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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 : ITAT Delhi held that a notice under Section 143(2) issued by a non-jurisdictional Assessing Officer without a valid transfer order...
Income Tax : The ITAT held that cash deposited during demonetization was adequately explained through instrument charges consistently disclosed...
Income Tax : The ITAT held that advertisement and brand promotion expenses incurred by the distributor were for its own business and were not s...
Income Tax : The Kerala High Court held that the ITAT wrongly assumed that the Assessing Officer had not examined either disputed issue. It rem...
Income Tax : The Kerala High Court held that condonation of delay in filing the income tax return could materially affect the assessment denyin...
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...
Returns of income furnished electronically under Section 142(1), 148, 153A and 153C of the Act during the period from 07.06.2021 to 30.09.2021 and verified through Electronic Verification Code instead of Digital Signature, shall be deemed to have been furnished and verified as per Rule 12.
During the month of September, on average, more than 15 lakh unique taxpayers have logged into the portal, daily, and over 1.5 crore returns have been filed till date.
S. Karthik Vs N. Subhash Chand Jain (Supreme Court of India) Fact- The main issue involved in the present matter is that the auction sale of mortgaged property which was continuously blocked by the guarantors on some pretext or other. Ultimately Indian Overseas Bank disposed off the property via auction sale by way of a […]
Rameshwar Prasad Shringi Vs PCIT (ITAT Jaipur) Assessing officer has carried out exhaustive enquiries and verifications regarding source of cash deposits in the bank account during the financial year relevant to impugned assessment year. The bank statements, the cash book, the ledger accounts, the financial statements for the year under consideration and for the earlier […]
Taxability on Gifts, Rewards and Rewards Given to Sportsperson/Olympic Participants TAX ON GIFTS IN INDIA: In India, gift is exempted up to Rs. 50,000 and gifts from specific relatives such as parents, spouse and siblings are also exempted from tax. Other than specified before are taxable. Tax on gifts falls under the purview of Income […]
Capital gains are the amount of net profits(gains) that the investor makes from selling of any capital assets over the purchase price of that assets. The entire consideration which an investors get over the property is considered as taxable income. CONDITION TO BE FULFILLED FOR GETTING TAXED UNDER CAPITAL GAINS To be eligible to get […]
New Income Tax portal had been launched in first week of June-2021. Since then, many stakeholders are facing certain technical issues. Those rare (may be its not their subject) people who don’t know this may search about this on social media. CBDT has already extended the due dates of filing audit reports and ITRs for […]
Section 80G of the Income Tax Act, 1961 enables an assessee to claim deduction for donation made by him to certain organizations. This deduction is subject to certain conditions. The motive of Government of India behind introduction of 80G deduction is to encourage donation towards worthy causes. Under 80G, the amount donated to notified funds […]
Income Tax Department Government of India Central Board of Direct Taxes, e-Filing Project AY 2021-22 – ITR 6 – Schema Change Document Version 1.1 21 September 2021 Directorate of Income Tax (Systems) E-2, A.R.A. Centre, Ground Floor Jhandewalan Extension New Delhi – 110055 Document Revision List Document Name: ‘ITR 6 Schema Changes for AY 2021-22’ […]
Draft Written Submission before CIT(A), Faceless related to PF & ESI late deposited after due date but before due date of ITR Appeal filed against the order of rectification u/s 154 made by Assistant Director of Income Tax, CPC dated XX.XX.20XX [Jurisdictional ITO: Ward No. X (X), XXXX] Most respectfully submitted before the Hon’ble CIT(A), […]
