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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...
Prime Minister Narendra Modi has Launched Sukanya Samridhi Yojna’ (girl child prosperity scheme) with the vision to provide for Girl Child Education and Her Marriage Expense. Sukanya Samriddhi Account Scheme is a small deposit scheme for girl child, as part of ‘Beti Bachao Beti Padhao’ campaign, which would fetch yearly interest rate of 8.10% (WEF 01.01.2018) and provide income tax deduction Under section 80C of the Income Tax Act,1961.
The Central Bureau of Investigation has arrested 19 accused (6 Customs official & 13 private persons) including an Assistant Commissioner, Superintendents, Inspectors, private persons(including Sri Lankan Nationals) in a case related to alleged bribery and smuggling of goods.
BCAS has submitted a Representation on CBDT directive for offering incentives to Commissioners of Income Tax (Appeals) for passing quality orders based on Enhancement of assessment and imposition of fresh penalty and other issues,
Article explains how we can get corrected Physical Income Tax / TDS challan after payment through Bank with period of correction and format to apply for correction.
Valuation of Rent Free Accommodation has been specified under Rule 3 of the Income Tax Rules. Mentioned below are the few merit points from the specified rule. Unfurnished accommodation :-In case of central and state government employees, the perquisite value is to be determined as per the licence fee specified by the government. For governmentemployees, on deputation with anybody or undertaking, the perquisite value is to be determined by treating such a body or undertaking as the employer as below. In case of non-government employees, the perquisite valuation for unfurnished rent-free accommodation (RFA) is to be determined as lease rent paid by employer or specified per cent of salary,whichever is lower. As prescribed under the rules, the percentage of salary varies from 7.5-15%, depending on the population of the city as per the 2001 census.
Article explains Taxation of Partnership Firms /LLP which includes Income Tax Rate applicable, Provisions related to Interest and Remuneration to Partners/Designated Partners, Conditions for assessment as a firm, Partners’ assessments, Losses of the firm, Due dates for filing return of firm, Allowability of remuneration and interest vis-a-vis presumptive taxation , Due dates for filing return of firm and Due dates for filing of returns of partners.
Being a separate tax entity an HUF enjoys certain tax benefits along side the individual also claming it which I am going to explain this article.
ITAT opined that the assessee derived advantage by deferring its income to the extent of excess warranty provision to subsequent years. Therefore, such excess provision cannot be allowed as a deduction as it cannot be said to be reliable.
The issue under consideration is whether interest u/s 201(1A) will be levied on assessee even if NRI seller had already paid taxes as per his return?
Torrent Pharmaceuticals Ltd Vs DCIT (ITAT Ahmedabad) Revisional Commissioner is expected show that the view taken by the AO is wholly unsustainable in law before embarking upon exercise of revisionary powers. The revisional powers cannot be exercised for directing a fuller inquiry to merely find out if the earlier view taken is erroneous particularly when a […]
