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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 Ahmedabad held that the Assessing Officer is required to pass the assessment order within the time limit prescribed under section 153(1) of the Income Tax Act and hence any order passed belatedly is unsustainable in law.
Bombay High Court held that expenditure towards development of a software which never came into existence is revenue in nature as it doesn’t give rise to any new asset.
ITAT Delhi held that imposition of penalty u/s 271(1)(c) of the Income Tax Act on the mere allegation that assessee failed to justify the revenue nature of the expenditure is unsustainable as penalty proceedings are independent of assessment proceedings.
Understand TDS on rent payment to non-residents. Learn about the deductors responsibilities, deductee conditions, TDS rates, time of deduction, deposit procedures, and compliance requirements. Stay informed about the taxation rules for non-resident rental income in India.
ITAT Kolkata held that non-mentioning of the Document Identification Number (DIN) on the body of the order makes the order as invalid and deemed to have never been issued.
ITAT Mumbai held that any order passed by the TPO beyond a period of limitation as prescribed under the provisions of section 92CA(3A) of the Income Tax Act is bad in law.
ITAT Ahmedabad held that there was delay in filing statement in Form 24Q/ 26Q due to heavy loss incurred by assessee. However, the same was filed before issuance of show cause notice and late payment of TDS was done along with interest. Hence, it shows that there was no mala fide intention on the part of the assessee for late filing of TDS return and hence penalty not leviable.
ITAT Mumbai held that in terms of non- obstinate clause used in section 80IA(2A), deduction for telecommunication services is available in respect of profits of eligible business and is not restricted to profits derived from eligible business as mentioned in section 80IA(1) of the Act.
ITAT Delhi held that revenue received towards to distribute the channel to cable operators, DTH operators, hotels, institutions etc. in India is not in the nature of royalty and hence addition not sustainable.
Supreme Court held that advances paid for the purpose of purchase and/or acquisition of the assets would certainly amount to utilization of the capital gains for the purpose of purchasing and/or acquiring the aforesaid assets and accordingly capital gain exemption available.
