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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 Kerala High Court held that condonation of delay in filing the income tax return could materially affect the assessment denyin...
Income Tax : The Kerala High Court held that factual disputes relating to a penalty under Section 271D must first be examined through the statu...
Income Tax : The ITAT held that Section 50C only substitutes the sale consideration for capital gains computation and does not prohibit deducti...
Income Tax : The ITAT held that the royalty and FTS adjustment was excessive and directed the Assessing Officer to apply the 1.9% rate accepted...
Income Tax : The ITAT held that the assessee's exclusion of income based on the Place of Effective Management provisions involved a bona fide a...
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...
Click here to Download Automated Income Tax Form 16 Part B for Financial Year 2017-18 / Assessment Year 2018-19 in excel format
Various steps have been taken for removal of unaccounted assets by Government like The Black Money Foreign Income and Asset Act, 2015, Income Disclosure Scheme 2016, Demonetization of high denomination currency, Prime Minister Garib Kalyan Yojna, by amendments in Income Tax Act, by amendments in Money Laundering Act, Implementation of GST, Introduction of GAAR, RERA […]
Income tax is the essential act that has to take place every year, however, not everyone likes filing it. As the income tax takes away a large chunk of the income, people keep looking for ways to do Tax saving. However, not everyone pays the same amount of tax.
The people of the largest democracy in India, expected in the Union Budget 2018 to introduce some amendments to section 14A of the Income Tax Act, 1961 (Act), to reduce tax litigations on account of section 14A and to bring in certainty and clarity in the disallowance under Section 14A.
Taxability of income earned by an assessee during the period when the project was not complete and business had not commenced has remained a debatable point in many cases.
ICDS Income Tax is not meant for maintenance of books of accounts or preparation of financial statements. Persons are required to maintain books and prepare financial statements as per accounting policies applicable to them. Companies are required to maintain books of account and prepare financial statements as per requirements of Companies Act 2013.
CBDT directed that that except for search related assessments, proceedings in other pending scrutiny assessment cases shall be conducted only through the `E-Proceeding’ functionality. However, in cases where the concerned assessee objects to conduct of assessment proceedings electronically through the ‘E-Proceeding’ facility, such cases, for the time-being, may be kept on hold.
The month of February is usually associated with love, aspirations and valentine dates. For assessees and their tax consultants also, it do culminates into dates with assessing authorities, (i leave it up to you to think them to be valentine dates or not), as it is that part of the year, when the regular assessments get concluded and the statutory time-limit of 30 days in the demand notices also gets over and the assessing authorities start putting pressure for recovery of income tax demands…..
Where show cause notice issued under section 274 read with section 271(1)(c) did not specify charge against assessee as to whether it was for concealing particulars of income or furnishing inaccurate particulars of income, levy of penalty could no be sustained.
Many clubs allow membership to companies or other business entities. The membership is given in name of company or other concern. It is very well known that the clubs are a platform to meet people.
