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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...
Learn all about gifts, including their meaning, taxation, and important aspects to consider. Get insights on gift taxation and recent amendments.
Orbit Projects Private Limited Vs ITO (Calcutta High Court) Sub- Whether an Assessing officer ignoring the judgement of Calcutta high court in the case of assessee itself issue a fresh notice u/s 148 disregarding the fact that the company in whose name the notice is issued is no longer in existence and for this very […]
ITAT Delhi held that interest income on income tax refund is chargeable at the rate of 10% as per Article 11 of India – Japan tax treaty.
ITAT Mumbai held that CPC (Centralised Processing Centre) is not authorized to carry out adjustments for disallowance of deduction under section 80P of the Income Tax Act.
ITAT Chennai held that simply because there are coconut trees on the land it doesnot mean that agricultural operations are carried out. Accordingly, deduction claimed under section 54B on sale of the land is disallowed.
ITAT Jabalpur held that as per the sale deed what was purchased was only a plot of land for construction of residential house. However, in absence of construction of residential house thereon, exemption under section 54F of the Income Tax Act not admissible.
ITAT Ahmedabad held that depreciation on licenses software is allowable at the rate of 60% and not at the rate of 25% as alleged by the revenue.
ITAT Mumbai held that issuance of draft assessment order along with the demand notice is in violation of provisions of section 144C of the Income Tax Act and hence bad in law.
As per the Finance Act 2021, the re-assessment notice can only be issued to an assessee under Section 148 of the Act when there is an information with the jurisdictional Assessing Officer which suggests that the income chargeable to tax has escaped assessment in the case of the assessee for the relevant Assessment Year with the prior approval of the specified authority under Section 151 to issue such notice.
Learn about tax deductions for new employee costs under section 80JJAA of the Income-tax Act, its eligibility criteria, and practical scenarios for claiming deductions.
