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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...
Rates of Income Tax for FY 2021-22 (AY 2022-23) and FY 2022-23 (AY 2023-24) applicable to various categories of persons viz. Individuals, Firms, companies etc. Introduction This article summarizes Tax Rates, Surcharge, Health & Education Cess, Special rates, and rebate/relief applicable to various categories of Persons viz. Individuals (Resident & Non Resident), Hindu undivided family […]
Section 6(1) of IT Act, 1961 offers two sets of parameters to determine whether a particular person is an Indian citizen or not. If the said individual falls under any one of the following criterias, he/she will be a resident of the country.
We know the budget finance bill 2022 was presented on 1st February 2022. In this budget no changes was made in income tax slabs for individuals and it remains as below: Old Regime New Regime Assessment Year 2023-24 2023-24 Basic Exemption upto Rs Rs 2,50,000 Rs 2,50,000 Tax @ 5% Rs 2.50 lac to 5 […]
Direct taxes are taxes where the incidence and impact of taxation falls on the same entity. For instance, income tax, corporation tax, wealth tax and gift tax are direct taxes. Conversely, an indirect tax is not directly levied on the taxpayers. This tax is levied on goods/services and the person on which the burden falls and the person who pays the tax are different.
Article explains Provisions of Section 139(8A) of Income Tax Act, 1961 related to Updated Income Tax Return Applicability of sub-section 8(A) of Section 139, When sub-section 8(A) of Section 139 shall not apply, Time limit for Filing of Updated Income Tax Return and Payment of Additional Tax under section 140B related to Updated Return. 1. […]
Due to the increase in the frequency and volume of transactions of Virtual Digital Assets, for the First Time, the provision for the taxation of virtual digital assets is introduced in Budget 2022, bringing Cryptocurrencies & Non-Fungible Tokens (NFTs) under a tax net.
Protocol to India’s Double Taxation Avoidance Agreements (DTAAs) with a portion of the nations, particularly European States and OECD individuals (The Netherlands, France, the Swiss Confederation, Sweden, Spain and Hungary) contains an arrangement, alluded to as the Most-Favored-Nation (MFN) provision.
Request to CBDT to permit filing of Form 10IC after expiration of time limit by condoning delay Issuance of Order under Section 119(2)(b) of the Income Tax Act, 1961
The Central Board of Direct Taxes (CBDT) has received representations seeking clarity on the applicability of the MFN clause (particularly to dividend withholding rates) available in the Protocol to some of the DTAAs with OECD member States. India’s DTAAs with countries, namely Slovenia, Colombia and Lithuania, provide for lower rate of source taxation with respect to certain items of income. However, these States were not members of the OECD at the time of the conclusion of their DTAAs with India and have become members of the OECD thereafter.
What is a Virtual Digital Asset, how will it be taxed and what are the various uncertainties affecting it’s taxation? Amidst the craze and fanfare of cryptocurrencies and NFTs, while the crypto and NFT traders, investors and enthusiasts were consumed in experiencing the daily ups and downs of the market, the Govt of India has […]
