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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...
It is to be noted that penalty under Section 271(1)(c) of the Act is not automatic. If assessee offers reasonable explanation, then, penalty cannot be imposed.
CBDT issued Income Tax Circular No. 04/2022 on 15th March 2022 and explained all provisions related to deduction of Tax At Source (TDS) on Salary or Income Tax Payable on Salary for the Financial Year 2021-22 / Assessment Year 2022-23. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) CENTRAL BOARD OF DIRECT TAXES DEDUCTION […]
KSCAA has made a Representation on Challenges in Income Tax Related to Rectification Proceedings, Order Giving Effect, Delay in Processing Of Refund, Delay In Processing Lower Deduction Certificates and Delay in Tax Residency Certificates (TRC) with possible solutions to Principal Chief Commissioner of Income Tax, Karnataka & Goa. Date: 10th March, 2022 To, The Principal Chief […]
The Finance Act, 2022 has introduced a new provision for furnishing of updated return by inserting a new sub-section (8A) in section 139 of the Income Tax Act. The newly inserted section, if to be put in simple words, says if a person has not furnished an original or belated or revised return under the […]
Arjun (Fictional Character): Krishna, the Maharashtra Government has introduced various schemes in the Budget to settle old disputes. Considering the same, the government has introduced an scheme to solve disputes between Maharashtra government and taxpayers. Krishna (Fictional Character): Arjuna, Maharashtra govt. has introduced a separate scheme on 11th March,2022 named as “Maharashtra Settlement of Arrears […]
The scope of the Equalization levy was expanded by the Government of India in the Finance Act, 2020 in order to include the supply of goods and/or services given by an e-commerce operator. The Equalization levy is levied at the rate of 2% on any amount received or receivable by an E-commerce operator from an e-commerce supply of service made or provided
Ingram Micro Inc. Vs ITO (Bombay High Court) The undisputed fact is that petitioner is not the purchaser of shares of THL. Respondent no.1 has failed to appreciate that the shares have been purchased by IMAHI, a wholly owned subsidiary of petitioner and not by petitioner and, therefore, the question of Section 195 of the […]
Directorate of Income Tax (Systems) Annual Information Statement (AIS) Handbook Version 2.0 (March 2022) Document Version Control Version Month Remarks 1.0 October 2021 First version 2.0 March 2022 Second version – included details of GST Turnover, GST purchases , TDS-194Q (under Business receipts) and Income of specified senior citizens. 1. About this Document The objective […]
DCIT Vs Tata AIG General Insurance Co. Ltd. (ITAT Mumbai) The facts clearly shows that the assessee has incurred an expenditure of ₹29,46,886/- on non EDP and EDP equipments under IT expenses. This expenditure is related to purchase of Pen drives, laptop adapters, batteries and hard disk, etc. The learned Assessing Officer made the disallowance […]
Union Bank of India Vs Additional Commissioner of Income Tax (TDS) (Supreme Court of India) Whether the appellant was required by the provisions of Section 194A of the Income Tax Act 1961 to deduct tax at source on payments of interest made to the Agra Development Authority. The issue which is raised in the present […]
