Income Tax : The Income-tax Act does not prescribe a single definition of "relative" for all purposes. Different provisions such as Sections 13...
Income Tax : The Finance (No. 2) Act, 2024 abolished angel tax from AY 2025-26 for all investors. This article explains why startups filing ret...
Income Tax : Learn when monetary, immovable, and movable property gifts become taxable under the Income-tax Act. The FAQs explain exemptions, t...
Income Tax : Income from Other Sources encompasses various taxable receipts such as dividends, gifts, family pension, lottery winnings, interes...
Income Tax : The document highlights that start-ups enjoying exemption must comply with prescribed restrictions on investments and asset acquis...
Income Tax : Finance Bill 2024 proposes the sunset of Section 56(2)(viib) from April 2025, eliminating the tax on shares issued above face valu...
Income Tax : Amendment to section 56(2)(viib) of Act extending the applicability of section to issue of shares to non-residents has been made a...
Income Tax : CBDT proposes changes to Rule 11UA in respect of ANGEL TAX- Also proposes to notify Excluded Entities In the Finance Act, 2023, ...
Income Tax : IMB Certificate of Eligible Business is not a pre-requisite to avail the benefits of non-application of the provisions of clause (...
Income Tax : Representation for widening the scope of benefit in case of difference in agreement price and Circle Rate of property is upto 20 p...
Income Tax : ITAT Mumbai remanded the case to examine whether Section 56(2)(x) applied based on the agreement date and to consider refund of ex...
Income Tax : ITAT Delhi held that circle rate-based land valuation is valid for determining FMV under Section 56(2)(viib) and deleted the addit...
Income Tax : ITAT held that interest earned from scheduled and co-operative banks was attributable to the society's business of providing credi...
Income Tax : The Tribunal ruled that a clerical mistake in the DRP's order could not justify sustaining a ₹10 lakh addition. It held that the...
Income Tax : ITAT Delhi held that Section 56(2)(viib) could not be invoked where shares were allotted at a premium to a 100% holding company. T...
Income Tax : Notification regarding Income-tax Act Section 56(2)(viib) and assessment of Startup Companies. Clarifications for assessing recogn...
Income Tax : CBDT) amends Income Tax Rule 11UA regarding valuation of unquoted equity shares for tax purposes. Learn about changes in this amen...
Income Tax : Details of Sixteenth Amendment to Income Tax Rules (2023) on computation of income chargeable under life insurance policies as per...
Income Tax : In the Finance Act, 2023, an amendment was introduced in this provision to bring the consideration received from non-residents wit...
Income Tax : CBDT issued Notification No. 29/2023- Income-Tax specifying certain classes of persons for the purpose of sub-clause (ii) of th...
Recent Mumbai Tribunal ruling reaffirms the legitimacy of fair market valuation in Angel Tax cases. Detailed analysis of PNP Maritime Services Pvt. Ltd. vs. DCIT case.
Bombay High Court held that an agreement for providing manpower to perform maintenance services is not a contract of sale but is a contract for service under the provisions of the Maharashtra Value Added Tax Act, 2002.
Addition made under Section 69 on account of the difference in excess stock of 22 Kt Gold and Polki Jewellery was not justified as the total weight of items of 22KT Gold jewelry and 22KT Gold Polki jewelry was 36,943 gms, and as per the estimated value, the difference was merely 113.50 gms, which was 0.32%.
ITAT Chennai held that disallowance of expenditure towards helper allowance claimed as deduction u/s. 10(14)(i) of the Income Tax Act rightly sustained as no supporting documents submitted.
Explore the ITAT Mumbai decision in Rekha Singh vs ITO, directing the consideration of stamp duty value on the date of allotment for Section 56(2)(vii)(b) purposes. Detailed analysis and implications.
Explore reality of startup deductions & Tax Illusion they create in Indian economy with Startup India Initiative. Discover dedicated team managing many programs & governing initiative with this post.
Delhi High Court held that interest on delayed refunds as per section 56 of the Delhi Goods and Services Tax Act, 2017 is payable when refund remains unpaid even after sixty days from the date of application for refund.
Kerala High Court held that the provisions i.e. Sections 14A & 74H of the Kerala Co-operative Societies Act, 1969 not relating to any aspect of banking are within the legislative competence of the State Legislature.
ITAT Mumbai upholds addition in Osianama Learning Experience Pvt. Ltd. case under Section 56(2)(viib) of the Income Tax Act, related to excess consideration received on allotment of shares.
Explore the intricacies of Diwali gift tax provisions in India. Uncover the exemptions, taxable scenarios, and asset considerations that can impact your festive generosity.
