Income Tax - Page 3

Employee Stock Option Expense Disallowance Unsustainable as it is revenue in nature

DCIT Vs Cleartrip Private Limited (ITAT Mumbai)

ITAT Mumbai held that disallowance of employee stock option expenses alleging it to be capital expenditure is unsustainable in law in as much as such expenditure are revenue in nature and hence allowable....

CBDT notifies National Farmers Welfare Program Implementation Society: section 10(46)

Notification No. 85/2023-Income Tax, [S.O. 4282(E).] 29/09/2023

CBDT's recent notification (No. 85/2023) outlines tax exemption for the 'National Farmers Welfare Program Implementation Society.' Discover the income sources covered and conditions here....

CBDT notifies ‘Punjab Nurses Registration Council’ under section 10(46)

Notification No. 84/2023-Income Tax, [S.O. 4265(E)] 29/09/2023

CBDT's latest notification (No. 84/2023) on 'Punjab Nurses Registration Council' clarifies its tax-exempt status for specific income sources. Details here....

CBDT notifies Rule 21AHA & FORM No. 10-IFA for Section 115BAE(5) Option

Notification No. 83/2023-Income-Tax [G.S.R.702(E)] 29/09/2023

CBDT introduces Rule 21AHA & Form 10-IFA for exercising option under Section 115BAE(5) of Income Tax Act, 1961. Learn the rules, process, and significance....

Order passed in case of non-existing entity is null and void

India Medtronic Private Limited Vs ADDL/JT/DY/CIT/ITO (ITAT Mumbai)

ITAT Mumbai held that entire assessment order passed in the case of non-existing entity is null and void and hence is liable to be quashed....

ACIT Vs Vahanvati Consultants Private Limited (Supreme Court of India)

ACIT Vs Vahanvati Consultants Private Limited (Supreme Court of India)

ACIT Vs Vahanvati Consultants Private Limited (Supreme Court of India) The Supreme Court of India has recently made a disposition in the case of ACIT (Assistant Commissioner of Income Tax) v. Vahanvati Consultants Private Limited. The court’s decision has specific implications for the parties involved, and this article will provide ...

Disallowance of interest u/s 36(1)(iii) unjustified as interest bearing funds not used for purchase of land

Manipal Education and Medical Group India Pvt. Ltd. Vs DCIT (ITAT Bangalore)

ITAT Bangalore held that disallowance of interest u/s. 36(1)(iii) of the Income Tax Act unjustified as interest bearing funds not utilized towards purchase of capital assets (i.e. land)....

Broadcasting Reproduction Right not covered under definition of Royalty under Article 12 of India-USA DTAA

Fox International Channels (US) Inc Vs DCIT (ITAT Mumbai)

ITAT Mumbai held that Broadcasting Reproduction Right is not covered under the definition of Royalty under the Income Tax Act as well as Article 12 of the India-USA DTAA....

Other method in rule 10AB is most appropriate method in case of royalty transactions

ASB International Pvt Ltd Vs Additional Income Tax Officer (ITAT Mumbai)

ITAT Mumbai held that "other method" provided in Rule 10AB r.w.s. 92C (1) would be a good substitute for CUP as there is lack of reliable comparables in case of royalty transactions as royalty payments have been made for unique intangibles...

Dividend received by company having PE in Oman is not taxable in India

PCIT Vs Krishak Bharti Cooperative Ltd (Supreme Court of India)

Supreme Court held that dividend received by the Indian company having permanent establishment in Oman is not taxable in India in terms of Article 25 read with Article 8 (bis) of the Omani Tax Laws...

Latest Income Tax News

Income tax is the part of your income which you are required to pay to the Indian government for funding various infrastructural developments, pay salaries to those who are employed by the central or the state governments, etc. All the taxes which are imposed are based on law, and the law which governs provisions about taxes on income is the Income Tax Act, 1961.

Income tax needs to be paid by each and every individual, Hindu Undivided Family, Association of Persons, Body of Individuals, companies, corporate firms, local authorities and every artificial juridical person generating any income based on the income tax slab rates.

Income tax might seem to be a tedious tax for most us, and it has a lot to do with the fact it involves a lot of nitty-gritty and details while calculating and in paying income tax. However, if you need a clear picture about income tax which is simple and easy to understand then you are at the right place.
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