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...
Overview of special tax regimes for Individuals, Companies, HUFs, and Co-operative Societies under Sections 115BA to 115BAE of the Income Tax Act.
This ITAT Ahmedabad decision rules that the Centralised Processing Centre (CPC) cannot summarily reject a new manufacturing company’s claim for the 22% tax rate under section 115BAB during processing under section 143(1) without issuing a prior intimation. The Tribunal held that the eligibility for the concessional rate is a debatable issue that cannot be adjusted as a “mistake apparent from record.”
The ITAT ruled that tax authorities cannot deny the S.115BAB benefit after a detailed S.143(3) scrutiny order confirms the assessee as a manufacturer. The judgment emphasizes procedural consistency, overturning the CPC and CIT(A) orders.
Summary of Income Tax Sections 111A, 112A, 115A-115AD, detailing flat tax rates on short and long-term capital gains, and specific income taxation for non-residents.
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.
The ITAT has deleted transfer pricing adjustments for Avaada group companies, ruling that Section 115BAB doesn’t apply to pre-operative businesses with no taxable income.
A guide to available income tax deductions for AY 2025-26 under various default tax regimes (115BAA, 115BAB, 115BAC, 115BAD, 115BAE) for different taxpayer types.
ITAT Raipur held that concessional tax rate benefit under section 115BAB of the Income Tax Act denied since Form 10ID filed after due date as specified under section 139(1) of the Income Tax Act. Accordingly, appeal dismissed.
Allahabad High Court held that filing of Form 10-IC prior to filing of return is not mandatory and if “genuine hardship” is shown then delay may be condoned. Accordingly, delay in filing Form 10-IC condoned and order quashed.
ITAT Kolkata allows Indiano Chrome Pvt Ltd Section 115BAB tax benefit for AY 2023-24, citing prior year compliance and single-time form filing.
