Income Tax : The document provides a detailed summary of the special tax provisions applicable to different securities and classes of taxpayers...
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 : Taxpayers entering specified domestic transactions exceeding prescribed thresholds must maintain transfer pricing documentation, a...
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...
The document provides a detailed summary of the special tax provisions applicable to different securities and classes of taxpayers. It explains the applicable rates for capital gains and specified income along with deduction and exemption rules under the Finance Act, 2026.
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.
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.
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.
Taxpayers entering specified domestic transactions exceeding prescribed thresholds must maintain transfer pricing documentation, as failure to do so can attract penalties of 2% of the transaction value and other compliance consequences.
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.
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.
