Making March Meaningful: Smart Moves to Save Big Before the Deadline
Making March Meaningful: Smart Moves to Save Big Before the Deadline March is when businesses and taxpayers scramble to get their finances in order—like students cramming before exams! The tax laws undergo changes every year, and keeping up with them is crucial to avoid unnecessary tax burdens (or worse, penalties that make your wallet… […]
Capital Gain Taxation: ITAT Hyderabad interesting judgement on DVO, Litigation Expenses, Cost of Improvement
Capital Gain Taxation: ITAT Hyderabad interesting judgement on DVO, Litigation Expenses, Cost of Improvement The appeal (ITA No. 442/Hyd/2023) and cross-objection (C.O. No. 7/Hyd/2024) arise from the CIT(A)-NFAC order for A.Y. 2013-14. The AO reassessed the case, adding ₹66,16,700/- as LTCG based on the DVO valuation of ₹67,34,000/- instead of the declared sale consideration… […]
Compliance Calendar for March’2025
Compliance Calendar for March’2025 INCOME TAX ▪ 2nd March 2025 – Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA, 194-IB, 194M and 194S in the month of January 2025. ▪ 07th March 2025- Due date for deposit of Tax deducted/collected for the month of February 2025. ▪ 15th March… […]
An overview of Tax Fee Perquisite for the salaried Taxpayers
An overview of Tax Fee Perquisite for the salaried Taxpayers Income Tax rules do permit tax-free perquisites, so salaried people can pay zero tax or less tax than they would otherwise pay. The list of tax free perquisites is as under: 1) IT Section 10(14)- read with rule 2 BB(f) – Uniform allowance Uniform Allowance-… […]
New Income Tax Bill 2025 vs. Taxation of slump sale: What has changed.
New Income Tax Bill 2025 vs. Taxation of slump sale: What has changed. Here is an observation, in the new proposed Income Tax Bill 2025 on slump sale. Hitherto, Explanation 3 to section 2(42C) of Income tax act 1961 on slump sale specifically mentions that transfer shall have the meaning assigned under section 2(47) of… […]
Allotment of new shares by a company is not ‘transfer’ – ITAT Rajkot
Allotment of new shares by a company is not ‘transfer’ – ITAT Rajkot Section 56(2)(vii)(c)(ii) of Income Tax Act 1961 provides that if an individual or HUF receives any property for a consideration less than its market value, the difference will be taxed as other income. The question here is whether this provision will get… […]
Sale of DGR manuals/publications is a sale of copyrighted articles and not royalty.
Sale of DGR manuals/publications is a sale of copyrighted articles and not royalty. Mumbasi ITAT has recently held that sale of DGR manuals/publications is a sale of copyrighted articles and not royalty. Let us have a Short Overview of the case: Mumbai Tribunal in IATA (Canada) Background: The International Air Transport Association (IATA) is… […]
Notice to Salaried taxpayers over massive fraud involving around 90,000 salaried taxpayers with collective wrongful tax deduction worth nearly ₹1,070 crore
Notice to Salaried taxpayers over massive fraud involving around 90,000 salaried taxpayers with collective wrongful tax deduction worth nearly ₹1,070 crore The Income Tax Department has uncovered a massive fraud involving around 90,000 salaried taxpayers, who collectively made wrongful tax deduction claims worth nearly ₹1,070 crore as of December 31, 2024. This discovery has… […]
Commission paid to Non-residents for services rendered outside India not taxable without PE in India
Commission paid to Non-residents for services rendered outside India not taxable without PE in India Chennai ITAT rules that commission paid to Non-residents for services rendered outside India not taxable without PE in India [DCIT vs Allsec Technologies Ltd, ITA No.1255/Chny/2019; Date of Judgement: 03/12/2024] The Chennai Tribunal ruled that commission payments made to… […]
Service by Subsidiary to Parent Not ‘Intermediary Service’: Gujarat HC
Service by Subsidiary to Parent Not ‘Intermediary Service’: Gujarat HC In the case of Infodesk India Pvt. Ltd. vs. Union of India & Ors. (R/Special Civil Application No. 25609 of 2022), the Gujarat High Court ruled that services provided by a subsidiary to its parent company in an independent capacity do not qualify as… […]
