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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...
ACIT Vs Ajit Anantrao Pawar (ITAT Mumbai) The facts stated hereinabove by the ld. AR are not in dispute with regard to framing of two independent section 153C assessments for each assessment year. It is not in dispute that six independent appeals were filed by the assessee before the ld CIT(A) and accordingly, numbered thereon […]
alleged default towards non deduction of TDS from payments made to Guest faculties with reference to Section 194J of the Income Tax Act, 1961
it has been clearly brought out that this flat was never used for any business purposes of the assessee-company and whatever evidences have been produced in the form of leave and licence agreement, minutes of Board meeting, etc. fall in the category of self-serving documents.
For the sake of clarity, it is reiterated that such category of taxpayers may make statutory compliance of filing Form 10F till 30th September 2023 in manual form as was being done prior to issuance of the DGIT(Systems) Notification No. 3 of 2022.
Central Board of Direct Taxes (CBDT) has extended the last date to link Permanent Account Number (PAN) with Aadhaar to June 30, 2023 vide Income Tax Notification No. 15/2023 Date: 28th March, 2023 by amending Rule 114AAA – Manner of making permanent account number inoperative. CBDT has extended the deadline to link PAN with Aadhaar for […]
Understand the Equalisation Levy charge on specified services and e-commerce supply or services. Explore rates, exemptions, and the time period for remittance. Stay informed on the Finance Act’s impact and compliance requirements. Learn how the Equalisation Levy addresses tax treaty benefits. Disclaimer: This article is for educational purposes only.
Explore the profound impact of the Finance Act, 2023 on Charitable Trusts and Institutions under Sections 12AA, 12AB, and Clause 23C of Section 10 of the Income Tax Act, 1961. Unpack amendments categorically, covering exemption regimes, corpus provisions, donation implications, registration simplification, timelines for filing returns and audit reports, specified violations, exit tax provisions, and more. Gain comprehensive insights to navigate the intricacies of the revised tax landscape for charitable entities.
ITAT Kolkata held that filing of Form 67 is directory in nature. Accordingly, benefit of relief of withholding tax credit in Tanzania against the tax liability arising in India allowed.
ITAT Delhi held that royalty payment and R&D cess on royalty is interlinked. As royalty payment is allowed as revenue expenditure, R&D cess is also allowable as revenue expenditure.
ITAT Jaipur held that capital gain on sale of land as covered under the provisions of section 50C of the Income Tax Act is to be assessed separately.
