Income Tax : The removal of Angel Tax is a major relief for startups. Discover implications, benefits, and potential downsides of this signific...
Income Tax : In Section 56(2)(viib) of Income Tax Act, Assessing Officer's wide discretion on valuation faces constraints from rules and tribun...
Income Tax : Discover the Assessing Officer's authority to challenge valuations under Section 56(2)(viib). Learn about valuation methods, legal...
Income Tax : Learn how Fair Market Value (FMV) impacts issue price of equity shares and tax implications under Income Tax Act. Essential guid...
Income Tax : The issue involves a subscription amount of Rs. 1 Crores, with a dividend rate of 0.10% over a tenure of 20 years. This brief exam...
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 : Notice under section 148 was issued upon assessee by AO for reassessing the cash deposit as undisclosed income, following approval...
Income Tax : ITAT Bangalore held that AO not allowed to interfere in method selected for valuation of share by the assessee u/s. 56(2)(viib) of...
Income Tax : Detailed analysis of the Sujauddian Kasimsab Sayyed Vs ITO (ITAT Mumbai) case involving immovable property and tax implications un...
Income Tax : Read the full text of the ITAT Mumbai order in Laxman Gore Shreshtha Vs DCIT. Analysis of reassessment based on incorrect details ...
Income Tax : ITAT Delhi rules Section 56(2)(vii) inapplicable to non-residents, deleting Rs. 9.31 Cr addition for APL Logistics Vascor Automoti...
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...
ITAT Pune rules that assessment under limited scrutiny cannot exceed its prescribed scope, preventing the use of revisionary jurisdiction under section 263 of the Income Tax Act.
CBDT amends Rule 11UA of Income Tax Rules to provide new methods for valuing shares of closely held companies and implications for startups.
Notification regarding Income-tax Act Section 56(2)(viib) and assessment of Startup Companies. Clarifications for assessing recognized Startups.
ITAT Bangalore held that the share premium received by the company is in excess of fair market value of the share, the addition thus made u/s. 56(2)(viib) of the Income Tax Act is found to be just and proper.
ITAT Kolkata held that the assessee has no permanent establishment in India and these services were also rendered outside India but the services has been used in India and, therefore, it is taxable in India.
ITAT Bangalore held that deduction u/s. 80P(2)(a)(i) of the Income Tax Act in respect of credit facilities provided by Souharda Co-operative Society to its members if requirement of mandatory maintaining of funds as per Karnataka Souharda Sahakari Act, 1997 is satisfied.
In present facts of the case, the Hon’ble Supreme Court observed that the Enforcement Officer appointed under Section 3 of FERA, 1973 was authorized to file complaint under provisions of FERA even after getting repealed by the virtue of S. 49 of FEMA under the heading ‘Repeal and Savings’.
CBDT) amends Income Tax Rule 11UA regarding valuation of unquoted equity shares for tax purposes. Learn about changes in this amendment.
Read Gujarat High Court’s recent ruling in PCIT vs. Jigar Jashwantlal Shah case regarding taxability of allotted shares under Section 56(2)(viic) of Income Tax Act.
Delhi High Court held that the petitioner is liable to pay excise duty on leftover stock of liquor transferred by two erstwhile licensees, both the erstwhile licensees and the Petitioner are one and the same. The manufacturer and seller of the liquor was only one i.e. the Petitioner and hence excise duty payable.
