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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...
Intellectual property rights (IPR) have become important in the face of changing trade environment which is characterized by the following features namely global competition, high innovation risks, short product cycle, need for rapid changes in technology, high investments in research and development (R&D), production and marketing and need for highly skilled human resources. Geographical barriers to trade among nations are collapsing due to globalisation, a system of multilateral trade and a new emerging economic order. It is therefore quite obvious that the complexities of global trade would be on the i
An Opinion was sought by a company relating to the tax-treatment of its share of income in an association of persons (AOP). Presently, a trend is visible in the Indian business circles, where certain entities including companies undertake big infrastructure jobs, etc. through the medium of a joint venture (JV) with other entities. In other words, two or more companies enter into a joint venture agreement for the purpose of completion of big infrastructure jobs. In such a situation, the joint venture formed by the companies is assessee
Register and Track your PAN Card Related Complain online and Track Status – Income Tax Department has started a website namely Sparsh India to help Assessee to Register their complain related to PAN Card applied through NSDL or UTIISL and they can also check the status of their grievance online. Nature of Complain may be any of the following:-
Discussion on Circular No. 6/2018 on Tax Audit Report for deferment of Clause 30C and 44 CBDT have issued a circular no. 6/2018 dated 17 August 2018 in relation to the Tax Audit Report to be furnished under section 44AB of the Income Tax Act, 1961 (‘the Act’) read with Rule 6G of the Income […]
One more ruling has come from an AAR which seems to have created havoc and panic in the industry. The ruling talked about is in the case of COLUMBIA ASIA HOSPITALS PRIVATE LIMITED (2018-VIL-126-AAR) given by the Karnataka Authority. Let us first understand the said ruling and then ponder on its correctness.
Sections 22 to 27 of the Act deal with the subject of taxation of “Income from house property”. Section 22 : Annual value of property is taxable under the head “Income from House property”. Section 23 : Determination of ‘Annual value’ Section 24 : Allowable deductions from “Income from House property” Section 25 : Amounts not deductable from “Income from House property” Section 25A : Special Provision for arrears of rent and unrealised rent received subsequently. Section 26 : Property owned by co-owners Section 27 : Situations where the ownership shall be deemed, for taxing income from house property
In this age of globalization many organizations including individuals have got their wings spread all over the world. In any country the tax is levied based on 1) Source Rule and 2) the Residence Rule. The source rule holds that income is to be taxed in the country in which it originates irrespective of whether the income accrues to a resident or a non-resident whereas the residence rule stipulates that the power to tax should rest with the country in which the taxpayer resides. If both rules apply simultaneously to a business entity and it were to suffer tax at both ends, the cost of operating on an international scale would become prohibitive and would deter the process of globalisation. It is from
Dividend stripping refers to transacting in shares or securities linked to shares of a company on which dividend is payable. Typically, a dividend stripping transaction can be explained with an illustration.
Tax payers seeking non-deduction of tax from certain incomes are required to file a self declaration in Form No. 15G or Form No.15H as per the provisions of Section 197A of the Income-tax Act, 1961 In order to reduce the cost of compliance and ease the compliance burden for both, the tax payer and the tax deductor, the Central Board of Direct Taxes (CBDT) has simplified the format for self declaration in Form No.15G or 15H. The procedure for submission of the Forms by the deductor has been specified under rule 29C of Income-tax Rules, 1962.
Representations have been received by the Board that the implementation of reporting requirements under the proposed clause 30C (pertaining to General Anti-Avoidance Rules (GAAR)) and proposed clause 44 (pertaining to Goods and Services Tax (GST) compliance) of the Form No. 3CD may be deferred.
