under Section 260A of the […]
ITO (TDS) Vs Hadpawat Enterprises (P) Ltd. (ITAT Jodhpur) From a plain reading of second proviso to Section 272A(2) which is inserted by the Finance Act, 2012 w.e.f. 01-07-2012, it is clear that penalty under clause (k) of Section 272(A)(2) cannot be levied on or after the 1st Day of July, 2012. In the instant […]
Learn why mere cash deposits arent enough for reopening assessments. Analysis of tangible material requirement and legal implications for accurate income evaluation.
Explore 41 FAQs on Foreign Tax Credit (FTC) and the determination of residential status in India. Learn about Form No. 67, rules, procedures, and key considerations for claiming FTC. A detailed guide for residents and non-residents.
Issuance of notice & initiation of re-assessment proceeding beyond six years is barred by limitation under Section 147 of Income Tax Act
Section 148 notice is quashed solely on the ground that the impugned notice was issued in the name of non-existing company
Pallava Textiles Private Limited Vs ITO (ITAT Chennai) In this case, the Assessing Officer has initiated penalty proceedings under section 270A of the Act for under-reported income. The Assessing Officer issued show-cause notice under section 274 r.w.s. 270A of the Act calling explanations from the assessee as to why penalty cannot be levied for under-reporting […]
