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Income Tax : Understand income tax rebate u/s 87A and LTCG tax u/s 112A under the new tax regime for FY 2024-25 with calculation rules, limits,...
Income Tax : Tax loss harvesting is a tax planning strategy that allows taxpayers, especially investors, to lower their capital gains tax liabi...
Income Tax : ITAT Chennai rules unaccounted customer deposits, with traceable identities and commercial substance, are liabilities, not income ...
Income Tax : Understand Form 15G & 15H for no TDS on interest. Learn who should file, deadlines, online submission, and penalty details....
Income Tax : Section 119(2)(b) allows delayed ITR filings with valid reasons. Revised limits, conditions, and judicial insights guide this less...
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : Karnataka High Court allows ESOP discount as deductible expense under Section 37 for Biocon Ltd. Revenue’s appeal dismissed for ...
Income Tax : Delhi High Court voids tax assessment by National Faceless Assessment Centre for denying personal hearing request, citing violatio...
Income Tax : Gujarat High Court overturns ₹107 crore tax assessment due to Income Tax Department's failure to grant a personal hearing, citin...
Income Tax : Calcutta HC rules share sale profits as capital gains for Century Plyboards, citing investment intent and consistent past tax trea...
Income Tax : Gujarat High Court upholds ITAT ruling in Tejua R. Kapadia case, dismisses Revenue’s appeal on alleged bogus purchases of over �...
Income Tax : ITAT Chandigarh held that ITO Ward-3(1), Chandigarh had no jurisdiction to issue notice to an NRI and hence consequently the asses...
Income Tax : CBDT introduces ITR-B for search and seizure cases under section 158BC of the Income Tax Act, effective from 1st September 2024....
Income Tax : CBDT sets 30 April 2025 as the last date to file declarations under the Direct Tax Vivad se Vishwas Scheme, 2024....
Income Tax : HUDCO bonds issued after April 1, 2025, notified as long-term assets under Section 54EC for capital gains exemption, usable for in...
Income Tax : CBDT grants tax exemption to Prayagraj Mela Pradhikaran under section 10(46A) of the Income-tax Act, effective from assessment yea...
Ball Aerosol Packaging India Private Limited Vs ACIT (Gujarat High Court) In this case what emerges from the record is that no fresh tangible material distinct from what was made available by the petitioner during the assessment proceedings is emerging and specific queries which have been raised with regard to issues now raised have already […]
ITAT Delhi held that addition of difference between the share valued by the company and value determined as per IT Rules sustained as the assessee failed to discharge his onus of proof.
Bombay High Court held that purchases cannot be treated as unexplained expenditure (i.e. fictitious purchases) merely because suppliers have not appeared before AO or CIT(A).
Grow your investments & save tax this year Union Budget 2023 brings big changes for individual taxpayers. Discover the wishlist here!
ITAT Delhi held that adoption of Comparable Uncontrolled Price (CUP) method for determining Arm’s Length Price (ALP) of the international transaction is unjustified.
Gujarat High Court held that issued raised in reopening assessment was already considered during assessment proceedings u/s 143(3) of the Income Tax Act. Accordingly, mere change of opinion by the Assessing Officer cannot be ground for reopening of assessment.
ITAT Mumbai held that as per section 92CA (3A) of the Income Tax Act Transfer Pricing Officer (TPO) is required to pass an order within a period of 60 days prior to the date of completion of assessment as per section 153 of the Income Tax Act. Order passed after the date will be barred by limitation.
ITAT Mumbai held that capital gain exemption under section 54 of the Income Tax Act cannot be denied as investment was made within the time limit specified under section 139(4) of the Income Tax Act.
Held that, non-supply of documents referred in the ‘reason to believe’ notice along with the notice to the assessee deems the reassessment proceeding and any consequential proceedings illegal and is a flagrant violation of the principles of natural justice.
Section 56 of the Income Tax Act (ITA), which provides certain exemptions or deductions to startups for their income. In this article, we will discuss the various tax benefits available under Section 56 of the Income Tax Act for startups in India.
