Income Tax : The new regime offers a concessional 22% tax rate for domestic companies. However, key deductions and depreciation benefits are re...
Income Tax : Analyze the ITAT Delhi ruling on whether Section 115BAA applies to long-term capital gains, and understand why special LTCG rate...
Income Tax : Understand the statutory time limits for filings, applications, approvals, and settlement processes under the Income-tax Act, incl...
Income Tax : Overview of special tax regimes for Individuals, Companies, HUFs, and Co-operative Societies under Sections 115BA to 115BAE of the...
Income Tax : Form 3CD requires mandatory reporting on taxpayer identity, business status, accounting methods (ICDS), depreciation, inadmissible...
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 Court held that rejecting condonation solely because the assessment year was not mentioned in the circular is unjustified. It ...
Income Tax : ITAT Chennai held once the AO has conducted inquiry, examined replies and adopted a legally sustainable view, the same cannot be t...
Income Tax : The Tribunal held that a minor delay in filing Form 10-IC should not deny concessional tax benefits. It emphasized that substantiv...
Income Tax : The Tribunal held that delay in filing Form 10-IC does not invalidate the option exercised under Section 115BAA if declared in the...
Income Tax : Bombay High Court held that adjustments under Section 143(1)(a) are invalid if prior intimation is not issued and response not con...
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...
The issue was whether a late return under section 139(4) bars the concessional 22% tax regime. The Tribunal held that timely filing of Form 10IC is sufficient and the benefit cannot be denied on technical grounds.
The Tribunal held that late filing of Form 10-IC does not bar concessional tax benefits under Section 115BAA. The assessing officer was directed to allow relief once conditions are met.
ITAT Surat allowed a company to avail concessional tax rates under Section 115BAA despite a minor delay in filing Form 10-IC due to portal issues, emphasizing a practical approach.
The Tribunal clarified two key issues: depreciation on assets received in demerger and PF/ESI contribution disallowances. Revenue’s appeal was dismissed for AY 2017-18, while the assessee’s appeal for AY 2024-25 was partly allowed. This decision reinforces consistency in asset-related claims and practical application of Section 36(1)(va).
Analyze the ITAT Delhi ruling on whether Section 115BAA applies to long-term capital gains, and understand why special LTCG rates under Sections 112/112A remain intact.
The Supreme Court’s judgment highlights that strict compliance with the original Form 10-IC deadline is essential to avail Section 115BAA tax benefits.
Understand the statutory time limits for filings, applications, approvals, and settlement processes under the Income-tax Act, including key compliance deadlines.
ITAT Delhi ruled that validly filed Form 10-IC ensures eligibility for Section 115BAA concessional tax rate. Key takeaway: timely filing secures lower corporate tax in subsequent years.
ITAT Mumbai held that benefit under section 115BAA of the Income Tax Act cannot be denied for inadvertent filing of Form 10-IB in place of Form 10-IC since the same is technical lapse. Accordingly, order of CIT(A) is sustained and appeal of revenue is dismissed.
Overview of special tax regimes for Individuals, Companies, HUFs, and Co-operative Societies under Sections 115BA to 115BAE of the Income Tax Act.
