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 : Learn the meaning of current tax and deferred tax, and how deferred tax assets and liabilities impact a company's financial statem...
Income Tax : Understand Corporate Tax Rates for AY 2021-22, AY 2022-23, AY 2023-24 & AY 2024-25. Learn about exemptions, conditions, and implic...
Finance : A company opting for special rate taxation under section 115BAA and 115BAB of the Act are exempt from paying MAT. Further, a compa...
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 Ahmedabad held that contribution under National Pension System (NPS) belatedly, however, before filing of return is allowable...
Income Tax : ITAT Mumbai held that since the shares were acquired on or after 01.10.2004, the assessee would be entitled to claim exemption of ...
Income Tax : Delhi High Court held that income of agricultural land is exempt from tax and hence the same cannot be added to the books profit w...
Income Tax : PCIT Vs Farmson Pharmaceuticals Gujarat Pvt Ltd (Gujarat High Court): Reassessment cannot be solely based on a reevaluation of exi...
Income Tax : Read the full text of the ITAT Delhi's order on the invalid notice issued before filing ITR, leading to the quashing of the assess...
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...
Bombay High Court held that assessment order passed by Faceless Assessing Officer (FAO) two years after the Dispute Resolution Panel (DRP) directions, is time barred and cannot be sustained.
ITAT Raipur held that addition on account of discount allowed to sister concern unsustainable as assessee duly placed on record documentary evidence to substantiate the factum of having sold low-quality sponge iron to its sister concern. Accordingly, rejection of discount merely on the basis of doubts and suspicion unjustified.
Learn the meaning of current tax and deferred tax, and how deferred tax assets and liabilities impact a company’s financial statements.
ITAT Delhi held that disallowance of foreign travel expenditure unjustifiable as the same are incurred in connection with the business of the assessee.
In the case of Bombay Samachar Pvt. Ltd Vs ACIT, ITAT Mumbai rules that valuation of sale consideration must involve a Valuation Officer as per Section 50C of the Income Tax Act.
ITAT Chennai held that subsidy received from Government of India under the Focus Market Scheme is Revenue in nature. The same cannot be at any stretch of imagination considered as capital in nature.
ITAT Mumbai held that order passed u/s 263 of the Income Tax Act by merely remitting the matter back to AO without giving a finding that profit declared by assessee is erroneous in so far as it is prejudicial to the interest of the revenue is liable to be set-aside.
ITAT Delhi held that the assessee failed to produce books of account before AO as well as before CIT(A). Books were produced before Tribunal. Accordingly, matter restored back to AO with direction to consider the documents produced and adjudicate the issue accordingly.
Madras High Court held that initiation of proceedings for reassessment under section 147 of the Income Tax Act based on material already on record and without new/ tangible information is bad-in-law and liable to be quashed.
ITAT Bangalore held that as assessee has no right to receive the interest accrued on Fixed Deposits due to prohibitory order, the same is not taxable.
