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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...
In our opinion, non submission of section 44AB report in cases like this does not render the assessee’s claim of a lower profit void ab initio. Failure to comply with section 44AB has to be dealt with under the provisions of section 271B. Here, the exposition emanating out of Hon’ble jurisdictional High Court decision and the Tribunal decision cited supra are germane. Just that initial assessment has been done u/s 143(1), the Revenue cannot invoke provisions of re-assessment on any ground they can pick up from thin air. The Revenue can also not interpolate consequences of no compliance of provisions of the Act other than what has been expressly provided in the statute.”
It is an anomaly that Individuals & HUFs are being subjected to Income Tax at the highest rates. Majority of the Corporate Sector is paying Income Tax of 25.17% including cess & surcharges. The LLPs & Partnership entities pay 31.2% Income Tax including cess. But, with the introduction of Super Rich Tax in Budget 2019, […]
The earnings of the assessee shall be credited either to the account of the Government of Abu Dhabi or to any other account designated by that Government so that no portion of the earnings inures to any private person barring any payment made to creditors or depositors for loan or borrowing [as defined in sub-clause (a) of clause (ii) of Explanation 2 to clause (23FE) of section 10 of the Act] taken for the purposes other than for making investment in India;
Jayahari Vs State of Kerala (Supreme Court of India) he facts thus show that a transaction was entered into between the complainant and the appellants, in terms of which the property belonging to the appellants was sought to be purchased by the complainant; and in order to enable him to effectuate such purchase, certain loan […]
Finance Act 2021 has amended provisions of the Income Tax Act 1961 (Act) in relation to taxation of Unit linked insurance premium (ULIP) paid and amount received on or after 1st February 2021. We are discussing herewith changes in section 10(10D) and 45(1B) of the Income Tax Act along with latest notification issued in relation […]
FORMAT FOR SHARING QUERIES ON HELPDESK E-MAIL ID Sr. No. Information Details Help Details of the Person facing problem 1 Grievance ID Mention Grievance ID, if already raised at e-fling portal 2 Name of the Person Mention name of the person who can explain the issue, if contacted by helpdesk team 3 Contact Number of […]
Finance Act, 2021 has inserted specific section 89A in the Income-tax Act, 1961 to provide relief to NRI taxpayers who have an issue with respect to their accrued incomes in their foreign retirement accounts due to mismatch in taxation period.
It is very common to purchase property in the name of our close relatives like spouse, children, parents and siblings. However it is important for us to understand from the legislative perspective, are we allowed to purchase the property in name of our relatives? If we are allowed to purchase the property on behalf of […]
Section 80EEA of Income Tax Act: Additional deduction of interest payment in respect of housing loan (Co-related with Section 80EE & Section 24b of the Income Tax Act) A new Section 80EEA has been inserted by government to allow for an interest deduction from AY 2020-21 (FY 2019-20). The existing provisions of Section 80EE allow […]
Normally every year tax payers asking for extension for due date for filling return of income. Under the Income Tax Act section 139(1) read as under: Every person,- (a) being a company or a firm or (b) being a person other than a company or firm, if his total income or the total income of […]
