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Income Tax : From 1 April 2026, TDS and TCS compliance shifts to new form numbers and section references under the Income-tax Act, 2025. Busine...
Income Tax : Learn what TAN is, who must obtain it, how to apply, and where it must be quoted under the Income-tax Act. The guide also explains...
Income Tax : Understand who must undergo a tax audit under Section 44AB, the applicable turnover limits, audit forms, filing procedure, due dat...
Income Tax : Income may become tax-free under the new tax regime because of the standard deduction and Section 87A rebate, but ITR filing may s...
Income Tax : This article explains the key situations where filing an Income Tax Return is compulsory, even if income is below the basic exempt...
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 : ITAT Delhi held that an assessment framed after an approved merger in the name of the amalgamating company was without jurisdictio...
Income Tax : ITAT Mumbai allowed deduction of ESOP expenses under Section 37(1) by following Karnataka High Court's ruling in Biocon Ltd. Tribu...
Income Tax : The ITAT Pune upheld the deletion of an addition made by extrapolating a small unreconciled difference in Form 26AS to the entire ...
Income Tax : ITAT Ahmedabad held that WhatsApp chats indicating suppressed production for one month could not be extrapolated to the entire fin...
Income Tax : ITAT Kolkata held that the Assessing Officer was required to refer the property valuation to the DVO when the assessee disputed th...
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...
The present opinion relates to the issue whether expenditure on repairs and renovations by the employer, in respect of an accommodation occupied by the employee, could be brought to tax as a perquisite in the hands of the employee. This opinion is being provided, because there are situations where the employer has to incur expenditure on repairs and renovations in respect of an accommodation leased for providing rent-free accommodation to the employee.
ITAT Delhi held in case of DCIT v Hitz FM Radio India Ltd. that expenditure related to licence fee and royalty which helps merely in facilitating the assessee’s trading operations or enabling the management to be carried more effectively is revenue in nature even if advantage may endure for an indefinite future.
i. There is no interest expenses relatable to exempt investment. Assessee has made investment in the heads of tax free income. Investment in equity shares, insurance policies etc. are related to earlier years and were invested from the own capital funds. Therefore that investment is not related to this year. Hence, provisions of sec 14A […]
Delhi High Court held In the case of Dushyant Kumar Jain vs. DCIT held that it is only the AO who has issued the original assessment order under Section 143 (3) ,who is empowered to exercise powers under Section 147/148 to re-open the assessment.
Supreme Court held In the case of M/s Ganapathy & Co. vs. CIT that in the current case, each relevant fact considered by the High Court to answer the questions referred to it on the claim(s) of deduction raised by the assessee are acknowledged, admitted and undisputed facts.
Delhi High Court held In the case of YUM Restaurants (India) Pvt. Ltd. vs. ITO that both entities i.e Yum Asia and Yum Singapore which hold the shares of assessee, Yum India, for pre and post restructuring period respectively, were distinct entities.
Delhi High Court held In the case of CIT vs. Dharampal Satyapal that as per section 50B, the value of the net worth must be computed by decreasing from the actual cost of asset falling within the block, the depreciation actually allowed in respect of previous years relevant to the assessment year commencing before 1st day of April, 1988
The ITAT Delhi in the case of Raj Kumar Mangla vs. ACIT(Inv Circle), Gurgaon held that when a clear order transferring the jurisdiction is passed by a competent authority in law the AO from whose jurisdiction transfer was ordered can no longer assume his jurisdiction over the assessee.
The ITAT Mumbai in the case of M/s Goldfilled Mercantile Company vs. DCIT held that when the assessee shown lesser capital gain in its return of income under a bonafide belief of a deduction from it but paid due taxes then the assessee cannot be penalized u/s 271(1)(c) as there was no intention
Ankita Agrawal Income Tax Act, 1961 is quite clear on the tax implications in the hand of purchaser and seller in case of amalgamation or demerger, but when it is a division purchase or slump purchase, there are no specific provisions in the Act in relation to purchaser. Section 50B of the Act clearly specifies […]
