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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...
CIT should not stop merely on finding that the order was erroneous but also had to establish that the order of AO was prejudicial to the interests of revenue. Thus, revision could not be made in such a case and the order of AO was restored.
Central Government hereby notifies for the purposes of the said clause, ‘Real Estate Regulatory Authorities’ as specified in the schedule to this notification, constituted by Government in exercise of powers conferred under sub-section (1) of Section 20 of The Real Estate (Regulation and Development) Act, 2016 (16 of 2016) as a ‘class of Authority’ in respect of the following specified income arising to that Authority, namely:—
‘Joint Electricity Regulatory Commission (for the State of Goa and Union Territories except Delhi)’, a commission constituted by the Government of India, in respect of the following specified income arising to that Commission, namely:—
CBDT notifies Centralised Verification Scheme, 2019 for for centralised issuance of notice and for processing of information or documents and making available the outcome of the processing to the Assessing Officer vide Notification No. 05/2019 Dated 30th January, 2019.
Prescribed income-tax authority under section 133C. 12D. The prescribed income-tax authority under section 133C shall be an income-tax authority not below the rank of Assistant Commissioner of Income-tax who has been authorised by the Central Board of Direct Taxes to act as such authority for the purposes of that section.
DO NOT ENTER INTO BENAMI TRANSLATIONS. IT’S ILLEGAL AND PUNISHABLE Benami Transaction is an arrangement in which a property (movable or immovable) is transferred to or held in the name of one person (Benamidar), but is actually owned and enjoyed by another person (beneficial owner). For exceptions – refer to The Prohibition of Benami Property […]
An individual can claim upto Rs. 25,000 as a deduction on medical insurance of self and family (spouse and dependent children). If the taxpayer or any member in his family is more than 60 years old, maximum deduction claimable is Rs. 50,000.
Section 80TTB introduced from Financial Year 2018-19 allows a deduction up to Rs. 50,000 in respect of interest income from deposits held by senior citizens from his gross total income if it includes any income by way of interest on deposits (not being time deposits) in a savings account, a deduction amounting to:
Shri Harish M. Kukreja Vs ITO (ITAT Ahmedabad) The solitary issue involved in the present appeal is towards extent of disallowance permissible under s.14A of the Act. We find merit in the plea raised on behalf of the assessee that the disallowance under s.14A of the Act cannot surpass the quantum of exempt income in […]
Hetal Brijesh Ukani Vs ACIT (Gujarat High Court) The notice under section 148 of the Act, which is a jurisdictional notice, has been issued to a dead person. Upon receipt of such notice, the legal representative has raised an objection to the validity of such notice and has not complied with the same. The legal […]
