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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...
The period of limitation for completion of assessment u/s 153A of the Income Tax Act’ 1961 for the searches conducted on or before 31st Day of March’2021 is governed by the provisions of Section 153B of the act. Even though the Section 153A of the Income Tax Act’ 1961 has been made non applicable for the searches initiated on or after the 1st Day of April’2021.
M. k. Exim (India) Limited Vs Union of India (Rajasthan High Court) We have also perused the guidelines issued by the Directorate General of Foreign Trade under circular dated 31.12.2003 for maintaining the denied entities list. It records that most common instance of action leading to refusal of licenses occurs when firms default in export […]
Jharkhand HC rejects discharge plea in Anup Kumar Lakhotia case. Charges framed under IPC and Prevention of Corruption Act. Legal analysis and key details.
CBDT notifies vide Notification No. 140/2021 – Income Tax | Dated: 29th December, 2021 Rule 16DD. Form of particulars to be furnished along with return of income for claiming deduction under clause (b) of sub-section (1B) of section 10A and New Form No. 56FF – Particulars to be furnished under clause (b) of sub-section (1B) of section […]
Central Board of Direct Taxes hereby sets up Appeal Units under Faceless Appeal Scheme, 2021. CBDT sets up 293 Appeal Units all over India. F.No. 187/4/2020-ITA-1 Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) ***** Room No. 245-A, North Block, New Delhi —110001. Dated 29th December, 2021 OFFICE ORDER-4 […]
CBDT sets up National Faceless Appeal Centre (NFAC), which shall have its headquarters at Delhi and shall comprise of the following Income-tax Authorities
CBDT notifies Income-tax Authority & Headquarters to facilitate Faceless Appeal vide Notification No.141/2021-Income Tax| Dated: 29th December, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No.141/2021-Income Tax| Dated: 29th December, 2021 S.O. 5449(E).—In exercise of powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax […]
The new ‘Annual Information Statement’ is now made available to the taxpayer on the Income Tax portal for the Financial Year 2020-2021. The taxpayer engaged in carrying on business or profession needs to thoroughly understand the information category ‘Business receipts’ covered under ‘Annual Information Statement’. The present article explains one of the important information categories […]
Over 4.67 crore Income Tax Returns filed on new e-filing portal of Income Tax Department Over 4.67 crore Income Tax Returns (ITRs) have been filed on the new e-filing portal of the Income Tax Department as on 27th December, 2021. More than 15.49 lakh ITRs were filed on 27.12.2021 and this number is likely to […]
Income Tax Department conducts searches in Rajasthan The Income Tax Department carried out search and seizure operations on 22.12.2021 on two groups and their business entities. One group is engaged in the business of manufacturing electrical switches, wires, LEDs, real estate and hotel business in Rajasthan, Maharashtra and Uttarakhand whereas, the other group is engaged […]
