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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 has been decided that no such request for Form 15E for certificates under section 195(2) & 195(7) for a particular Financial Year shall be accepted after 15th of March of the Financial Year. For instance, no application for certificates for Financial Year 2021-22 shall be allowed after 15.03.2022.
Ashok Kumar Sureka Vs Assistant Commissioner (Calcutta High Court) Hon’ble Calcutta HC in a matter relating to imposition of tax and penalty under section 129 of the CGST Act 2017 on the ground of expiry of e-way bill, has quashed the orders and allowed refund of both tax and penalty paid subject to compliance of […]
Any entity making payment to third party is required to deduct tax at source from these payments and deposit the same at banks who are authorized to collect taxes on behalf of Government. They are also required to furnish TDS returns and challan details to Income Tax Department. TDS is basically a part of income […]
SLUMP SALE AND ITS IMPLICATIONS A slump sale for income tax purposes would be one where an undertaking is sold without considering the individual values of the assets or liabilities contained within the undertaking. Tax Effect in Slump Sale The gain or loss resulting out of a slump sale shall be a Capital Gain/Loss under […]
Registration of Gift Deed A very common and frequent question running in the mind of taxpayers is the gift deed needs to be registered. In this part, you can gain knowledge about various provisions relating to the registration of gift deed. Property transfers as gift are governed by the Transfer of Property Act, 1882. A […]
Supreme Court in the case of Thanthi Trust has held that the word education occurring in Section 2(15) of the Act has to be given a wider meaning and not to restrict it to mean formal school education.
Where notice under section 148 was issued to a non-existing entity as said entity ceased to exist at the time of the issue of the notice on account of merger; the said notice was liable to be quashed and it was not an error that could be corrected under section 292B.
DCIT Vs Dilip J Thakkar (ITAT Mumbai) Section 149(1)(c) provides that no notice for reassessment can be issued if “more than sixteen years, have elapsed from the end of the relevant assessment year unless the income in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax, has escaped […]
OFFICE ORDER NO. 46 OF 2022 The following officers in the grade of Pr. CCsIT / CCsIT are, hereby, ordered to hold the charge(s) as indicated against their names, in addition to their substantive charge/additional charge(s), if any, being held by them, with effect from 01.03.2022 and until further orders: –
Role of Double Taxation Avoidance Agreement (DTAA) and General Anti-Avoidance Rules (GAAR.) In Treaty Shopping To understand treaty shopping we need to understand what a DTAA is, A double tax avoidance agreement is a tax treaty agreed by two states to ensure that a tax payer is not taxed twice for the same income, this […]
