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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...
Income upto Rs 5 Lakh to get full tax rebate; higher standard deduction proposed Relief of over Rs 23,000 crore to estimated 3 Crore small and middle class tax-payers TDS threshhold on interests on small savings raised Boost to housing and real estate sector FM announces a slew of tax reliefs for middle class and […]
Anti-black money measures brought undisclosed income of about Rs 1.3 Lakh Crore to tax Rs 6,900 Crore worth Benami assets and Rs 1600 Crore worth foreign assets attached 18% growth in direct tax collection in Fy 2017-18 Tax base increased by 1.06 Crore people filing ITR for 1st time mainly on account of demonetization The […]
Income upto Rs. 5 lakh exempted from Income Tax. More than Rs. 23,000 crore tax relief to 3 crore middle class taxpayers Standard Deduction to be raised to Rs. 50,000 from Rs. 40,000. TDS threshold to be raised from Rs. 10,000 to Rs. 40,000 on interest earned on bank/post office deposits. Existing rates of income tax to continue
Deeming Provision – deem things to be what they are not or changing some term to mean something more (or less) with the intent of conferring an advantage upon the taxman. Under the Income-tax Act, 1961 section 2(22)(e) is one such deeming provision that has been the focus of much litigation ever since its enactment.
Tax payers want to reduce their tax liability through various means available to them. It may take the form of tax planning, aggressive tax planning or tax avoidance. There has always been a tussle between taxing authorities and tax payers when there is aggressive tax planning or tax avoidance
Limit/Restriction on Cash transaction U/s 269ST of Income Tax Act.1961- Cash transactions in the economy mainly responsible to increase or promote the black money circulation in their respective fields/Areas. With an objective to control the black money circulation and promote the digital economy in the country the Government has introduced a section 269ST and 271DA w.e.f. 1st April, 2017.
THE FINANCE BILL, 2019 AS INTRODUCED IN LOK SABHA ON 1ST FEBRUARY, 2019 VIDE BILL No. 5 OF 2019 1. The object of this Bill is to continue the existing rates of income-tax for the financial year 2019-2020 and to provide certain relief to taxpayers and to make amendments in certain enactments. 2. Clause 2 […]
BUDGET SUMMARY WITH MAJOR HIGHLIGHTS OF THE INTERIM BUDGET 2019-20 INTERIM BUDGET 2019-20 PRESENTED IN PARLIAMENT TODAY HAS A MAJOR SCHEME FOR FARMERS AND PROVIDES FOR INCOME TAX SOPS THIS INTERIM BUDGET IS TO BE VIEWED AS A MEDIUM FOR A PROGRESSIVE PATH FOR THE COUNTRY, THE FINANCE MINISTER SAYS SHRI PIYUSH GOYAL SAYS GOVERNMENT […]
The assessee had complied with conditions for grant of deduction under sections 54B inasmuch as he has utilised, within a period of two years from the date of transfer of capital asset, the capital gain in purchasing another land for being used for agricultural purposes, therefore, mere fact that assessee did not get legal title to the land could not be ground to deny benefit of deduction under sections 54B.
CIT Vs M/s. Sree Ganesh Trading Company (Kerala High Court) Conclusion: AO was not justified in making addition to the income of assessee under section 68 on account of alleged unexplained credits as assessee-firm had proved identity, creditworthiness of the creditors from whom it had received credits and if AO had doubt on the source […]
