Income Tax : Understand Section 44AD of the Income Tax Act: presumptive business income, eligibility, turnover limits, and tax implications for...
Income Tax : Non-Governmental Organizations (NGOs) and trusts play a vital role in contributing to the welfare of society through charitable an...
Income Tax : Explore key income tax compliance requirements for charitable and educational institutions under the Income Tax Act for the assess...
Income Tax : Learn how small business owners can benefit from the presumptive taxation scheme under Section 44AD. Find out the eligibility cri...
Income Tax : Article discusses Exemption Under Special Provisions of Sections 10A, Section 10AA and Section 10B of Income Tax Act, 1961. A. Sec...
Fema / RBI, Finance, Income Tax : Announcing the foreign trade policy 2009-14 here on Thursday, Mr Anand Sharma, Union Commerce Minister said, the Government wanted...
Income Tax : The court held that late filing of Form 10B is a procedural lapse and does not automatically bar charitable exemption. Substantial...
Income Tax : The Tribunal examined whether lease rent and allied charges from an IT Park were business income or property income. It held that ...
Income Tax : The issue was whether notional income booked on a joint development agreement can be taxed before project commencement. The Tribun...
Income Tax : The Tribunal held that exemption under section 11 cannot be denied once the delay in filing Form 10B stands condoned. The Assessin...
Income Tax : High Court quashed the adjustment made in the intimation under Section 143(1) disallowing deduction under Section 10B and declared...
Income Tax : A clarificatory Circular No. 01/2013 dated 17.01.2013 was issued by CBDT to address various contentious issues leading to tax disp...
Income Tax : A clarificatory Circular No. 01/2013, dated 17-1-2013 (hereinafter referred to as 'Circular') was issued by CBDT to address variou...
Income Tax : Circular No. 07/DV/2013-Income Tax The two sections 10A and 10B of the Act were initially placed on statute in 1981 and 1988 resp...
Income Tax : The Indian Software Industry has been the beneficiary of direct tax incentives under the provisions like sections 10A, 10AA & 10B ...
Income Tax : Circular No. 01/2013-Income Tax The CBDT has issued a Circular No. 01/2013 dated 17.01.2013 in which it has provided clarificatio...
The court held that late filing of Form 10B is a procedural lapse and does not automatically bar charitable exemption. Substantial compliance before appellate proceedings was found sufficient.
The Tribunal examined whether lease rent and allied charges from an IT Park were business income or property income. It held that systematic commercial operation with integrated services warrants business income treatment.
The issue was whether notional income booked on a joint development agreement can be taxed before project commencement. The Tribunal held that only real income can be taxed and deleted the disallowance.
The Tribunal held that exemption under section 11 cannot be denied once the delay in filing Form 10B stands condoned. The Assessing Officer was directed to verify and allow the exemption in accordance with law.
High Court quashed the adjustment made in the intimation under Section 143(1) disallowing deduction under Section 10B and declared the rectification order to be null and void as allowability of deduction under Section 10B was examined during regular assessment proceedings and accepted
The court held that reopening beyond the permissible period was invalid where full disclosures were made and no new material emerged. Reassessment based solely on existing records was ruled time-barred.
The Tribunal remanded the MAT issue after noting lack of factual verification on whether reserve withdrawals were credited to the P&L account. Key takeaway: MAT adjustments under section 115JB require strict, evidence-based verification.
The ITAT held that filing Form 10B on the extended due date, especially during COVID-19 relief periods, cannot by itself defeat Section 11 exemption. Procedural delay cannot override substantive compliance.
The Tribunal ruled that inadvertent omission of claiming advance tax does not bar interest under Section 244A. Authorities cannot withdraw interest through Section 154 rectification for such mistakes.
The Tribunal held that reassessment based only on the Shah Commission report, without independent material or application of mind, is invalid. Reopening beyond four years after full disclosure was quashed, nullifying additions and penalties.
