Income Tax : Explains the requirement for daily backups of electronic accounting records on India-based servers from 2026. Highlights complianc...
Income Tax : The reform consolidates TDS provisions into a structured system and introduces digital compliance mechanisms. It enhances clarity,...
Income Tax : The new tax framework significantly reduces the number of rules and forms, aiming to simplify compliance. It replaces complex prov...
Income Tax : Form 45 allows resident taxpayers to report settlement of foreign tax disputes and claim foreign tax credit not earlier claimed in...
Income Tax : This analysis explains how employer-leased cars reduce taxable salary since only a prescribed perquisite value under Rule 3 is tax...
Income Tax : Amendment to section 56(2)(viib) of Act extending the applicability of section to issue of shares to non-residents has been made a...
Income Tax : Central Board of Direct Taxes (CBDT) has extended the last date to link Permanent Account Number (PAN) with Aadhaar to June 30, 20...
Income Tax : CBDT notified Income-tax Return Forms (ITR Forms) for Assessment Year 2023-24 vide Notifications No. 04 & 05 of 2023 dated 10.02.2...
Income Tax : Taxguru Team compiled Rule 12 of Income Tax Rules considering amendment vide Notification No. 21-2021/Income Tax Dated 31st March,...
Income Tax : CBDT has decided to discontinue Excel & Java version of ITR utilities from AY 2021-22 and it has released JSON Utility for...
Income Tax : Assessee filed his original income tax return on 31-08-2019 and revised the return on 19-06-2020. He submitted Form 67 to claim th...
Income Tax : ITO Vs Tilak Proficient Nidhi Limited (ITAT Allahabad) The ld. CIT(A) simply accepted all the contentions /additional evidences fi...
Income Tax : The AO has relied on sub-rule (1) of section 37BA for denying the benefit of TDS during the year under consideration. This part of...
Income Tax : As per Section 199(3) of Income Tax Act, 1961 read with Rule 37BA(3)(i) and (ii) of Income Tax Rules, 1962 TDS can be granted only...
Income Tax : TDS credit is allowed on deduction of Income under u/s 80IA, 8oIB, 80IC of the act, etc and also TDS credit is allowed on bad debt...
Income Tax : The latest amendment excludes income arising from transfer of pre-2017 investments from GAAR scrutiny. It reinforces the protectio...
Income Tax : CBDT introduced Income-tax Rules, 2026 to operationalize the Income-tax Act, 2025. The rules standardize procedures on valuation, ...
Income Tax : Learn about the latest changes in Income Tax Rules, 2025. Key amendments include updates to ITR forms and provisions for capital g...
Income Tax : Ministry of Finance amends rule 11UAC of Income-tax Rules 1962, specifically addressing the relocation of funds and movable proper...
Income Tax : The amendments brought about by Notification No. 45/2023 – Income-Tax (Income-tax (Eleventh Amendment) Rules, 2023) encompas...
NOTIFICATION NO 11/2008, Dated: January 18, 2008 Valuation of specified security not being an equity share in the company. 40D. For the purposes of clause (ba) of sub-section (1) of section 115WC, the fair market value of any specified security, not being an equity share in a company, on the date on which the option vests with the employee, shall be such value as determined by a merchant banker on the specified date.
HC asks Britannia to return pension money Firm had challenged an Income Tax dept show cause notice on why it withdrew such a huge amount from the employees’ fund.Britannia Industries (BIL) has been asked by the Calcutta High Court to pay back the Rs 12 crore it allegedly withdrew from the company’s pension fund. BIL had recieved a showcause notice from the income tax department to explain the withdrawal in 2003.
The value of perquisite as determined under column (3) and increased by 10% per annum of the cost of furniture (including television sets, radio sets, refrigerators, other household appliances, air-conditioning plant or equipment) or if such furniture is hired from a third party, the actual hire charges payable for the same as reduced by any charges paid or payable for the same by the employee during the previous year.
NOTIFICATION NO. 264/2007, DATED 23-10-2007 Valuation of specified security or sweat equity share being a share in the company. 40C. (1) For the purposes of clause (ba) of sub-section (1) of section 115WC, the fair market value of any specified security or sweat equity share, being an equity share in a company, on the date on which the option vests with the employee, shall be determined in accordance with the provisions of sub-rule (2) or sub-rule (3).
Worryingly for taxpayers, there is confusion in the air about AIR (annual information return) ever since the taxman issued an FAQ relating to ITR (income-tax return) forms. FAQs are supposed to clarify things but what is causing puzzlement to assessees is the `limit’ relating to financial transactions for AIR, specified in one of the `frequently asked’ questions, posted recently on www.incometaxindiaefiling.gov.in. Question number 64, the last in the list, reads: “In schedule of AIR of all ITRS relating to financial transactions whether the limit fixed is for aggregate or single in each category as shown in the following transactions:
CIRCULAR NO. 5 / 2007-Income Tax . The Central Board of Direct Taxes, vide notification S.O. No.762(E) dated 14th May, 2007 have notified following new return forms for assessment year 2007-08 under a new series:- (i) ITR-1 return of income for individuals having income from salary/ pension/ family pension and not having any other income except income by way of interest chargeable to income-tax under the head Income from other sources;
07/2005 Annual Information Return (AIR) of ‘high value financial transactions’ is required to be furnished under section 285BA of the Income-tax Act, 1961 by ‘specified persons’ in respect of ‘specified transactions’ registered or recorded by them during the financial year. The due date of filing of the return is the 31st of August of the following year.
