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TAX AUDIT EXEMPTION
NCPI's new avatar faces EC test; must inform, attest all changesTrinamool Congress rebels have reportedly merged with the Nationalist Citizen Party of India. This obscure party, registered in West Bengal...- Our objective is to give houses to 22,000 homebuyers of ailing Unitech: SCThe Supreme Court is pushing for a resolution for 22,000 Unitech homebuyers. The court wants suggestions from the new board, banks, and fin...
- AIF returns explained: Why high alpha may exist on paper, not in cash returned to investorsAlternative Investment Funds have delivered an average alpha of 9% over the Sensex, but most of that exists only in valuations, not in cash...
- GIFT City vs Dubai vs Singapore: What you need to know while choosing your investment hubIndian wealth is increasingly seeking global anchors, with GIFT City, Dubai's DIFC and Singapore emerging as key contenders. Each hub offer...
- New ITR forms for AY 2026-27: NRIs opting for new presumptive income scheme have to make this separate disclosure additionallyNew ITR forms for AY 2026-27 mandate Non-Resident Indians (NRIs) opting for the presumptive income scheme to separately disclose gross rece...
- Six big TDS & TCS changes for Tax Year 2026-27: From TDS on NRI property to TCS on overseas remittance for education, know all that has changedNew tax rules for Tax Year 2026-27 begin April 1, 2026. Key changes affect TDS on NRI property and TCS on overseas remittances for educatio...
- Income Tax Calculator 2026: Compare your income tax liability on Rs 15L, Rs 20L, Rs 30L and Rs 50L CTC under new vs old tax regimeThe Income Tax Rules, 2026 introduce significant benefits for salaried employees, including expanded HRA and meal card tax advantages. Thes...
- Delhi High Court asks CBDT to clarify tax on partners’ bonuses, stays recoveryTax authorities nationwide are demanding taxes on partner bonuses and performance pay. Professional firms argue this income is already taxe...
- CAG flags tax irregularities by banks, NBFCsThe audit identified 1,847 observations, including 671 systemic issues and 533 compliance lapses. The largest discrepancies related to impr...
- New income tax rules from April 1, 2026: From HRA relief to new ITR deadlines, key changes explainedNew income tax rules: Significant income tax changes are coming from April 1, 2026, with the Income Tax Act of 2025 replacing the 1961 act....
- India reviews plan to exempt firms with turnover under Rs 1 crore from statutory auditsThe government is deliberating on a new proposal aimed at relieving small enterprises from the requirement of undergoing mandatory audits. ...
- Declaring business or F&O income below 6% of turnover? Tax audit report may be mandatoryTraders declaring business or F&O income below 6% of their turnover may face a mandatory tax audit. This rule applies even if turnover is b...
- I-T dept gives trusts, institutions time till March 31 to file audit reports in correct formIncome of any fund or institution or trust or any university or other educational institution or any hospital is exempt from income tax sub...
- CAG flags data non-sharing between income tax department, MHA to track charitable trusts' foreign receiptsIn all the cases, the department had allowed exemption on such foreign contributions involving tax effect of Rs 182.10 crore, said the repo...
- Loopholes found in tax audit of charitable trusts"Certain trusts/ institutions are taking undue benefits by availing of the permissible accumulation of 15% out of the current year's income...
- I-T department allows condonation of delay in filing audit reports by trusts, institutionsIncome tax law mandates that such institutes can claim tax benefits available to them only after furnishing the tax audit report in form 10...
- Enough provisions to scrutinise accounts of political parties: CBDTThe exemption from Income-tax is given to only registered political parties subject to certain conditions, which are mentioned in Section 1...
- Government mulls making PAN must for registering charitable trustsTo keep a tab on funds flowing through charitable trusts, the government plans to make it mandatory for such entities to provide their Perm...
- CAG questions Rs 3,000 crore of investments by two Tata trustsA detailed audit by the CAG of some major trusts run by business houses and sports bodies has allegedly revealed misuse of income tax exemp...
- I-T dept orders special audit of Commonwealth Games OC booksThe income tax department has ordered a special audit of the accounts of Commonwealth Organising Committee after detecting multiple violati...
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