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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...
Shantilal S Jain, HUF Vs ITO (ITAT Mumbai) In this case CIT(A) has dismissed the appeal on technical ground as the assessee has not file the same electronically as per Rule 45 of the Income-tax Rule. It appears that only one notice was issued by the CIT(A) to the assessee and the status of the […]
Balwan Singh Vs ACIT (ITAT Delhi) The assessee is engaged as a transporter and has not maintained any regular books of account. The assessment has been made on estimations, keeping in mind the transportation receipts earned by the assessee which also includes some of impugned entries towards cash receipts by way of loan. The assessee […]
EPFO issues Circular clarifying TDS on interest on PF contributions > Employee Provident Fund Organisation (EPFO) issued a circular dated 06th Apr 2022 which clarifies about the calculation and deduction of tax on taxable interest which is relating to contribution in provident fund pursuant to CBDT Notification No. 95 of 2021-Income Tax. > This circular […]
Held that condonation of delay in filing appeal granted in the interest of justice as the revenue didn’t refuted the contention of the assessee that he had no knowledge or order being passed.
Attachmate Corporation Vs DCIT (ITAT Delhi) Main issue relates to AO/DRP holding that the payments received by the assessee on sale of software to Indian resellers/distributors is in the nature of ‘Royalty’ chargeable to tax u/s 9(1)(vi) of the I.T. Act and Article 12 of the India-USA DTAA. ITAT held that payment received by the […]
Nefab India Pvt. Ltd. Vs DCIT (ITAT Delhi) The assessee has been merely given a license to use the licensed information/technical know-how during the currency of license agreement. Further, there is a confidentiality clause which prevents the assessee from disclosing the licensed information to a third party. To reiterate, the assessee is not entitled to the […]
V. Vasanthakumar Vs Union of India (Madras High Court) Section 32(2)(a) of the Prohibition of Benami Property Transactions Act, 1988, postulates the qualifications for appointment of a Judicial Member and, as per the said provision, a Member of the Indian Legal Service who held the post of the Additional Secretary or equivalent post in that […]
Jaya Prakash vs. ITO (ITAT Bangalore) ITAT defines the meaning of ‘set aside’ and directs that AO can’t do fresh assessment if assessment order was set aside by ITAT. Read Original Order here- Sale Consideration cannot be Determined merely on Form 26AS BRIEF FACTS: 1. The assessee herein came in appeal before the Tribunal and […]
Under Income Tax Act 1961, there are only 3 sections are pertaining to Charitable and Religious Trust, i.e. Sections 11, 12 and 13. As per section 2(15), charitable purpose includes relief of the poor, education, yoga, medical relief, preservation of environment ( including watersheds, forest and wild life ) and preservation of monuments or places […]
Here in this Article we will discuss about the Assessing Officer Code (AO Code), which is a mandatory requirement at the time of applying for Permanent Account Number and TAN. Article contains a Brief about AO Code, A.O. Code Selection Criteria for PAN, A.O. Code Selection Criteria for TAN and How to Find AO Code […]
