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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...
Section 194A (3) (b) Imposes duty on a co-operative society engaged in banking to deduct TDS where amount exceeds Rs. 10,000/-, whereas section 194A (3) (v) grants specific exemption to cooperative societies where payment made by it to members or to another co-operative society.
It is a general presumption that, expenditure in acquisition of assets is a capital expenditure there by not eligible for deduction u/s 37 (1) of the IT Act (However depreciation is allowed as per IT Rules) The honorable CIT (A) failed to note the difference in the nature of the soft-wares as dealt in Maruti Udyog Ltd. vs Deputy Commissioner Of Income Tax
The decision of the case is based on the verdict by Apex Court of India in the case of TRF Limited Vs CIT, [323 ITR 397 (SC)] Where Honorable Court has held that, it is not necessary for the assessee to establish that the debt, in fact, has become irrecoverable.
If the investments are not made from borrowed funds, then there should not be any disallowance. Since in this case it was evidenced from the records and evidence s that the income accured was from internal accruals consequently addition deleted
The first arguments which has been considered was regarding the source of advances in the 100% subsidiary comapy, which the assessee company argued to be out of reservs and suplus, which could not be contradicted by the Revenue.
Hon’ble High Court while interprating section 48 held that while calculating Capital gain the expenses made will only be considered if it is made wholly or exclusive for that property. Also, the Hon’ble High Court held that The Hon’ble Tribunal was right in taking into consideration of the Judgement of Jurisdictional High Court.
In the Case of ACIT v Akhil Jain, ITAT Delhi held that no interest will be levied u/s 234B during the Block Assessment by the virtue of Section 158BF.
Hon’ble Tribunal held that whenever the consideration is received in advance for the particular sale, The money will be taxed in the year in which the sale is made and not in the assessment year in which the advances are received.
F. No. A 11013/20/2015.Ad.IV In order to create a dedicated institution for the taxpayer services, with the approval of the Competent Authority the following changes are notified with immediate effect and until further orders:
The article covers Introduction, Residential Status, Tax Rates, Head-wise Taxation & Deduction available under the Act. Hope you will find it useful in this Return Filing Season.
