Income Tax

CAN THE CASE BE REOPENED AFTER THREE YEARS ON THE BASIS OF INFORMATION OF SALE TRANSACTION OF A LAND AMOUNTING TO RS.90 LAKHS WHICH...

To address this issue, let us first understand an interplay of Sec 148,148A and 149(1)(b) and the relevant extracts are re-produced below: Section 148 of the Act- income escaping assessment Before making the assessment, reassessment or...

Section 43B: What’s New and Why It Matters & Impact on MSME Payments.

To promote timely payments to micro and small enterprises, payments made to such enterprises have been included within the ambit of section 43B of the Act vide FA 2023. A new clause (h) has...

PAM,TAM,SAM,SOM- Tools of Market Size Analysis

Definition PAM, TAM, SAM and SOM are acronyms that represents different subsets of a market. PAM or Potential Addressable Market includes people not currently included in your target market, but potentially could be in future. TAM or Total...

Guidelines for Assistance to Incubators under Startup India Seed Fund Scheme

The following are the guidelines for assistance to incubators under the Startup India Seed Fund Scheme Experts Advisory Committee (EAC) shall evaluate incubators for grant assistance. A Grant of up to Rs. 5 (five) crore...

AO not permitted to invoke the provisions of section 56(2)(vii)(b)(ii) in the absence of sub clause (ii) in the Act as on the date...

Parinda Borda vs. ITO Where the assessee had entered into agreement to sale cum possession of immovable property and paid substantial consideration prior to the date of amendment of the section 56(2)(vii)(b)(ii) of the...

No Income Tax Return required to be furnished u/s 139(1) by specified persons: CBDT

CBDT vide Notification No.119/2021/F. No. 225/76/2021-ITA.II. dated 11 October,2021 exempts the following class of persons subject to certain conditions specified from the requirement of furnishing...

Reforms in Taxability of ESOP’s (Equity Stock Option Plans)

What is an Employee Stock Option Plan (ESOP)? An employee stock ownership plan (ESOP) is basically a plan given to employee’s wherein subscription to the same gives employee(s) ownership interest in the company. ESOPs give...

No Tax to be deducted under Section 194A of Income Tax Act,1961 on Scheduled Tribes: CBDT

According to a recent notification by Central Board Of Direct Taxes (CBDT) vide Notification No. 110/2021/F. No. 275/27/2021-IT(B) dated 17.09.2021, no tax shall be deducted under section 194A of the Income Tax Act,1961...

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