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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...
ITAT Kolkata held that condonation of delay with explanation like non-availability of tax consultant or illness of Grandson without medical document is not reasonable cause of granting delay. Accordingly, appeals dismissed as time-barred.
Today, we talk about section 56 of this act, which discusses gift provisions and their tax implications. This section provides us with several favors. By virtue of this section, Money and gifts received by an individual taxpayer on the occasion of his/her marriage are exempt from income tax doesn’t matter whether clothes are gifted or a whole building.
Article 1 of United Nations Model Convention on Income and Capital (the Model) provides scope and application of Convention. It outlines the persons and entities to which the Model applies, as well as the types of taxes to which it is applicable.
It is extremely important now that if a taxpayer having PAN and who is eligible to obtain Aadhaar, links his PAN with Aadhaar on the Income Tax portal, within 31.03.2023 or else he/ she shall be liable to all the consequences under the Act for such failure as stated above, in addition to PAN remaining inoperative.
ITAT Mumbai held that deposit of employee’s contribution to provident fund after the due date prescribed under the relevant statue is not allowable as deduction under section 36(1)(va) of the Income Tax Act.
ITAT Mumbai held that as and when the CPC has erred while processing the return of an assessee which causes tax liability on an assessee, then lawfully the appellate authorities should not cite procedure as a tool/ruse to deny the just claim of an assessee.
ITAT Mumbai held that deduction under section 54F of the Income Tax Act duly available as nexus between sale of gold jewellery and purchase of flat duly established.
YouTube requires all monetizing creators to provide tax information by submitting a tax declaration. This tax declaration is necessary for YouTube to comply with tax laws and regulations, and to report earnings to the relevant tax authorities.
ITAT Mumbai held that assessee furnished the return of income and audit report only after issuance of notice under section 148 of the Income Tax Act. Accordingly, penalty under section 271B of the Income Tax Act not leviable as failure was due to ignorance and misguidance.
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