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Income Tax

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Jan 25 2023

All You Need To Know About Sections 197 And 197A of the...

Sections 197 and 197A of the Income Tax Act talk about the lesser rate of TDS or NIL TDS. According to these sections, the individual can apply for an exem...

Jan 21 2023

Non Payment of Taxes after Demand – Interest u/s...

Section 156 of the IT Act provides that in cases wherein any penalty, fine or any other sum is required to be paid as per this Act, the AO must...

Jan 20 2023

Analysis of the Scrutiny Assessment under the Income Ta...

The Income Tax Department is vested with the power to examine the authenticity of the income tax return filed by the assessee, which the department does th...

Jan 18 2023

Search, Seizure & Survey under Income Tax Act 1961...

Compliance with income tax laws is an obligation for every assessee. Any leniency or ignorance in respect of the same can lead to the initiation of the req...

Jan 16 2023

Rental Income Doesn’t Come under Tax in the Absence o...

ITAT Ahmadabad pronounced a judgement on 28-09-2022 in the case titled Mansha Textile Pvt. Ltd. Vs ITO observing that the rental income does not...

Jan 10 2023

MAT and AMT: An Overview

Taxation ideas such as the Minimum Alternate Tax (MAT) and Alternative Minimum Tax (AMT) are relevant to both corporations and tax-paying individuals. The...

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Jan 07 2023

Section 43CA Can’t Be Invoked In Presence of a Consen...

On 20th December 2022, the Income Tax Appellate Tribunal Mumbai pronounced a judgement in the case titled ACIT Vs Triple Securities Pvt. Ltd against the ap...

Jan 03 2023

Bad Debt’s Write Off Can’t Be Adjusted In Book Prof...

The ITAT Bangalore pronounced a judgement on 19th December 2022 in case titled M/s Mindtree Ltd Vs DCIT in respect of the cross-appeals against the order o...

Dec 31 2022

Residential Status and Scope of Total Income

Residential status is vital to determine the taxability of an individual in India for any particular financial year. The term residential status has been p...

Dec 30 2022

Tax Treatment of Unexplained Income

According to the basic rule of the Income Tax Act 1961, the assessee must pay tax on income except in cases it is specifically non-taxable. The income on w...

Dec 27 2022

Overview of Bonus Stripping & Tax on Bonus Shares...

Dividend is a crucial source of income for stock investors over the long term, and one of the ways in which such dividend is paid out is through stock divi...

Dec 26 2022

Revenue Earned By BBC through Distribution of News Is N...

In a landmark case of BBC World Distribution Ltd. vs ADIT, 2022, the Delhi ITAT has reiterated that any revenue earned by BBC through distribution of news...

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