Income Tax : Businesses are seeking a cap on dividend taxation for resident shareholders to address double taxation concerns. The proposal aim...
Income Tax : Understand the statutory time limits for filings, applications, approvals, and settlement processes under the Income-tax Act, incl...
Income Tax : The ruling explains strict compliance requirements for specified domestic transactions, including maintaining detailed documentati...
Income Tax : Overview of special tax regimes for Individuals, Companies, HUFs, and Co-operative Societies under Sections 115BA to 115BAE of the...
Income Tax : Summary of Income Tax Sections 111A, 112A, 115A-115AD, detailing flat tax rates on short and long-term capital gains, and specific...
Income Tax : ITAT Delhi held that MAT provisions under Section 115JB cannot apply once a company validly opts for concessional taxation under S...
Income Tax : ITAT Hyderabad held that CPC cannot make adjustments under Section 143(1)(a) without issuing prior intimation to the assessee as m...
Income Tax : The issue was denial of concessional tax regime due to incorrect ITR disclosure and alleged delay in filing Form 10-IC. The Tribun...
Income Tax : ITAT held that once the concessional tax option under Section 115BAB is exercised in the first eligible year, it automatically app...
Income Tax : Denial of the 15% rate through summary processing was held invalid. Eligibility under section 115BAB requires examination and hear...
Income Tax : CBDT notifies forms for exercising option u/s 115BAA and 115BAB – Notification No. 10/2020, dated 12-02-2020 Section 115BAA deal...
ITAT Delhi held that MAT provisions under Section 115JB cannot apply once a company validly opts for concessional taxation under Section 115BAA. The Tribunal also relied on consistency as the department had accepted the option in earlier years.
ITAT Hyderabad held that CPC cannot make adjustments under Section 143(1)(a) without issuing prior intimation to the assessee as mandated by law. The Tribunal quashed the tax adjustment denying concessional tax benefits because the mandatory opportunity of response was not provided.
The issue was denial of concessional tax regime due to incorrect ITR disclosure and alleged delay in filing Form 10-IC. The Tribunal held that due date depends on the class of assessee, not procedural lapses, and allowed Section 115BAA benefit.
ITAT held that once the concessional tax option under Section 115BAB is exercised in the first eligible year, it automatically applies to subsequent years. Technical defects in later returns cannot defeat the claim.
Businesses are seeking a cap on dividend taxation for resident shareholders to address double taxation concerns. The proposal aims to align domestic taxation with global standards and improve investment sentiment.
Denial of the 15% rate through summary processing was held invalid. Eligibility under section 115BAB requires examination and hearing, not mechanical CPC adjustments.
The issue was whether interest-free loans to group entities warranted transfer pricing adjustment. The Tribunal held that since business had not commenced and no income was earned, the adjustment was unsustainable.
Understand the statutory time limits for filings, applications, approvals, and settlement processes under the Income-tax Act, including key compliance deadlines.
The ruling explains strict compliance requirements for specified domestic transactions, including maintaining detailed documentation for eight years. It highlights that failure to maintain, report, or furnish accurate information attracts penalties of up to 2% of transaction value.
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.
