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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...
There have been Buzz words and viral posts before the budget that income tax will be replaced by the expenditure tax, a new conception of direct tax in line with the prevailing social security taxes in the gulf nations notably in Saudi Arabia and UAE, where income tax in conventional mode not in vogue particularly […]
Zuari Investments Ltd. Vs ITO (ITAT Delhi) As far as the alternate submissions of the Learned AR in working the disallowance u/s 14A only after considering the investment which have yielded tax free income is concerned, we find force in the submission of Learned AR. We find that Hon’ble Delhi High Court in the case […]
Paritosh Kumar Siingh Vs Senior Intelligence Officer (Chhattisgarh High Court) Allegations against applicants are that they have committed economic offence causing loss of Rs.258 Crore approximately to the government ex-chequer by forming thirty fake companies. Applicant Nos.1 & 2 got prepared two Adhar Cards and PAN Cards in two different names with same photograph i.e. […]
Vijay Kumar Maheshwari Vs DCIT (ITAT Jaipur) Coming to the matter relating to jewellery received from Late Shri Shri Ramswaroop Maheshwari, it is noted that the assessee has submitted before the ld CIT(A) as well as before the AO that Late Shri Ramswaroop Maheshwari during the period 2005-06 was not keeping well and wanted to […]
What is taxable income? Taxable income is the amount upon which an individual is liable to pay tax. Income Tax Act specifies different heads for taxable income. Some of them are: -Salary -Income from house property -Profits and gains of business or profession -Capital gains -Dividend income on equity shares held in a company for […]
In The United State of America, Tax is imposed on both federal and state level. Federal and state taxes are completely separate and each has its own authority to charge taxes. The federal government does not have the right to interfere with state taxation. Each state has its own tax system that is separate from the […]
The provision of disclosure of Assets and Liabilities applies to an assesse when the taxable income exceeds Rs 50 lakhs in the given previous year ITR 1 and ITR 4 will not be applicable to those whose income exceeds Rs 50 Lakhs hence the assesse will fall under ITR 2 or 3 When a person […]
Sudesh Taneja Vs ITO (Rajasthan High Court) In the writ petitions the petitioners have challenged respective notices issued by the Assessing Officers under Section 148 of the Income Tax Act, 1961 (‘the Act’ for short) for reopening assessments for various assessment years. All these notices have been issued after 01.04.2021 and pertain to relevant period […]
Giraben Atulbhai Shah Vs ACIT (Gujarat High Court) The objections raised by the assessee came to be disposed of by the Assessing Officer vide his order dated 16th November 2021 stating that the assessee sold immovable property for an aggregate value of Rs.52 Lakh and the same was not offered for tax in the return […]
Recently Government of India promulgated Production linked Incentive scheme for various sectors to increase innovation and productivity and support Make in India initiative. In the chain of the said schemes, a new scheme is notified for Textile sector, vide Notified vide Notification No. 12015/03/2020-IT dated 24.09.2021 and published on 27.09.2021 in the Gazette of India, […]
