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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...
Shanmugar Services Vs ITO (ITAT Chennai) As per the provisions of Sec.194C of the Act, any person responsible for making payment for any services needs to deduct TDS on such payment at the prescribed rate. From the plain reading of Sec.194C of the Act, it is abundantly clear that the person who makes payment is […]
CIT-LTU Vs Lakshmi General Finance Ltd (Merged with Sundaram Finance Limited) (Madras High Court) Whether on the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in holding that the assessee was entitled to claim depreciation on the windmills even though the wind mills had not generated any electricity during the […]
In absence of there being any payment of rent or even deemed rent by the Respondents to OPTCL there was no obligation under Section 194-I of the IT Act to deduct TDS from the wheeling charges paid to OPTCL.
It has been an age-old practice of Indian legislators to amend the tax laws which have the effect of overturning the decisions of the courts of the land. The most perplexing one was the amendment brought about by the Finance Act 2012 which overturned the landmark Supreme Court ruling in favour of UK-based Vodafone Plc. […]
For the purpose of Assessment of Income Escaping Assessment Scheme, 2022 (a) assessment, reassessment or recomputation under section 147 of the Act, (b) issuance of notice under section 148 of the Act, shall be through automated allocation, in accordance with risk management strategy formulated by the Board as referred to in section 148 of the Act for issuance of notice, and in a faceless manner, to the extent provided in section 144B of the Act with reference to making assessment or reassessment of total income or loss of assessee.
CBDT notifies Late fees for Delayed/Non linking of PAN with Aadhaar vide Notification No. 17/2022-Income Tax Dated 29th March, 2022 which ranges from Rs. 500 to Rs. 1000. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi, the 29th March, 2022 Notification No. 17/2022-Income Tax G.S.R. 229(E).—In exercise of the powers […]
The financial implementation of deduction of tax under section 194N of the Income-tax Act, 1961 in case of primary cooperative societies depends on the quantum of cash withdrawn in excess of specified amount, availability of Permanent Account Number and whether such societies have filed their returns of income for specified assessment year.
Understanding marginal relief and how it affects your income tax. Learn about the tax rates and deductions for income that exceeds the threshold limit.
Superlite Jointings Private Ltd Vs Circle-2 (2) (ITAT Delhi) The sum and substances of the grievance in the captioned appeal pertains to the disallowance of PF and ESI payments on account of these payments being made beyond the due date specified under the specific parent legislation but before filing of the Income Tax Return. After […]
Honda Cars India Ltd. Vs DCIT (ITAT Delhi) In this case In spite of intimation to the TPO and the Assessing Officer regarding the amalgamation of ‘Honda Motor India Pvt. Ltd.’ to ‘Honda Cars India Ltd.’, not only the order under section 92CA(3) of the Act was passed in the name of the amalgamated company, […]
