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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...
To assure on-time payments, the stated clause would have been inserted as a Socio-Economic Welfare Measure and has been realized through the Micro and small companies. Section 43B of the Act furnishes for specific deductions to be permitted on real payments only rather than on an accrual basis.
Held that, though domestic GAAR provisions are applicable, the treaty benefit cannot be denied to the assessee. Revenue Department to delete disallowance of STCG and allow benefit of provisions of India- Singapore DTAA.
Rakeshbeniyal Vs ITO (Madras High Court) By consent of both the parties, this writ petition has been taken up for final disposal at the admission stage itself. 2. This writ petition has been filed challenging the impugned order dated 19.04.2022, passed by the first respondent under Section 148-A(d) of the Income Tax Act, 1961. 3 […]
As seen from the impugned Assessment Order, the show cause notice was issued by the respondents on 13.12.2022 and the impugned Assessment Order has been passed on 22.12.2022, within a short period even though a request was made by the petitioner by his communication dated 16.12.2022 seeking for ten days time to submit a reply to the show cause notice dated 13.12.2022.
The petitioner has applied under the Income Declaration Scheme, 2016. Admittedly, he has not paid the entire dues as per the scheme, but he has paid a major portion of it, i.e., 94%.
Several opportunities were given to petitioner to respond to notices sent by Assessing Officer so no violation of Principles of natural justice
Learn why the TNM method may not be suitable for determining the Arms Length Price (ALP) in capital goods purchase transactions under transfer pricing regulations in India. Understand the legal perspectives and recent case decisions.
PCCIT having their Headquarters at places specified below, to issue orders for exercise of powers & performance of functions by CIT (Appeals)
United Arab Emirates (UAE), Ministry of Finance has introduced the UAE corporate tax vide Federal Decree Law no. 47 of 2022 on the Taxation of Corporations and Businesses with effect from 1st June 2023 providing the legislature framework for Corporate Tax on Business profit in the UAE.
Vikas Sharma Vs ITO (ITAT Mumbai) ITAT held that if the cash deposited in assessee’s bank account has already been taxed in the hands of M/s. Kareem’s Hospitality Pvt. Ltd (employer of assessee) or in the hands of the director of the assessee company Mr. Kareem Dhanani then no addition is warranted in the hands […]
