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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...
Delhi High Court ruling on Budweiser trademark infringement. Defendants restrained from using recycled Budweiser bottles for BLACK FORT and POWER COOL beers.
Learned PCIT has exceeded her jurisdiction in examining issues other than the issues which is subject matter of limited scrutiny assessment proceedings before the Assessing Officer.
Corporate restructuring is an action taken by the corporate entity to modify its capital structure or its operations significantly. Generally, corporate restructuring happens when a corporate entity is experiencing significant problems and is in financial jeopardy.
There are many changes in the tax rules effective 1st April 2022, Out of which I am going to discuss are New tax rules on EPF Interest, Taxation of Virtual Digital Assets, Filing of Updated IT Return and Tax relief on Covid-19 treatment expenses and compensation. 1. New tax rules on EPF Interest: Effective April 1, […]
Gondia Beedi Leaves Contractors Association Vs Union of India (Bombay High Court) It is admitted that the re-sale of Tendu leaves, as it is without any process, after purchase from the Forest Department would amount to trading which does not qualify for exemption under sub-section (1A) of Section 206C of the Income Tax Act. It […]
Jhodinda Bhojpura Gram Sewa Sahakari Samiti Ltd Vs ITO (ITAT Jaipur) It is well-settled that assessment proceedings and penalty proceedings are separate and distinct and as held by the Supreme Court in the case of Ananthraman Veera singhaiah & Co.Vs. CIT [1980] 123 ITR 457, the finding in the assessment proceedings cannot be regarded as […]
DCIT Vs Landis+ Gyr Ltd. (ITAT Kolkata) Expenditure incurred for construction / acquisition of new facility which had to be abandoned midway will be allowable as a revenue expenditure as incurred wholly or exclusively for the purpose of assessee’s business. It is to be noted that in the instant case also, the expenditure incurred by […]
DCIT Vs Rakesh Kumar Agrawal (ITAT Indore) The appellant also agitated the making of the addition on the legal ground that since as per the AO’s own version, during the course of the assessment proceedings, the appellant had not produced any books of account and therefore, the question of finding any credit entry as regard […]
Processing of filed ITRs is done by Centralized Processing Centre (CPC) Bengaluru as a separate process. Duly verified valid ITRs are processed by CPC for determining the tax payable and amount of refund due, if any, to the taxpayer, and an electronic intimation is sent by e-mail to this effect. For AY 2021-22, CPC has processed more than 5.17 crore ITRs out of the 6.01 crore verified ITRs on the new system.
Amount of tax by way of TDS on the interest on compensation awarded on the road accident claim amount is not maintained at Central Processing Centre (CPC-TDS) of the Income Tax Department as there is no separate indicator or flag for the amount of tax deducted under section 194A (3) (ixa) of the Act.
