Taxation of ESOPs
Taxation of ESOPs Employee Stock Option Plans (ESOPs) are a fantastic way for companies to reward and retain talent. However, understanding the taxation of ESOPs can be a bit tricky. … Read More
Tag: Income Tax
Block Assessment in case of Search Proceedings Re-introduced in the Budget 2024
Block Assessment in case of Search Proceedings Re-introduced in the Budget 2024: 1. There is a radical change brought in Chapter XIV-B pertaining to conducting the assessment proceedings in consequent … Read More
Amendments made in Form 3CD effective from AY 2024-25
Amendments made in Form 3CD effective from AY 2024-25: Below are the clauses in which changes are made: 1. Clause 8a (Whether company has opted for the special tax regime … Read More
TDS on Partner’s Remuneration introduced in the Budget 2024
TDS on Partner’s Remuneration introduced in the Budget 2024: Introduction: 1. Budget 2024 proposes a deduction of TDS @ 10% on payment by a partnership firm or a LLP to … Read More
Lower Tax Deduction certificate (TDS)
What is lower tax deduction certificate (TDS)? 1. Under Section 197 of the Income Tax Act, 1961 the assessee can apply for a lower rate of tax to be deducted … Read More
Sec 54 – Date of possession of new property is to be considered in the case of constructed property: ITAT Mumbai
Sec 54 of Income Tax Act – Date of possession of new property is to be considered in the case of constructed property: ITAT Mumbai Sunil Amritlal Shah & Rita … Read More
Transit rent paid by the developer is not a revenue receipt and so not taxable: Bombay HC
Transit rent paid by the developer is not a revenue receipt and so not taxable: Bombay HC Sarfaraz S. Furniturewalla vs. Afshan Sharfali Ashok Kumar & Ors. (WP No: 4958 … Read More
Legal precedents on Ad- Hoc Disallowances
Legal precedents on Ad- Hoc Disallowances: A. Examples of ad hoc disallowances made by the Assessing Officer: 1. Disallowances of 10 % of miscellaneous expenses merely because no break up … Read More
Additions cannot be made based on profit assumptions: Punjab & Haryana HC
Additions cannot be made based on profit assumptions: Punjab & Haryana HC M/s Shree Digvijaya Woollen Mills Ltd., Amristar Vs Commissioner of Income-Tax (ITR-3- 2010)(O&M) Facts: 1. The taxpayer discarded … Read More
Excessive or unreasonable salary, is a sine qua non in invoking the provision of Sec 40A(2)(b): ITAT Ahmedabad
Excessive or unreasonable salary, is a sine qua non in invoking the provision of Sec 40A(2)(b): ITAT Ahmedabad M S Hostel verses Deputy Commissioner of Income Tax Case Number: I.T.A. … Read More