Income Tax : Detailed overview of corporate tax rates, surcharges, and MAT for AY 2021-22 to AY 2025-26, applicable for various domestic and ma...
Income Tax : Explore five recent High Court decisions on income tax issues, including DTAA, FTS classification, MAT inclusion, reassessment ord...
Income Tax : Learn about penalty provisions under the IT Act, including penalties for defaults in tax payment, income reporting, and more. Key ...
Income Tax : Explore the essentials of Section 43B(h) & Section 15 under MSMED Act for prompt payments & legal compliance in micro, small, and ...
Income Tax : Explore allowance of unutilized MAT credit transfer in company amalgamation. Understand legal provisions, judicial precedents, and...
Income Tax : The computation of book profit under section 115JB is a complicated and vexed issue with diverse interpretations possible on vario...
Income Tax : The computation of book profit under section 115JB is a complicated and vexed issue with diverse interpretations possible on vario...
Income Tax : Relaxation in the provisions relating to levy of Minimum Alternate Tax (MAT) in case of companies against whom an application for ...
Income Tax : Relevant part of MAT-Ind AS Committee Report dated 17th June, 2017 containing recommendations regarding amendment to the provision...
Income Tax : On the basis of the recommendations of the Committee on MAT-Ind AS, the Central Government has notified 10 ICDS vide Notification ...
Income Tax : ITAT Mumbai held that the rate of tax on a short term capital gain on depreciable assets u/s. 50 has been held to be the rate of l...
Income Tax : ITAT Mumbai allows Mauritius fund to carry forward capital losses under Indian law while claiming DTAA exemption on pre-2017 share...
Income Tax : ITAT Delhi held that while computing total income as per Rule 5 r.w. section 44, provisions of section 14A are not applicable. Fur...
Income Tax : Assessee-a government-owned entity, had initially filed its income tax return for the assessment year 2016-17, declaring nil incom...
Income Tax : ITAT Bangalore rules Section 115JB (MAT) not applicable to Canara Bank (erstwhile Syndicate Bank), citing prior judicial precedent...
Income Tax : Representations have been received from the stakeholders seeking clarification on following issues relating to exercise of option ...
Income Tax : Details of the amount required to be increased or decreased in accordance with sub-section (2A) of section 115JB- [Applicable only...
Income Tax : Clarifications with FAQs on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB...
Income Tax : CBDT press release on Issues arising from the implementation of Minimum Alternate Tax (MAT) provisions relating to Indian Accounti...
Income Tax : References are being received by the Board that in certain cases appellate authorities are dismissing appeals without going into t...
ITAT Pune held that penalty under section 270A is not leviable since neither the assessment order nor the notice issued u/sec.274 r.w.s.270A the Assessing Officer has specified the limb under which the case of the assessee falls.
Madras High Court held that the provisions of Section 40A(7) of the Income Tax Act would override Section 43B of the Income Tax Act provided conditions under clauses (a) and (b) of section 40A(7) are satisfied.
ITAT Ahmedabad held that income from sale of scraps generated through production process reducing cost of product is eligible for deduction under section 80IC of the Income Tax Act. Accordingly, appeal of revenue dismissed.
ITAT Mumbai rules Section 40(a)(ia) disallowance unsustainable for payments to Maharashtra Govt and unpaid liabilities, providing partial relief to Mahaonline Ltd.
Madras High Court held that re-opening of assessment u/s. 147 must be based on some tangible material without such tangible material, re-opening is merely inspired from change of opinion and hence the same is liable to be quashed.
Madras High Court held that income from sale of shares is to be treated as business income since money was borrowed and invested in shares only for the purpose of trading in shares. Accordingly, income from sale of shares cannot be treated as short-term capital gain.
During the course of a survey, it was seen that the assessee had defaulted in deducting tax at source on interest paid to AGE Patel Joint Venture (JV) in Financial Year (FY) 2016-17 on Mobilisation advance and Machinery advance.
ITAT Hyderabad held that disallowance under section 14A of the Income Tax Act is rightly deleted by CIT(A) since assessee has not earned any dividend income. Thus, when there is no dividend income, the provisions of section 14A are not applicable.
The assessee is a Public Sector Undertaking of Government of India and is in the business of Non-Life Insurance, The assessee offers insurance covers for large projects like power plants, petrochemical, steel and chemical plants.
ITAT Chennai rules on Ashok Leyland’s tax appeal regarding R&D deductions under Section 35(2AB). The tribunal allows partial relief, citing legal precedents.
