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 Tribunal dismissed the assessee’s appeal, confirming that opting for Section 115BAA overrides the 20% LTCG rate under Section 112.
The ITAT ruled that CSR expenditure, though disallowed as a business expense, qualifies for deduction under Section 80G if paid to approved entities. The Tribunal directed the AO to verify the donations and allow the 80G claim, rejecting the argument that a mandatory statutory expense cannot be a donation.
ITAT confirmed that a company can validly exercise the concessional tax regime under Section 115BAA through a revised return filed within the due date. Regular business losses and unabsorbed depreciation remain eligible for set-off.
Form 3CD requires mandatory reporting on taxpayer identity, business status, accounting methods (ICDS), depreciation, inadmissible expenditures (Sec. 40A/14A), payment/receipt compliance (Sec. 269SS/T/ST), TDS/TCS, and GST expenditure break-up, ensuring comprehensive tax compliance verification under Section 44AB.
ITAT Nagpur has dismissed Revenue’s appeal against Western Coalfields Ltd., affirming that a delay in filing Form 10-IC for the concessional tax rate under Section 115BAA can be condoned.
ITAT Hyderabad directed to reconsider claim of concessional tax rate benefit u/s. 115BAA of the Income Tax Act since Form 10-IC filed belatedly but was filed before cut-off date i.e. 30.06.2022 as prescribed by CBDT Circular No. 6/2022. Accordingly, appeal allowed for statistical purpose.
The ITAT Delhi has directed the tax department to apply the 22% concessional tax rate to Kworks Technologies, citing a procedural lapse in late filing of a tax form.
Delhi ITAT directs a company’s tax be recomputed at a concessional 22% rate, ruling that a delayed procedural form filing should not negate a clear intent.
The ITAT Kolkata dismissed an appeal from Ma Shanti Agro Foods Pvt. Ltd. after the tax dispute was resolved by the CBDT’s circular and a subsequent rectification by the CPC.
The ITAT Kolkata restored an assessee’s claim for a concessional tax rate under Section 115BAA, ruling that the delay in filing Form 10-IC was a procedural error.
