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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...
Dharmakumar C. Kapadia Vs ACIT (Bombay High Court) (i) In terms of Section 48 of the Act, the income taxable under the head ‘capital gains’ is to be computed after deducting from the full value of consideration received on sale of capital asset, the cost of acquisition and improvement of the asset. Section 49 of […]
Northern India CA Federation Vs Central Board of Direct Taxes (Delhi High Court) Northern India CA Federation has filed a writ petition in Delhi High Court against non-extension of Tax Audit Report and the relevant Income Tax Return filing due date for Financial Year 2017-18 (i.e. A.Y. 2018-19). FULL TEXT OF THE HIGH COURT ORDER […]
CBDT extends due dt for filing of Income Tax Returns & audit reports from 30th Sept, 2018 to 15th Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018, after considering representations from stakeholders. Liability to pay interest u/s. 234A of IT Act will remain. F.No. 225/358/2018/ITA.II Government of India Ministry […]
the land was sold as an agricultural land and in fact, what was sold was agriculture land. What was the intention of the purchaser cannot be the determinative factor to treat the profit earned by the assessee on sale of agriculture land as business income.
CIT Vs The KCP Limited (Andhra Pradesh High Court) In this case High Court explains Entire law on accrual of liability under mercantile system of accounting explained read with Accounting Standard 4 (AS-4) (contingencies and events occurring after the balance sheet date) issued by the ICAI and Section 211 of the Companies Act, 1956. FULL […]
It is not the case of the Assessing Officer that any actual income was received by the assessee and the same was includible in the total income. In the facts of the case, the Authorities held that since the investments made by the assessee in the sister concerns were not the actual income received by the assessee, they could not have been included in the total income.
BJP economic Cell (Rajasthan), State Co-Convener CA R P Vijay & CA Sachin Kumar Jain have requested Honble FM to extend due date for submission of Tax Audit Reports and Income Tax Returns from 30 September, 2018 to 31 October, 2018 in the case of corporate assesses and where tax audit is applicable so that […]
Background There are 3 general methods of Tax collection: 1. Tax deducted at Source (TDS) / Tax Collected at Source (TCS) 2. Advance Tax 3. Self Assessment Tax Generally Assessee pays tax at the end of Assessment Year (AY) for the Previous Year (PY), due to this practice collection & revenue income of Government is […]
Merely because the assessee had sold the shares at face value in a distressed situation it could not be presumed that the assessee had engineered the transaction to manage its tax liability. Therefore, AO was not justified in disallowing the claim of assessee for set off of long-term capital loss on sale of unquoted equity shares against long-term capital gain on the sale of property.
Where overseas HO was not liable to pay any tax on interest remitted by assessee, there was no obligation to deduct TDS under section 195(1) on such remittance because TDS provisions are attracted only when such remittance results in taxable income.
