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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...
An expatriate means a person visiting India or an Indian visiting outside India for employment purposes. In this article, we shall discuss the taxation & legal formalities to be followed by Expats on arrival in India. LEGAL FORMALITIES TO BE FOLLOWED BY EXPATS 1. Registration of Foreign National with Foreigners Regional Registration Officer (FRRO) All […]
CBDT issues Income Tax Circular 06/2022 | Dated: 17th March, 2022 to condone the default in filing Form 10-IC to avail lower tax rate of 22% under section 115BAA for AY 2020-21. Form 10-IC can now be filed till 30 June 2022, if Income Tax return was originally filed within due date and the option […]
Income Tax Gazetted Officers Association has made a request to Honourable Finance Minister for extension of the Time Barring Date for certain proceedings exercising the power vested in the GOI Income Tax Gazetted Officers Association President ARAVIND TRIVEDI (7599101090) trivediaravind@yahoo.co.in Secretary General BHASKAR BHATTACHARYA (8902198888) secgenitgoachq@gmail.com Date: 10.03.2022. To The Honourable Finance Minister, Government of […]
Daujee Abhushan Bhandar Pvt. Ltd Vs Union of India (Allahabad High Court) Considering the provisions of Section 282 and 282 A of the Act, 1961 and the provisions of Section 13 of the Act, 2000 and meaning of the word “issue” we find that firstly notice shall be signed by the assessing authority and then […]
Section 14A, which pertaining to Expenditure incurred in relation to income not includible in total income, was introduced with effect from 1st April, 2062 by the Finance Act 2001, with retrospective effect. There after circular No 11/2001 dated 23/07/2001 (past assessments not to be reopened) and circular no 5/2014 dated 11/02/2014 (Disallowance in cases where […]
ITAT Kolkata allowed assessee’s deduction for LIC group gratuity scheme. Relying on precedent, control over funds is key for Section 36(1)(v) applicability.
DCIT Vs Vipul Suresh Kumar Modi (ITAT Mumbai) ITAT held that no addition can be made for Transactions in Penny Stocks in respect of unabated assessments which have become final in absence of any incriminating material found during search. The brief facts of the case relevant to the issue before us are that the Assessee, […]
Hindustan Aeronautics Ltd Vs ACIT (ITAT Bangalore) ITAT held that fees paid by the assessee (HAL) to CGTM France for Payment for Flight Testing Services which includes (i) Air intake Survey (ii) Engine bay, FACEC bay and oil cooling systems (iii) Engine Accessories and FADEC vibrations (iv) Measurement of gas concentration of fire extinguishing systems […]
In our opinion, the addition of such types which are made during the course of survey on oath cannot be made unless there is a supporting material. In our opinion, the addition on estimated basis cannot be justified for reasons, the AO has not rejected the books of account.
CBDT relaxes requirement of electronic filing of application in Form No. 3CF for seeking approval under section 35(1)(ii)/(iia)/(iii) of Income-tax Act, 1961 vide Income Tax Circular No. 5/2022 | Dated 16th March 2022. F. No. 225/54/2022/ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi Income Tax Circular […]
