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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...
Tax exemption to charitable organisations proposed in Finance Bill 2023 – Suggestions. Government provides incentive for public welfare in form of tax exemption. Benefits of the Tax Act Section 11 for charitable organisations.
Central Government hereby specifies ‘Secretary (Information Technology & Digital Service Department), Directorate of e-Governance, Government of Tamil Nadu’ for the purposes of the said clause in connection with sharing of information regarding income-tax assessees for identifying genuine beneficiaries and proper implementation of all the Centrally sponsored schemes and welfare schemes of the state of Tamil Nadu.
It has been admitted that income of Rs.4,57,18,304/- and tax determined thereupon at Rs.87,48,804/-was due to a system error which was in process of being rectified. It is also stated that the Faceless Assessing Officer in fact has assessed income at Rs.1,920/-
ITAT held that husband and wife will have equal shares in house property purchased by them as joint owners, wherein, sale deed had been executed and shares of co-owners is not specified.
ITAT Ahmedabad held that addition on account of on-money received @50% is on a palpably very high side. Accordingly, the same is restricted to Gross Profit percentage i.e. 15%.
ITAT Pune held that initiation of revisionary proceeding under section 263 of the Income Tax Act on a fishing and roving enquiry in the matter without bringing on record any material or evidence is liable to be quashed.
ITAT Bangalore held that if deduction under section 80P(2)(a)(i) of the Income Tax Act is rejected then the deduction on account of expense is allowable.
ITAT Chennai held that replacement/ substitution of HF Reactor is capital expenditure and eligible for depreciation only. Such replacement couldnt be considered as current repairs
Ministry of Finance 1. ANTI-AVOIDANCE RELATED TO INTEREST PAID ON BORROWED CAPITAL Budget 2023 proposes that cost of acquisition or improvement of house property shall not include the amount of interest on borrowed capital, which has been claimed earlier as deduction. While interest paid on borrowed capital for acquiring or improving a property can, subject […]
CBDT informed that field formations have been filing appeals/petitions in physical as well as in e-filing mode. In compliance of the directions of the Hon’ble Supreme Court, field formations have been directed to ensure that filings of appeals/petitions before the High Court’s should take place in the e-filing mode only.
