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August 1, 2022Read More
ITAT elucidates “make available” in Article 12 of
Indo-US DTAA -
July 18, 2022Read More
To avail the option of opting out of Section 10B a declaration must be filed on or before due date of filing of return – Supreme Court
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July 7, 2022Read More
Applicability of Gift Taxation on allotment of shares – ITAT
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July 5, 2022Read More
FAQs for Section 194R
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Expenditure incurred in cash for Stock-in-trade not routed through P&L Account shall not be disallowed u/s 40A(3) of Income Tax Act, 1961
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July 1, 2022Read More
Steps towards less cash economy
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June 30, 2022Read More
INTERNATIONAL TAX: Interest to be taxable as business income under article 7 needs to be effectively connected to such Permanent Establishment (PE)
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Share valuation report under rule 11UA cannot be negated if facts of the valuation are justifiable-ITAT
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June 29, 2022Read More
Addition made pursuant to difference of income reported in ITR and Tax Audit cannot be removed if claim is not backed by appropriate evidence-ITAT
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June 24, 2022Read More
Education cess and surcharge eligible for claim of foreign tax credit- Income Tax Tribunal
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June 23, 2022Read More
Guidelines for TDS to be deducted on the transfer of Virtual Digital Assets as per the provisions of Section 194S
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Commission income earned by non-resident is not taxable in India
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June 22, 2022Read More
Relevance of Beneficial Ownership in context of Article 13 of DTAA between India and Mauritius
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June 21, 2022Read More
Section 154 cannot be invoked for disallowing cash payments exceeding prescribed limits
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June 20, 2022Read More
The Apex court ruling on service tax implications on secondment of employees is likely to have adverse implications under direct tax
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June 17, 2022Read More
Amalgamation of group companies is not necessarily a tax evasion tool
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Guidelines for implementation of provisions of Section 194R
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June 15, 2022Read More
Updated Guidelines for Mutual Agreement Procedure (MAP)
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June 7, 2022Read More
INTERNATIONAL TAX: Absence of article dealing with FTS in DTAA will not make it taxable under other income article.
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May 11, 2022Read More
Supreme Court (SC) gives it verdict on reassessment notices
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April 23, 2022Read More
Section 194R- Deduction of tax on benefit or perquisite in respect of business or profession
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Income-tax (Ninth Amendment) Rules, 2022 (Insertion of Rule 12AB)
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April 16, 2022Read More
Condonation of delay in filing of Form 10-IC
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April 5, 2022Read More
Amendment in relation to allowance of employee’s contribution to PF/ESI is prospective and deduction allowed on payment basis
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April 2, 2022Read More
KEY DIRECT TAX CHANES MADE BY LOK SABHA IN FINANCE BILL
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March 1, 2022Read More
Remuneration from partnership not ‘Gross Receipt’ for purpose of audit under Section 44AB of Income Tax Act
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When on consideration of material fact one view is exclusively taken by the Assessing Officer it would not be open to re-open the assessment based on the very same material with a view to take another view
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February 28, 2022Read More
Assessing officer cannot assume the power of CIT and recommend revision of assessment order
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Loss not disturbed in Scrutiny Assessment to be treated as accepted and quantification thereof could not be disturbed
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Income earned from hoarding advt. placed on foot over bridge & bus shelter eligible for deduction u/s 80-IA
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February 21, 2022Read More
Whether the delayed payment of self-assessed tax can accuse the Assessee under section 276C(2)?
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February 11, 2022Read More
ISD Mechanism Is Mandatory For Distribution Of Common Credit
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January 31, 2022Read More
Lower withholding shall be made owing to the Most Favoured Nation “MFN” Clause
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January 28, 2022Read More
Filling of Form 67 is a directory requirement and not a mandatory requirement to claim Foreign Tax Credit
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January 11, 2022Read More
CBDT extends due dates for filing of ITR and Various Reports of audit for AY 2021-22.
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December 18, 2021Read More
Delhi HC quashes initiation of reassessment notices
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December 10, 2021Read More
Investments made by a foreign revocable trust to be taxable in the hands of the beneficiaries
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December 7, 2021Read More
Taxes not payable by the Assessee where tax is already deducted
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October 29, 2021Read More
Date of receipt of order is irrelevant for the purpose of counting period of limitation under section 263
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October 27, 2021Read More
Distribution of Software Licenses not constituted as Royalty
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October 13, 2021Read More
Exemption from filing Income Tax Return from AY 2021-22
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October 4, 2021Read More
Genuineness of Admin Support services
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September 27, 2021Read More
Deduction u/s 80G can be claimed irrespective of the fact that amount donated is attributable to CSR Expense
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September 20, 2021Read More
Tax free investment made from mixed funds shall not attract disallowance u/s 14A
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September 11, 2021Read More
Treaty benefits in case of Re-domiciliation of company
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Clarification regarding carry forward of losses
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September 10, 2021Read More
CBDT extends due dates for filing of ITR and Various Reports of audit for AY 2021-22
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CBDT extends due dates for filing of ITR and Various Reports of audit for AY 2021-22.
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September 9, 2021Read More
SC ruling on Interest liability under Section 234B wherein no TDS was deducted
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August 31, 2021Read More
Extension of timelines for electronic filing of various forms
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August 17, 2021Read More
Presumption Of Retrospectivity cannot be implied by new clarifications in existing tax law.
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August 5, 2021Read More
MAT credit shall be granted inclusive of Surcharge and Cess
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June 16, 2021Read More
Rate of withholding tax on dividends paid to non-residents
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May 28, 2021Read More
Income Tax Alert: Linking of PAN and Aadhaar
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May 25, 2021Read More
Computation of Fair Market Value of Capital Assets for the purpose of section 50B of the Income-Tax Act
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May 20, 2021Read More
Relaxation of time lines for various Income Tax Compliances
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May 4, 2021Read More
Changes in TDS/TCS Provisions
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May 3, 2021Read More
Threshold for the Purpose of Significant Economic Presence
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May 1, 2021Read More
Relief for Taxpayer – Extension of due dates for Income Tax Compliances
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April 24, 2021Read More
Lower with holding Tax rate on dividends available pursuant to MFN clause in case of India – Netherlands DTAA
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Press Release for Extension of Timelines
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April 23, 2021Read More
Section 56(2)(viib) is not triggered on the excess consideration/asset received by the amalgamated company in lieu of issue of shares issued
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April 14, 2021Read More
Setting up of Business V/S Commencement of Business
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April 13, 2021Read More
MAT credit of the transferee company can be carried forwarded and set-off against tax liability of amalgamated company
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April 7, 2021Read More
Changes in CbCR Reporting Threshold Limit
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April 3, 2021Read More
Amendments to Income Tax Rules, 1962
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April 2, 2021Read More
Rates of TDS/TCS w.e.f. 01.04.2021
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March 22, 2021Read More
Payment to driver Partners out of the scope of TDS U/S 194C
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March 18, 2021Read More
Form 15E notified by CBDT for making Application for grant of Certificate to Determine sum Chargeable to Tax u/s 195
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March 5, 2021Read More
Payment for use of computer software does not constitute Royalty, thus not subject to withholding tax
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February 4, 2021Read More
Conditions to be satisfied for availing the lower rate or restricted scope of source taxation due to the virtue of Most favoured Nation (‘MFN”) Clause
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October 24, 2020Read More
Relief for taxpayers – Extension of Due Dates for Filing of Income Tax Returns
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October 23, 2020Read More
AO does not have power to change method for share valuation opted by assessee
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October 20, 2020Read More
Tolerance Limit for Computation of ALP
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October 9, 2020Read More
Amended Provisions for Utilization of Foreign Contribution
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October 6, 2020Read More
Clarifications on TDS Provisions for e-Commerce Operators
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October 5, 2020Read More
Amendment of ITR and Other Forms for AY 2020-21
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October 3, 2020Read More
No Scrip wise reporting for Short-Term Listed Shares
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Cash expenses in foreign currency are covered under 40A(3)
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Requirement of Licenses for Toys may arise from March
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October 2, 2020Read More
Extension of compliance deadlines till 31st March, 2021
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September 26, 2020Read More
Guidelines for Compulsory Selection of Return for Complete Scrutiny
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Vodafone wins arbitration against India in International Court
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September 25, 2020Read More
Expenditure on Software is of Revenue Nature
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No penalty if it was not mentioned in notice that assessee had concealed income or furnished inaccurate details
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September 11, 2020Read More
Reimbursement of cost from Indian group concern for providing business support not taxable as FTS in India
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September 10, 2020Read More
TCS on Sales of Goods: Finance Act, 2020
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August 13, 2020Read More
AO cannot change the method of Valuation of Shares opted by the Assessee
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Transparent Taxation – Honouring the Honest
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July 29, 2020Read More
AO is not justified to change the earlier method of accounting adopted by the assessee to determine the income tax on estimate basis: HC Karnataka
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Transfer of Development Rights of a property would not attract the provisions of u/s 2(47)(v) of the Income Tax Act, if only part payment has been received.
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July 21, 2020Read More
Memorandum of Understanding between CBDT and MoMSME
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July 20, 2020Read More
New Form 26AS is faceless hand-holding of taxpayers to e-file returns: CBDT
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July 18, 2020Read More
Interest free advances are presumed to be from Interest free borrowing, subject to sufficiency, for disallowance u/s 14A: Bombay HC
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July 16, 2020Read More
Digital content developed by an animation company is a copyrighted intangible asset and not a computer software. Therefore, eligible for depreciation at the rate of 25%
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Expenditure incurred towards objectives ancillary to main objective of society shall be considered as exempt u/s 11 of the Income Tax Act, 1961
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One Time Relaxation for Verification of ITR which is Pending for Non-Filing of ITR-V
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July 10, 2020Read More
When Merits are Fragile, Pre-Deposit of Recovery Amount is Must: Delhi High Court
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June 30, 2020Read More
Employees Allowed to Claim I-T Exemption on Conveyance Allowance Under New Tax Regime
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June 29, 2020Read More
Advance Tax Liability can be adjusted against Cash Seized by Income Tax Dept. from Assessee: HC
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June 27, 2020Read More
UDYAM Registration for MSME
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June 25, 2020Read More
COVID-19 Relief – Ease for Taxpayers, CBDT Further Extends Compliance Due Dates
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June 16, 2020Read More
When Merits are Fragile, Pre-Deposit of Recovery Amount is Must: Delhi High Court
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June 4, 2020Read More
Monetary Policies || Government Growth Booster for MSMEs
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June 3, 2020Read More
Key Changes related to Provident Fund
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June 2, 2020Read More
Key Changes to the New ITR Forms 1 to 7 Notified by CBDT for AY 2020-21
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May 29, 2020Read More
CBDT Notifies New Form 26AS with Widened Scope
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May 28, 2020Read More
Liaison Offices of a Company do not constitute a Permanent Establishment in India
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May 27, 2020Read More
Golf Course Developed on Land to be Considered “Plant & Machinery”, Hence Depreciation Allowed: Delhi ITAT
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May 25, 2020Read More
Consideration to foreign attorneys for rendering services in field of IPRs are FTS u/s Section 9(1)(vii) of Income Tax Act: ITAT, Kolkata
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May 23, 2020Read More
No Refund to be Withheld unless Reasons Recorded: Supreme Court
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May 22, 2020Read More
Reforms in Monetary Policy amidst COVID-19, by Reserve Bank of India (RBI)
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May 20, 2020Read More
See-through approach u/s 9(1)(i) not available under Article 13(5) of India Belgium Treaty: Mumbai ITAT
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May 13, 2020Read More
Mismatch in Form 26AS – No addition to be made if explanation is offered for difference: ITAT Mumbai
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COVID-19 Relief on Tax Compliances
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April 23, 2020Read More
Order cannot be Passed without Considering Application for Producing Additional Evidence
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Is Cost of the Construction to be Deemed as a Contract? : No 194C Held Bombay High Court
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April 16, 2020Read More
CBDT Clarifies Employer Disconcertment on New Individual Tax Regime
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April 11, 2020Read More
No TDS on Payment Made to Indian Agent of Non-Resident Shipping Company, Section 172 to Prevail
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April 10, 2020Read More
Section 68 Additions Cannot be made if Assessee has proved the Credit Worthiness of Creditors
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AO to Grant Refund if there is No Reason Forthcoming from him for Delayed Processing of ITR
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Sales of Shares Supported by Evidence Cannot be held as Sham Transaction
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April 9, 2020Read More
Where Assessee had Paid Taxes in a Foreign Country and since the Tax Credit is not available, Taxes Paid in Foreign Country are allowed as Business Expenditure
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No Tax on Closely Held Companies, if Excess Share Premium Paid by Relatives-Shareholders
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April 8, 2020Read More
Subsidy Received for Repayment of Term Loans Undertaken for Setting Up New Unit was Non-Taxable as Capital Receipt
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April 7, 2020Read More
Where Assessee had made payment to Foreign Celebrity, for an appearance made by him in Dubai at a product launch event for promoting business of Assessee in India, Assessee would be liable to withhold taxes from payment so made.
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April 6, 2020Read More
Tax Benefit for Individuals and Corporates: COVID-19 PM Cares Fund
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COVID-19 Relief to Senior Citizens related to Form 15G and 15H
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Where Assessee claimed deduction of interest on borrowed capital against rental income of house property, renting house to his own son and daughter, partially allowed u/s 24(b)
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Penalty to be Levied only when it is proved that Income was Concealed or Inaccurate Particular was Furnished
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Income Tax Refund cannot be withheld by Mere Issuance of Notice u/s 143(2)
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April 2, 2020Read More
Advance Forfeited in Ordinary Course of Business: Allowability under Income Tax
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March 26, 2020Read More
Waiver of Loan for Acquiring Capital Assets is not taxable as Business Income under Income Tax Act – Supreme Court
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March 25, 2020Read More
HC Directs Assessee to File ITR in Paper Form as he was unable to Claim Set Off of Losses while E-Filing
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March 24, 2020Read More
Relief announced by Finance Ministry during the Press Conference held earlier today
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Clarification on Spending of CSR Funds for COVID-19
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Relief in COVID-19 Pandemic to Corporate Sector
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March 23, 2020Read More
Sum Advanced to Subsidiary Company would be Capital Asset within Meaning of Section 2(14)
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March 21, 2020Read More
No Addition Towards Notional Rent if Property Remained Vacant due to Obstruction Caused by Ongoing Metro Project
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February 24, 2020Read More
Import of Diamonds for Re – Export would be in Nature of Services for Claiming Section 10AA Deduction
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February 5, 2020Read More
CLARIFICATION ON THE NEWLY ADDED SECTION 194K FOR TDS
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January 28, 2020Read More
Amendment Of Rule 10da And Rule 10db Regarding Furnishing Of Information And Maintenance Of Documents By Constituent Entity Of An International Group
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January 23, 2020Read More
Major Relief for Insurance Sector – Circular No– IRDA/F&A/CIR/ACTS/023/01/2020
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Major Relief for Insurance Sector – Circular NoIRDA/F&A/CIR/ACTS/023/01/2020
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January 14, 2020Read More
ITAT allowed deduction of interest paid on borrowed money though no interest was earned on its further lending
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January 13, 2020Read More
CBDT Notifies Prescribed Electronic Modes Of Payment For Section 269su
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January 8, 2020Read More
Benefit Of TDS Is To Be Given For Assessment Year For Which Corresponding Income Is Assessable
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December 28, 2019Read More
Where assesse has declared its income at maximum rate and return of income was accepted without addition, penalty u/s 271(1)(c) cannot be levied: #ITATChandigarh
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December 27, 2019Read More
Exempt Income Not To Be Considered For The Purpose Of Computation Of Book Profit U/s 115jb: Itat Mumbai
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December 23, 2019Read More
Auditor’s report to be relied for allowance depreciation on unidentifiable assets received during amalgamation: Allahabad High Court
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December 18, 2019Read More
Income Tax Update
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December 16, 2019Read More
Is MAT applicable for AY 2020-21?
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December 7, 2019Read More
Whether Provision for Loss and Provision for Gratuity to be Considered in MAT Calculation?
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November 27, 2019Read More
Key highlights of “The Taxation Laws (Amendment) Bill, 2019″
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November 26, 2019Read More
The Amalgamated Co. can utilize the MAT credit of its Amalgamating Co.
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November 19, 2019Read More
Compensation Received By Lessor On Account Of Termination Of Lease Due To Sale Of Property Is Capital Receipt
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November 18, 2019Read More
Non-Taxability of Transfer of Shares in real estate business by a Non-Resident Indian if he doesn’t hold substantial interest in the company
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Beholding principal of Natural Justice before declaring ITR as invalid: ITAT (Pune)
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Notification: Insertion of Rule 11UAC in the Income Tax Rules, 1962
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November 14, 2019Read More
Delivery of Notice by Assessing Officer at the Right Address
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November 13, 2019Read More
Whether payment made by Indian company to a foreign company for supplying drawings is Royalty or not
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November 11, 2019Read More
Elephant Bonds- Proposed scheme to bring back Black Money
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Bequest received in foreign bank account cannot be treated as Income of Assessee for that AY, if its transfer request to India is pending
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October 21, 2019Read More
Forex Loss Arising on Loan Taken for Acquiring Assets
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October 3, 2019Read More
Circular: Clarification in respect of Option Exercised under Section 115BAA of The Income Tax Act, 1961
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September 20, 2019Read More
Press Release – CBDT Notifies E-assessment Scheme, 2019
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Major relief in case of individual assessee/ expatriates where assessment re-opened without serving notice
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September 7, 2019Read More
Non-deduction of Tax at source (TDS) on the provision made for royalty payments under tax treaties would not give rise to disallowance under Section 40
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September 6, 2019Read More
Relief By CBDT On Compliances By Start-ups
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August 30, 2019Read More
Top 5 changes in Income Tax laws that come into effect from September 1, 2019
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August 24, 2019Read More
No penal proceedings in case of wrongly reflected transitional credit: Patna High Court (HC)
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August 23, 2019Read More
New Income Tax Bill – Key Recommendations of Task Force Report
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August 17, 2019Read More
Mere non-disclosure of exempt income doesn’t construe income escaped from assessment
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August 12, 2019Read More
Payment made by Mahindra to dealers towards free car services on its behalf shall be liable to deduction of tax at source
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August 7, 2019Read More
Issuance of jurisdictional notice and assessment order against a non-existing company is fundamentally void and not a mere procedural mistake
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Order u/s 197(1) is quasi-judicial in nature and should be based on prescribed procedure, objective criteria and relevant material
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May 26, 2019Read More
Extension of Time Limit for Filing of Response on E-Portal: CBDT
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April 13, 2019Read More
Where High Court upheld Tribunal’s order allowing Assessee’s claim for expenditure incurred on allotment of shares under Employee Stock option Plan (ESOP), SLP filed by Revenue against order of High Court was to be granted.
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April 11, 2019Read More
No TP adjustments on share purchase at high premium as it doesn’t amount to revenue receipt
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April 4, 2019Read More
HC upholds constitutional validity of Section 234E of the Income Tax Act, 1961 (“the Act”) imposing fee for delayed filing of TDS statements
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March 12, 2019Read More
Additions under Section 68 cannot be deleted merely relying on Assessee’s evidence – SC
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February 12, 2019Read More
Royalty payment to Italian Co. pursuant to agreement effective from 01-04-2008 would be taxable at 10%