Income Tax : Understand every reporting requirement under Form 3CD as amended by the Finance Act, 2026. This guide explains clause-wise disclos...
Income Tax : This article explains depreciation provisions under the Income-tax Act and Companies Act, including WDV, SLM, additional depreciat...
Income Tax : A detailed overview of limitation periods prescribed under the Income-tax Act reveals how missing statutory deadlines can lead to ...
Income Tax : The Income Tax Department has clarified the concessional tax regimes available to companies, individuals, and co-operative societi...
Income Tax : Section 115BAA offers eligible domestic companies a concessional tax structure with a fixed effective rate. The trade-off is the l...
Income Tax : Indian Government's recent data on corporate tax collection for the last five years and the revenue forgone due to the reduction o...
Income Tax : Request to CBDT to permit filing of Form 10IC after expiration of time limit by condoning delay Issuance of Order under Section ...
Income Tax : Representation with regard to application of old tax rates due to filing form 10IC after submitting ITR but before due date filing...
Income Tax : The Calcutta High Court held that the PCIT was not authorised to condone the delay in filing Form 10-IC for AY 2024-25 as the appl...
Income Tax : ITAT Ahmedabad held that the Transactional Net Margin Method (TNMM) remained the most appropriate method as there was no change in...
Income Tax : The Tribunal held that delayed filing of Form 10-IC should not defeat the assessee's substantive right to opt for the concessional...
Income Tax : The Bombay High Court held that a 13-day delay in filing Form 10-IC should be condoned where eligibility for Section 115BAA was un...
Income Tax : ITAT Delhi held that a 22-day delay in filing Form 10-IC could not deprive an eligible company of the concessional tax rate under ...
Income Tax : CBDT grants a filing extension for Form 10-IC related to AY 2021-22. Learn the conditions for this extension and the new deadline ...
Income Tax : CBDT issues Income Tax Circular 06/2022 | Dated: 17th March, 2022 to condone the default in filing Form 10-IC to avail lower tax r...
Income Tax : CBDT notifies forms for exercising option u/s 115BAA and 115BAB – Notification No. 10/2020, dated 12-02-2020 Section 115BAA deal...
Understand every reporting requirement under Form 3CD as amended by the Finance Act, 2026. This guide explains clause-wise disclosures, compliance obligations, and key tax audit reporting requirements.
The Calcutta High Court held that the PCIT was not authorised to condone the delay in filing Form 10-IC for AY 2024-25 as the applicable CBDT circular covered only earlier assessment years. The Court quashed the order and directed the petitioner to approach the CBDT.
ITAT Ahmedabad held that the Transactional Net Margin Method (TNMM) remained the most appropriate method as there was no change in the assessee’s functional profile and earlier Tribunal decisions had consistently accepted it. The transfer pricing adjustment based on the internal Cost Plus Method was deleted.
This article explains depreciation provisions under the Income-tax Act and Companies Act, including WDV, SLM, additional depreciation, and unabsorbed depreciation. The key takeaway is that correct asset classification and applicable rates are crucial for accurate tax computation and compliance.
The Tribunal held that delayed filing of Form 10-IC should not defeat the assessee’s substantive right to opt for the concessional tax regime under Section 115BAA. Since the intention to avail the lower tax rate was evident from the records, the benefit was allowed.
A detailed overview of limitation periods prescribed under the Income-tax Act reveals how missing statutory deadlines can lead to penalties, loss of deductions, exemptions, and legal remedies. The key takeaway is that timely compliance with filing, assessment, appeal, audit, and tax payment obligations is crucial to avoid adverse tax consequences.
The Bombay High Court held that a 13-day delay in filing Form 10-IC should be condoned where eligibility for Section 115BAA was undisputed. The Court ruled that procedural requirements cannot override substantive statutory benefits.
ITAT Delhi held that a 22-day delay in filing Form 10-IC could not deprive an eligible company of the concessional tax rate under Section 115BAA. The Tribunal treated the delay as procedural and directed recomputation at the lower rate.
The Income Tax Department has clarified the concessional tax regimes available to companies, individuals, and co-operative societies. The guide explains that lower tax rates are available only if taxpayers forgo specified exemptions, deductions, and tax benefits.
Section 115BAA offers eligible domestic companies a concessional tax structure with a fixed effective rate. The trade-off is the loss of several deductions available under the normal regime.
