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Income Tax : The article explains how ESOP taxation in unlisted companies occurs at both exercise and buyback stages. It highlights perquisite ...
Income Tax : The FAQs explain the revised CBDT guidelines on compounding offences under the Income-tax Act effective from 17 October 2024. They...
Income Tax : Learn the eligibility, investment conditions, exemption limits, timelines, and withdrawal provisions for capital gains exemptions ...
Income Tax : This FAQ serves as a reference for the Income-tax Act provisions relating to cash receipts, loans, repayments, and electronic paym...
Income Tax : This FAQ covers all ten notified ICDS, explaining their scope, applicability, disclosures, and treatment of various tax-related tr...
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : The ITAT Mumbai held that sales tax and similar State Government incentives were capital receipts because the schemes were intende...
Income Tax : The ITAT Visakhapatnam held that the Commissioner cannot invoke Section 263 where the Assessing Officer has already conducted inqu...
Income Tax : The ITAT Visakhapatnam held that deduction under Section 80P cannot be allowed where the assessee failed to file a valid return of...
Income Tax : The Tribunal directed the Assessing Officer to grant Foreign Tax Credit, observing that delayed filing of Form No. 67 is only a pr...
Income Tax : The ITAT Jaipur held that reassessment under Section 147 was invalid because the Assessing Officer merely relied on Investigation ...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
RBM Pati Joint Venture Vs DDIT (ITAT Delhi) An insight over the penalty order, we find that the penalty was initiated on account of loss claimed by the appellant on sale of assets, even though, that particular block of assets had not been exhausted. We do not find any justification to discard the findings reached […]
Merely because liability was outstanding, it could not be presumed that the said liabilities had ceased to exist. Since the liability did not cease to exist and the assessee had acknowledged debt in his books, the same could not be taxed under section 41(1).
As per the directions of Hon’ble CAT, Mumbai Bench in its Order dated 06.02.2019 in the Contempt Petition (CP) No. 18/2018 of the OA No. 623/2016 in the case of Sanjeev Kumar & Others v/s Union of India & Others, the following 64 officers are hereby reverted to the post of Income Tax Inspectors with […]
Builders generally as a matter of practice are not interested in leasing of such property (ies) hence even the department in most of the cases, did not invoke provisions of section 23 of Income-tax Act, 1961 (‘the Act’) to tax the notional income deemed to accrue on completed vacant property(ies) held as stock-in-trade by the builders.
Learn how to handle income tax raids effectively. Understand the steps to take after a raid, including PAN migration and filing income tax returns.
In order to align the domestic laws with the modifications being done by Organisation for Economic Co-operation and Development (OECD) through Base Erosion and Profit Shifting (BEPS) and the Multilateral Instruments (MLI) some very significant amendments have been done in international taxation. Business connection as defined in section 9 has been further aligned with the […]
Article compiles Section wise TDS Rates / TDS Rate Chart for Financial Year 2019-20 or Assessment Year 2020-21 with Nature of Payment, Threshold Limit and Percentage TDS rate applicable to Individual, HUF and to other category of Assessees. Article takes into account recent changes by Interim Budget 2019 in TDS Threshold Limits. […]
Lakme Lever Private Limited Vs CIT (ITAT Mumbai) As regards the depreciation on non compute fee is concerned, we find that the claim was duly made by the assessee in the computation of income. Hence, it cannot be said that the A.O. has not applied his mind on this issue. In this regard, we place […]
Ms. Ashte Logistics Pvt. Ltd Vs Pr. CIT (ITAT Mumbai) ITAT held that Upon careful consideration, we find that the delay in filing the appeal is solely attributable to the wrong advice of the consultant. In our considered opinion, the assessee should not suffer on account of the wrong advice of the consultant, hence, in […]
CIT Vs Kalpana Hansraj (Bombay High Court) Perusal of sub-section (1) of Section 54 of the Act would show that the exemption would be available to an assesse being an individual or Hindu Undivided Family where the capital gain arises from the transfer of a long-term capital asset, not being a residential house provided the remaining conditions […]
