Practice of adjustment of receipts in working progress accounts and offering the net figure for taxation is not supported by the Income Tax Act In a recent judgment, ITAT had held that practice of adjustment of receipts in working progress accounts and offering the net figure for taxation …

NSDL latest e-TDS TCS RPU Version 5.9 from FY 2007-08 NSDL has revised the e-TDS TCS RPU utility for preparing of TDS/TCS returns. e-TDS/TCS RPU version 5.9 for Statement(s) from FY 2007-08 onwards has been released. Also e-TDS/TCS File validation utility (FVU) versions 2.190 for FY 2007-08 to FY 2009-10 …

Same transaction cannot be subject matter of assessment under Section 147 twice; one by the ITO and the other by the DCIT – High Court  In a recent judgment High Court quashed notice passed u/s 148 holding that same transaction cannot be subject matter of assessment under Section …

Applicability of ICAI Guidance Note on Financial Statements of Non-Corporate Entities/LLPs for FY 2025-26 and 2026-27 ICAI has issued an important announcement on applicability of ‘Guidance Note on Financial Statements of Non-Corporate Entities’ and ‘Guidance Note on Financial Statements of Limited Liability Partnerships’ for annual reporting periods 2025-26 …

CBDT has issued revised requirements of DIN referencing in Income Tax notices etc. and exceptions Section 292B of Income Tax Act 1961 (section 592 of 2025 Act) states that no return of income, notice, summons etc shall be invalid merely by reason of any mistake, defect or omission …

When property purchased and sold within same year both sale and purchase price has to be adopted by applying same guideline value u/s 50C – ITAT If AO adopts a deemed price u/s 50C, then where property was purchased within same year both sale and purchase price has …