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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...
Champa Devi Vs Tax Recovery Officer (TRO) (Madras High Court) In the instant case, the respondent has issued the impugned notice and the petitioner has straightaway approached this Court and filed this writ petition. In my considered view, this writ petition is not the proper remedy, which the petitioner should have availed. In this regard, it is relevant […]
Dear Friends, below is my analysis on why GST should be excluded from Rs 50 lakhs threshold u/s 194IA. This principle can be applied for entire chapter XVII-B (TDS section), where threshold is to be arrived at. The wordings used in sec 194IA is “…any sum paid to transferor by way of consideration for transfer […]
ICAI has further requested CBDT to extend time for submission of Tax Audit Reports and related returns from 30th September, 2018 to 31st October, 2018 as CBDT has not followed Norms of Earlier Years of discussing Important Changes in Tax Audit Report with ICAI, there was Constant changes in Utilities relating to Tax Audit Forms, […]
ICAI requests CBDT for extension of Due Date for submission of Tax Audit Reports and related Income Tax returns from 30th September, 2018 to 31st October, 2018. Read ICAI Representation on extension of Tax Audit Due Date, Dated: 17th September 2018 Read ICAI Representation on extension of Tax Audit Due Date, Dated: 10th September, 2018 […]
M/s. Sree Alankar Vs PCIT (ITAT Cuttack) In the instant case, we find that it is not in dispute that the assessee is consistently following the same method of valuation of closing stock which was also followed in the year under consideration. The profit was deduced in accordance with the method adopted by the assessee. […]
M/s. Telukunta Chandra Mohan Rao (HUF) Vs ITO (ITAT Hyderbad) The question raised is, in the case of ‘JDA’ transaction, at what point of time, capital gain arises. It is settled law that in the year in which the possession of the property is passed on to the developer is the year in which the […]
Sitaram Ramchanddas Patel Vs ITO (Gujarat High Court) When the assessee failed to prove the capacity of the concerned persons who alleged to have given the unsecured loan and/or gift, it cannot be said that the learned Tribunal has committed any error in confirming the additions made by the Assessing officer and confirmed by the CIT (Appeals) of Rs.19,92,730/= […]
She has also tried to demonstrate that at the time of JDA, the land which was part of the stock-in-trade was contributed under JDA for the construction of residential apartments. Therefore, the profit earned on sale of flat would be a business profit.
Pr. CIT Vs Samtel India LTD (Delhi High Court) From the facts of this case it is clear that the assessee disclosed all the particulars of his income. The AO has disallowed his claim without holding it to be bogus or false. Hence, the genuineness of the loss occurred is not at question here. The […]
The time for completion of Income Tax assessments for A.Y 2016-17 is coming and Sec- 14A is one of the reason of scrutiny assessment of assesse, therefore here I am discussing some topics relating to sec – 14A read with rule 8D to resolve issues.
