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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...
As per the provisions of Section 148A(b) 07 days time is required to be given for giving reply to this notice and this provision is mandatory
Income Tax Department commenced a Search & Seizure operation in the case of some Cooperative Banks, in the State of Karnataka, on 31.03.2023. These cooperative Banks have been found to be engaged in routing of funds of various business entities of their customers, in a manner, so as to abet them to evade their tax […]
Salil Gulati Vs ACIT (Supreme Court of India) Hon’ble Supreme Court today in SLP No. 7466/2023 in Salil Gulati v. Assistant Commissioner of Income Tax has dismissed the SLP. The SLP had challenged the fresh reassessment notices for AY 2014-15 under 148A(b) issued after the Hon’ble SC judgment in Ashish Aggarwal case, on the ground […]
Understand agriculture income and its taxation in India. Learn about exemptions, reporting, and the Income Tax Act’s Section 10(1) provisions. File your Income Tax Return (ITR) accurately.
Calcutta High Court held that invocation of revisional jurisdiction by PCIT u/s 263 of the Income Tax Act ignoring the order passed u/s 153A of the Income Tax Act as immaterial and irrelevant unjustified.
ITAT Surat held that penalty under section 271(1)(b) of the Income Tax Act not leviable merely because the assesse couldn’t make compliance due to some bonafide reasons.
Understand the mandatory filing of Income Tax Returns (ITR) for individuals, HUFs, and entities. Explore cases where filing becomes obligatory, including income limits, business turnovers, and specific scenarios. Get insights from a practicing chartered accountant. Contact for personalized guidance. Disclaimer: This information blog is for knowledge purposes and not a solicitation. Reach out to CA Atif for further assistance.
ITAT Delhi held that addition under section 69A of the Income Tax Act sustainable on failure to provide reasonable explanation of the sources and justification of heavy denomination cash gifts.
ITAT Mumbai held that addition under section 68 of the Income Tax Act on the basis of mis-reporting of insurance company is unsustainable in law.
Missed the ITR deadline No worries! Learn how to file your Income Tax Return for the last three years using ITR U form. Follow step-by-step instructions, gather documents, and avoid penalties.
