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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...
CBDT had allowed time till 30th June, 2018 to link PAN with Aadhaar while filing the tax-returns. Upon consideration of the matter, the CBDT further extends the time for linking PAN with Aadhaar till 31st March, 2019.
Ms. G. Shoe Exports Vs ACIT (ITAT Mumbai) In this case, admittedly the Tribunal order was passed beyond three months from hearing. No reason whatsoever for the delay has been recorded. As held by the Hon’ble jurisdictional High Court above, such delay is incurable and even administrative clearance cannot cure the same. As held by […]
M/s. Pratik Syntex Private Ltd Vs. ITO (ITAT Mumbai) In the instant appeal before us, the inspector was deputed by the AO to make field enquiries who could not locate these three shareholders and the assessee also could not furnish the current addresses of these three new shareholders. These in the instant case before us, […]
It is clear from bare reading of section 143(1) that change of status as done by AO does not fall within any of the clauses thereof. Also, it could not be said that change of status of assessee fell within the meaning of expression ‘an incorrect claim apparent from any information in the return’ as laid down in Explanation (a) to section 143(1). Accordingly, intimation issued under section 143(1) changing the status of assessee was not in accordance with law and AO was, therefore, directed to modify the intimation accepting the return of income as it was.
The aforesaid appeal has been filed by the Revenue against the impugned order dated 12.09.2014, passed by the Ld. CIT(Appeals)-XX, New Delhi for the quantum of assessment passed u/s.144C(3) for the Assessment Year 2007-08. In the grounds of appeal, following grounds have been raised.
That the order passed by Assessing Officer (‘AO’) dated 30.12.2016 as upheld by the Commissioner of Income Tax (Appeals) (‘CIT(A)’) dated 29.12.2017 and the additions/disallowances made and upheld are illegal, bad in law and without jurisdiction.
ITAT held that, if book profit and tax payable u/s 115JB was based on certificate issued by Chartered Accountant then it cannot be held that, assesses claim was not bonafide or it has furnished inaccurate particulars of income, penalty so levied deleted.
WHAT IS ITR 4 ITR 4 Form is for presumptive income from Business & Profession as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act. ITR 4 APPLICABLE FOR: The persons having income from following sources are eligible to file ITR 4: Presumptive income from Business & Profession as per Section […]
It is an old disease in India that regardless of repetitive updates, there are sure tax assessees who turn a deaf ear and neglect to meet the due date for Income Tax Return Filing. They are utilized to record late returns or neglect to document the return of income. This has happened on the grounds that, before the present arrangement of income tax, penalty on late filing of return was not compulsorily upheld by the Department. Thus, tax assessees used to take the provision of timely filing of return for granted. From the financial year 2018-19 onwards, another section has been presented, i.e. Section 234F of Income Tax Act-1961 for a penalty for late ITR filing.
Article informs the taxpayers about the broad tax treatment of foreign income of persons resident in India. In a liberalized economy, more and more citizen of the country are travelling to work and earn income in foreign countries. Often these taxpayers are not adeuately equipped to understand the taxability of their foreign income. Article is […]
