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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...
Maruthi Babu Rao Jadav Vs ACIT (Kerala High Court) The writ petition sought for a declaration that the amendments made by the Taxation Laws (Second Amendment) Act, 2016, to Section 115BBE of the Income Tax Act, 1961 enhancing the rate of income tax, for specified incomes which are unexplained, to 60% and the surcharge provided […]
CBDT directs DGIT (Systems), New Delhi, to furnish the response to TN Govt in the form of flag based on Taxpayers status F. No. 225/169/2022-ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ***** New Delhi, the 16th February, 2023 Order under section 138(1)(a) of the Income-tax Act,1961 Central […]
Navigating through different income brackets and the best-suited tax regime for them post Union Budget 2023.
ITAT Mumbai held that entire interest paid on loan for acquiring commercial property is allowable as deduction. Restriction as provided in 2nd proviso to section 24(b) is not applicable. Hence, the amount of loss under the head ‘income from house property’, which is not set off against the income under the other head of income be allowed to be carried forward as per provisions of section 71B of the Act.
ITAT Rajkot held that conversion of agricultural land into non-agricultural land and sale thereof, such sale consideration is received from sale of non-agricultural land and hence the same is taxable under income tax.
ITAT Delhi held that notional interest on debit balance of partners account not sustainable in absence of information of diversion of interest bearing borrowed funds for non-business purpose. Further, notional interest cannot be charged for taxing in the partners debt balance specifically when there is no discussion in the partnership deed
ITAT Delhi held that merely making a claim which is not sustainable in law will not amount to furnishing inaccurate particulars entailing levy of penalty under section 271(1)(c) of the Income Tax Act automatically.
ITAT Pune held that the statutory provisions of interest on refund (section 244A of the Act) cannot be altered by issue of circular by CBDT to the extent they are beneficial to the taxpayer.
ITAT Kolkata held that sale of software is transfer of ‘copyrighted article’ and not transfer of any ‘copyright’ and hence cannot be characterized as ‘Royalty’. Hence, the same is not taxable in terms of India-Ireland DTAA.
ITAT Delhi held that the social security, insurance, relocation expenses which are in the nature of committed and obligated payments are in the nature of reimbursements and not fee for technical services.
