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Income Tax : Have questions about income tax payment? Read this article to find answers to frequently asked questions about income tax, includi...
Income Tax : Explore common FAQs on income tax assessments, including types, procedures, and time limits for sections 143, 144, and 147....
Income Tax : Learn about tax loss adjustments, including intra-head and inter-head, carry forward rules, and restrictions on set-offs under Ind...
Income Tax : Learn about clubbing of income under Indian tax laws, where income of one person is included in another's taxable income, includin...
Income Tax : Learn what constitutes capital gains, how they are taxed, the types of capital assets, and distinctions between short-term and lon...
Income Tax : Join our 5-day live course from Sept 8-12, 2024, for an in-depth understanding of tax audits under Section 44AB, with practical in...
Income Tax : Learn to handle faceless income tax assessments using AI tools like ChatGPT in a 2-hour live course on Sept 1, 2024. Enhance effic...
Income Tax : The Central Action Plan 2024-2025 by CBDT aims to optimize India's direct tax system, focusing on revenue, litigation, taxpayer se...
Income Tax : Join our live course from Aug 23-25, 2024, to master tax audits, including Form 3CD, financial statements, and GST, with practical...
Income Tax : As of August 11, 2024, net direct tax collections for FY 2024-25 stand at Rs. 6.93 lakh crores, marking a 22.48% growth compared t...
Income Tax : ITAT Ahmedabad held that matter needs to be remanded back as assessee failed to furnish corroborative documentary evidence to prov...
Income Tax : ITAT Mumbai held that notice issued u/s. 274 r.w.s. 271(1)(c) of the Income Tax Act without specifying the particular limb is unsu...
Income Tax : Kerala High Court held that condonation application for delay in filing the audit report in Form-10B should have been considered ...
Income Tax : ITAT Mumbai deletes disallowance of capital gains by DCIT after confirming investment in property with Charity Commissioner approv...
Income Tax : ITAT Mumbai held that confirmation of addition u/s. 69A and 68 of the Income Tax Act without finding any fault with the evidence s...
Income Tax : Finance Act 2023 updates the process for filing applications under Section 10(46A) of the Income-tax Act. Standardized procedures ...
Income Tax : On August 16, 2024, President Droupadi Murmu officially granted her assent to the Finance (No 2) Bill, 2024. With this move, the b...
Income Tax : Explore the Finance Bill 2024, detailing income tax rates, surcharges, and provisions for various taxpayers, including individuals...
Income Tax : Insight Instruction No. 79 details procedures for managing high-risk PAN cases in the Insight portal, guiding tax officers through...
Income Tax : UIDAI's specified income receives tax exemption for AY 2024-2025 to 2028-2029 under Income-tax Act, 1961, as per the latest CBDT n...
PCIT Vs Consortium Nussli Comfort Net (Delhi High Court) This Court is in agreement with the Tribunal that Section 292BB does not give the power to condone the failure or delay in issuing the statutory notice required to be issued under Section 143(2) of the Act. Section 292BB deals with failure of service of notice […]
ITO Vs Dr. Sunitha Agarwal (ITAT Bangalore) The advance received from patients cannot remain perpetually so and even after passage of 46 months, it has not been recognized as revenue. Hence the claim of the assessee that the receipts are capital in nature may not be entertained. Revenue before us is alleging the genuineness of […]
Whether incomes of a non-resident are taxable in India, regardless of whether the non-resident assessee has PE or Business Connection in India? There is misconception in the minds of few non-resident assessees that their income are not taxable in India if they have neither business connection nor permanent establishment in India but there are certain […]
1. Under which Head of Income ESOP is taxable. ESOP is taxable under income from Salary under income tax act, 1961. ESOP is perquisite according to section 17 of income tax act, 1961. According to section 17(2)(vi) of Income Tax Act, 1961 “the value of any specified security or sweat equity shares allotted or transferred, […]
Dr K R Shroff Foundation Vs Additional CIT/ JCIT/ DCIT/ ACIT / ITO (Gujarat High Court) It is a matter of record that the show cause notice dated 21.04.2021 was responded to on 26.04.2021. The hearing through video conference was requested for between 4:00 pm. to 6:00 pm. on any working day, however, the show […]
Roman Catholic Diocese of Eluru Vs ACIT (Exemptions) (ITAT Visakhapatnam) Brief facts of the case are that the assessee is a Registered Society under the Societies Registration Act and is also registered u/s. 12A of the IT Act, 1961. The assessee is carrying out medical and educational activities and conducting pastoral activities in the name […]
St. Francis De Sales Church Trust Vs ACIT (ITAT Mumbai) On a perusal of order of Ld.CIT (A) we find that the Ld.CIT (A) dismissed the appeal of the assessee, as un-admitted being not satisfied with the reasons adduced by the assessee for delay of 41 months in filing the appeal. The assessee explained that “It […]
Standard Industries Limited Vs DCIT (ITAT Mumbai) Assessing Officer has disallowed the claim of expenditure incurred towards the architect fees of ₹33,67,200/- while computing capital gain on transfer of development right. The Assessing Officer was of the view that architect fees cannot be considered as incurred wholly and exclusively in connection with the transfer as […]
PCIT Vs Moser Baer India Ltd. (Delhi High Court) A perusal of the aforesaid order of Apex Court in Civil Appeal No.4705/2014 makes it clear that the respondent company Moser Baer India Ltd. is not financially viable and is in liquidation before NCLT. The order also makes it clear that even if the Revenue were […]
National Faceless Assessment Centre Vs Mantra Industries Limited (Supreme Court of India) Mr. Balbir Singh, learned ASG, has vehemently submitted that, against the assessment order, the High Court ought not to have entertained the Writ Petition and ought to have relegated the original writ petitioner to avail statutory remedy of appeal before the CIT(A). It […]
