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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...
Shanta Kapoor Vs ACIT (ITAT Agra) If AO omits to issue notice under section 148 of Income Tax Act, 1961 to all legal representative (LRs) of deceased assessee, the reassessment would be null and void. Assessee ‘deceased’ had 3 legal heirs, two being sons and one daughter. The AO had not issued notices to all the […]
House Rent Allowance rules and regulations Under House Rent Allowance rules and regulations, you will get exemption up to a minimum of the following amounts: Actual House Rent Allowance (HRA) received by the employee in the year. Rent paid by the employee for his accommodation in excess of 10% of his salary. 50% of the […]
One of the 1st concepts that you would have studied in Income Tax- Application of Income V/s Diversion of Income. Very simple yet confusing!!!! In this blog we will discuss and try to put some light on these two basic concepts. Let’s get started- 1. Application of Income means spending of Income after it is […]
F.No.173/14/2018-ITA-I Government of India Ministry of Finance Department of Revenue (CBDT) North Block, New Delhi, Dated 24-December, 2018 To, All Principal Chief Commissioners of Income-tax Madam/Sir Subject: – Determination of fair market value of unquoted equity shares of ‘Start Up’ companies under section 56(2)(viib) of the Income-tax Act, 1961 read with Rule 11UA(2) of Income-tax Rules,1962 […]
M/s. Sucon India Ltd Vs JCIT (ITAT Delhi) Loss suffered by assessee on derivative transaction is not speculative loss and as such eligible to be adjusted against business income and Explanation 73 of the Income Tax Act is not attracted. FULL TEXT OF THE ITAT JUDGMENT Appellant, M/s. Sucon India Ltd. (hereinafter referred to as […]
Confused about income tax? This article simplifies income tax and covers the basics you need to know before starting a job or business.
Undisclosed income is the income which the assessee has not shown in his Income Tax Return and thereby not paid income tax on it. The primary objective of the Income tax department is to detect such undisclosed income and bring the same under the tax net. If the Assessing Officer detects cash credits, unexplained investments, […]
Republic Of India And Government Of Hong Kong Special Administrative Region Of People’s Republic Of China For Avoidance Of Double Taxation And Prevention Of Fiscal Evasion With Respect To Taxes On Income
Sahara India Mutual Benefit Co. Ltd appeal: The income tax department cannot presume something to have happened five years ago, it did not mean that assessee indulged in similar activity in the previous year
Analysis of Interest payable under section 234B of Income tax Act, 1961 under various scenario: In simple words when advance tax paid is less than 90% of tax payable or advance tax has not been paid, an assessee is liable to pay simple interest @ 1% per month or part thereof from 01st April to date of determination of income under section 143(1) or to the date of regular assessment is made – Section 234B(1).
