Income Tax

Reevaluating Re-assessments under the Income Tax Act, 1961 in Context of Supreme Court Verdicts: Ashish Agarwal and Rajeev Bansal1. Introduction:The process of reassessment is implemented to evaluate...

Overview: Chapter X of the Income Tax Act is primarily focused on regulating transfer pricing for transactions involving Associated Enterprises (AEs). It aims to ensure that these transactions are con...

IntroductionIf tomorrow brought the promise of reduced taxes for your existing income, it would be cause for celebration. This is the allure of the revised tax system for many high-income individuals—...

Key Rulings from the Ahmedabad ITAT on Tax Compliance, TDS, and Property TransactionsThe Income Tax Appellate Tribunal (ITAT) in Ahmedabad has recently ruled on four key cases that bring clarity to is...

Recent Guidelines for Compounding of Offences Under Income Tax Laws1. Introduction to the New Guidelines1.1 OverviewThe Central Board of Direct Taxes (CBDT) has issued new guidelines as part of an eff...

1. Overview: The Indian government's Union Budget 2024 has introduced revisions in the TDS (Tax Deducted at Source) rates applicable from October 1, 2024. Significant reductions include TDS on life in...

Overview: The Finance Act, 2024 has introduced Form 12BAA to facilitate smoother tax compliance for both assessees and companies by incorporating Tax Collected at Source (TCS) into Tax Deducted at Sou...

OverviewIn the realm of income tax proceedings, taxpayers are often required to stay alert alongside an observant officer as the process moves through various authorities such as Commissioner of Incom...

1. IntroductionThe method of determining the value of rent-free accommodation provided as a perquisite by employers is primarily governed by Section 17 of the Income Tax Act, 1961. This section define...

Overview: Section 64 of the Income Tax Act outlines the integration, or clubbing, of incomes where earnings from certain individuals such as spouses, minor children, or other dependents are incorporat...

OverviewThe Income Tax Department's recent approach to processing tax returns has led to unexpected tax demands, especially for those with capital gains income. This stems from the incorrect disallowa...

Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are crucial elements of the Indian tax framework, designed to enhance tax compliance and ease the financial burden on assessees by preven...

Introduction The Special Bench of the Hyderabad Income Tax Appellate Tribunal (ITAT) has delivered a significant ruling that clarifies the rules regarding fresh claims of deductions under Chapter VIA...

Jurisdiction and AuthorityThe Delhi High Court has affirmed that the Assistant Commissioner of Income Tax/Deputy Commissioner of Income Tax (International Taxation), Circle-1 (1)(1), Delhi (2024) TaxC...

Overview and Key Considerations (i) Resolution of Critical IssuesThe Supreme Court's judgment in Rajiv Bansal (2024) TaxCorp (DT) 93583 (SC) has addressed several crucial matters. A primary concern wa...

Introduction The Startup India initiative, launched by the Ministry of Commerce and Industry through the Department for Promotion of Industry and Internal Trade (DPIIT) on 16 January 2016, aims to boo...

Overview:Section 80G of the Income Tax Act allows assessees to benefit from tax deductions when contributing to designated funds, charitable bodies, or trusts. This deduction is accessible to individu...

1. Overview of Life Insurance Policy TaxationThe taxation of life insurance policies in India is governed by specific provisions of the Income Tax Act. This article examines the tax implications for l...

Overview of Reverse Charge under GSTThe Reverse Charge Mechanism (RCM) in GST implies that the liability to pay tax shifts from the supplier to the recipient of goods or services. Initially introduced...

Claiming Interest Deduction on Education Loans Under Section 80ESection 80E of the Income Tax Act allows assessees to claim deductions on interest paid for loans taken to pursue higher education. This...