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Income Tax : Income may become tax-free under the new tax regime because of the standard deduction and Section 87A rebate, but ITR filing may s...
Income Tax : This article explains the key situations where filing an Income Tax Return is compulsory, even if income is below the basic exempt...
Income Tax : Learn about the income tax benefits available to resident senior and very senior citizens, including higher exemption limits, dedu...
Income Tax : Learn how different types of income tax assessments are conducted under the Income-tax Act. The FAQs explain assessment procedures...
Income Tax : This guide explains the taxation of capital gains, computation methods, capital assets, and transfer provisions under the Income-t...
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 Pune held that the reassessment proceedings were invalid because the notice under Section 148 was approved by the Principal C...
Income Tax : ITAT held that interest earned by a co-operative credit society from deposits with a co-operative bank remained attributable to it...
Income Tax : Bangalore ITAT held that allegations of capitation fee collections could not justify denial of exemption under Sections 11 and 12 ...
Income Tax : ITAT Pune held that reassessment proceedings were invalid because the approval under Section 151 was granted by the Principal Comm...
Income Tax : ITAT Delhi held that Section 56(2)(viib) could not be invoked where shares were allotted at a premium to a 100% holding company. T...
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 this write up, we are going to discuss the taxability, under Income Tax Law, where a private limited company issues share at a price which is more than its Face Value. Section 56(2)(Viib) of Income Tax Act, 1961, stipulates as follows:- where a company, not being a company in which the public are substantially […]
CBDT notifies pension fund, namely, ‘Ivanhoe Logistics India Inc.’ under sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 in respect of the eligible investment made by it in India on or after 4th May 2021 but on or before the 31st day of […]
CBDT notifies pension fund, namely, ‘Ivanhoe Logistics India Inc.’ under sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 in respect of the eligible investment made by it in India on or after 4th May 2021 but on or before the 31st day of […]
CBDT notifies pension fund, namely, ‘CDPQ Infrastructures Asia III Inc’. under sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 in respect of the eligible investment made by it in India on or after 4th May 2021 but on or before the 31st day […]
CBDT notifies pension fund, namely, the Caisse de dépôt et placement du Québec under sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 in respect of the eligible investment made by it in India on or after 4th May 2021 but on or before […]
CBDT Notification No. 42/2021 dated 4th May, 2021. regarding exemption from obtaining PAN by non resident investor. Rule 114AAB specifies the Class or classes of person to whom provisions of section 139A shall not apply. CBDT has not amended Rule 114AAB and Form No. 49BA vide Notification No. 42/2021 dated 4th May, 2021. Non-resident investor […]
SAS Fininvest LLP Vs National-Assessment Centre Income Tax Department New Delhi (Delhi High Court) DELHI HIGH COURT admitted writ petition on account of not giving proper show cause notice (SCN) with material prior to passing of assessment order against NFAC. Also first time honourable court took cognizance of board instructions cited by us and reproduced […]
Airports Authority of India Vs ITO(TDS) (ITAT Delhi) Conclusion: TDS under section 195 was not applicable on payments made by company to the Federal Aviation Administration, USA (FAA), for providing technical assistance to AAI by way of providing its personnel and meeting on ATFM requirements and assisting AAI in connection with ATFM by development of […]
Section 194P to the Income Tax Act, 1961 is inserted vide the Finance Act, 2021. Provisions of section 194P provide conditional relaxation to the specified senior citizen from filing of an Income Tax Return. The entire provisions of the newly introduced section 194P are briefly explained in the present article. Meaning of term ‘specified senior […]
CASE ANALYSIS PILCOM v. COMMISSIONER OF INCOME TAX (C.I.T.) A.I.R. 2020 S.C. 204 Bench: Justice Uday Umesh Lalit and Justice Vineet Saran SIGNIFICANCE OF THE CASE: With an increase in various International Sporting events such as the Indian Premier League (IPL), Pro Kabaddi, Indian Super League (ISL), etc, which are been held in India, the […]
