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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...
Learn how to add a legal representative for a deceased person on e-filing 2.0. Understand the legal provisions and documents required for this process.
The Income Tax Department carried out search and seizure operations on 02.12.2021 on four Bangalore based Credit Cooperative Societies (CCS) and their associates.
Dr. R. P. Patel & Ors. Vs Asst. Director of Income Tax (Investigations) & Ors. (Kerala High Court) Authorised officer conducting the search & seizure cannot retain the documents/ assets beyond 15 days and encash IVPs for adjustment against tax liability Hon’ble Kerala High Court set aside the judgment of the learned Single Judge denying […]
National Chamber of Industries & Commerce, U.P. has made a representation to Hon’ble Union Minister for Finance and made 27 Suggestion related to Union Budget 2022. Suggestion includes request for Rationalization of Rate Of Tax On Firms/LLP, Enhancement of Section 80C Limit, Allowability Of CSR Expenditure, Amendment To section 54 to Incorporate More Than One […]
National Chamber of Industries & Commerce, U.P. has made a representation on Problems On Income Tax Portal , Faceless Assessment & Appeals to Hon’ble Chief Commissioner of Income Tax,(OSD) Agra. They highlighted issued related to Glitches in the New Income Tax Portal, Faceless Assessments/Penalty, Faceless Appeals, Processing of Returns, Dedicated Grievance MAIL id and helpline […]
Green Orchard Farm Houses Vs DCIT (ITAT Bangalore) The Ld.AR has placed reliance on the judgment of Hon’ble Supreme Court in the case of ACIT & anr. Vs. Hotel Blue Moon reported in (2010) 321 ITR 362 wherein Hon’ble Supreme Court held that an omission on part of the Assessing Officer u/s. 143(2) cannot be […]
Annual Information Statement (AIS)– Income in respect of units of non-resident u/s 115A(1)(a)(iiab) Recently, the Income Tax Department rolled out the Annual Information Statement on its compliance portal. It is a tool that provides a comprehensive view of all the financial transactions undertaken by the taxpayer in a respective financial year. Annual Information Statement sums […]
In present facts of the case, the Hon’ble High Court quashed the FIR registered against Income Tax officials as Section 293 of the Income Tax Act, 1961 mandates that no suit shall be brought in any civil Court to set aside or modify any proceeding taken or order made under the Act and no prosecution, suit or other proceeding shall lie against the Government or any officer of the Government for any act done in good faith under the Act.
Annual Information Statement – Interest on bonds & government securities (AIS) The income tax department has newly introduced Annual Information Statement (AIS). AIS is likely to replace existing Form 26AS once the same is fully validated and operational. Accordingly, all the taxpayer is now required to grab more and more information about various information categories […]
a) We appreciate the alternate tax regime offered for personal taxation under section 115BAC. However please allow benefit of section 80D for medical insurance premium to help taxpayers to keep their medical policies alive in view of exorbitant expenses for hospitalisation & treatment even in case of taxpayers opting for sec. 115BAC.
