Income Tax

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Income Tax

MAT and AMT: An Overview

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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Income Tax

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

Section 43CA Can’t Be Invoked In Presence of a Consensus B/W Parties

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...

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Income Tax

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

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

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...

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Income Tax

Residential Status and Scope of Total Income

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...

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Income Tax

Tax Treatment of Unexplained Income

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...

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Income Tax

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

Overview of Bonus Stripping & Tax on Bonus Shares under ITA 1961

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...

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Income Tax

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

Revenue Earned By BBC through Distribution of News Is Not Taxable As Royalty

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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Income Tax

Refund Is Allowed On Extra Credited Interest Payable on...

Refund Is Allowed On Extra Credited Interest Payable on Income

The Delhi High Court in the case of Principal Commissioner of Income-tax v. Punjab & Sind Bank 2022, has dismissed the appeal of the principal commissi...

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