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When Builders Delay: Navigating Tax Exemptions in Prolonged Redevelopment
In recent years, the redevelopment of aging buildings and housing societies has become increasingly prevalent across major Indian cities, with Mumbai leading this urban renewal trend. As property owne...
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Enactment of Direct Tax Vivad Se Vishwas Scheme 2024 wef 1st Oct, 2024
Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has officially notified the enactment of the Direct Tax Vivad Se Vishwas Scheme, 2024. As per Notification No. 103/2024-Income Ta...
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Consequences of Income Clubbing on Tax Obligations: Legal Precedents and Scenarios.
Consequences of Income Clubbing on Tax Obligations: Legal Precedents and ScenariosOverview of Income Clubbing Under Indian Tax LawThe concept of income clubbing within the Income Tax Act of India is f...
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Launch of NPS Vatsalya: A New Pension Scheme for Kids
On September 18, 2024, the Pension Fund Regulatory and Development Authority (PFRDA) launched the NPS Vatsalya, a pension scheme aimed at children, at an event in New Delhi. The initiative, introduced...
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CBDT Revises Monetary Limits for Tax Income Tax Appeals
The Central Board of Direct Taxes (CBDT) issued Circular No. 09/2024 on September 17, 2024, revising the monetary limits for filing appeals by the Department in income tax cases. This amendment to Cir...
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Concerns Over Technical Issues on Income Tax Portal Affecting Audit Filings
In a representation dated 19th September 2024, CA Barkha Agarwal, President of the Direct Tax Professionals Association (DTPA), along with other committee members, raised concerns over technical diffi...
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Section 35: Auroville Foundation Recognized for Research Tax Benefits
On September 18, 2024, the Ministry of Finance issued Notification No. 102/2024, designating the Auroville Foundation (PAN: AAATA0037B) as an ‘Other Institution’ for conducting research in social scie...
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Understanding the Implications of Unexplained Investments Under Sections 69 to 69C of the Income Tax Act.
Understanding the Implications of Unexplained Investments Under Sections 69 to 69C of the Income Tax ActIn the realm of Indian income tax law, Sections 69 to 69C of the Income Tax Act, 1961, play a pi...
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Understanding Taxation on Futures and Options Transactions in India
Futures and options (F&O) transactions, a subset of derivatives, play a significant role in financial markets, serving purposes ranging from hedging to speculative activities. These transactions can o...
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Faceless Tax Assessment: Key Features, Legal Challenges and Judicial Interpretations.
Faceless Tax Assessment: Key Features, Legal Challenges and Judicial InterpretationsOverview:The Indian government's recent legislative measures aimed at digitizing tax assessment processes, especiall...
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Understanding Section 43B(h) of the Income Tax Act: Implications for MSME Payments.
Understanding Section 43B(h) of the Income Tax Act: Implications for MSME PaymentsAn Overview of Section 43B(h) DisposalIn recent legislative changes, specifically through the Finance Act of 2023, a n...
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Revolutionizing Tax Dispute Resolution: A Comprehensive Guide to India's e-Dispute Resolution Committee.
Revolutionizing Tax Dispute Resolution: A Comprehensive Guide to India's e-Dispute Resolution CommitteeA groundbreaking initiative has emerged to streamline the dispute resolution process. The e-Dispu...
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Delhi High Court's Landmark Ruling on Tiger Global-Flipkart Transaction: Upholding Mauritius TRC and DTAA Benefits.
Delhi High Court's Landmark Ruling on Tiger Global-Flipkart Transaction: Upholding Mauritius TRC and DTAA BenefitsIn a significant and detailed judgment spanning 224 pages ((2024) TaxCorp(LJ) 34461 (H...
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SCN Reply - Reply to Show Cause Notice Under Section 271D of the Income Tax Act, 1961.
Reply to Show Cause Notice Under Section 271D of the Income Tax Act, 1961The Appellant respectfully submits this reply in response to the show cause notice issued under Section 271D of the Income Tax...
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Understanding Form 3CD: A Comprehensive Guide to Tax Audit Reporting
In the realm of Indian taxation, Form 3CD plays a pivotal role in ensuring compliance and transparency. This form, integral to the tax audit process, serves as a detailed statement of particulars that...
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ESOP Taxation in India - Recent Delhi High Court Decision and Analysis.
ESOP Taxation in India - Recent Delhi High Court Decision and AnalysisIntroductionEmployee Stock Option Plans (ESOPs) have emerged as a pivotal tool for companies to attract, retain, and incentivize t...
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SCN Reply - Appeal Against Penalty Imposed Under Section [Section Number] of the Income Tax Act, 1961 for the Assessment Year [Assessment Year].
Appeal Against Penalty Imposed Under Section [Section Number] of the Income Tax Act, 1961 for the Assessment Year [Assessment Year]To, The Commissioner of Income Tax (Appeals) [City]Subject: Appeal fo...
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CBDT rolls out e-DRS Scheme, 2022
The Central Board of Direct Taxes (CBDT) has announced the launch of the e-Dispute Resolution Scheme, 2022 (e-DRS) under Section 245MA of the Income-tax Act, 1961. The e-DRS aims to reduce tax-related...
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CBDT Central Action Plan 2024-2025
The Central Action Plan (CAP) 2024-2025, formulated by the Central Board of Direct Taxes (CBDT), outlines a comprehensive strategy to enhance India’s direct tax administration in line with the Governm...
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Income Tax Exemption for UIDAI’s Specified Income 2024-2029
Notification No. 100/2024-Income Tax | Dated : 12th August, 2024 under section 10(46) of the Income Tax Act, 1961 in the case of Unique Identification Authority of India The Ministry of Finance’s Cent...