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Angel Tax which is governed by Section 56(2)(viib), was introduced in the Income Tax Act from the Assessment Year 2013-14 via finance bill, 2012 as a step to take up the circulation of unaccounted money in the name of share premiums which were received by private companies or closely held companies.
The Central Board Direct Taxes(CBDT) has released some guidelines relating to compulsory selection of Income tax returns for 100% Scrutiny during the financial year 2024-2025.
Imagine you worked for a company, and after leaving your job, you received a lump sum from your employer as a settlement. Now, the big question is: do you need to pay tax on that money? And if yes, under which head will it be taxable?
In this article, the author is going to discuss the details of the case of Deputy Commissioner of Income-tax v. BTW Atlanta Transformers India (P.) Limited., by examining arguments in above case, and the tribunal's decision, which will help us in understanding the broader implications for the taxpayers as a whole
This article outlines various recommendations put forth by SEBI's Ease of Doing Business (EODB) working group and additional proposals aimed at streamlining processes and enhancing investor experience within the portfolio management industry.
In this article we will discuss the intricacies of Section 80P, drawing insights from the recent Tribunal case of Sardar Patel Co-Operative Credit Society Ltd. v. Deputy Commissioner of Income-tax, Circle-2(3) (IT APPEAL NO. 645/SRT/2023).
The Insolvency and Bankruptcy Code of India, enacted in 2016, revolutionized the country's insolvency landscape by providing a consolidated framework for resolving corporate insolvency cases swiftly and efficiently.
Whether you're a seasoned taxpayer or new to the game, this article will provide you with the tools and information you need to take control of your finances and make the most of tax season.
In a recent judgment by the Kerala High Court in the case of Kochi Medicals v. State Tax Officer, the court addressed the issue of mismatch between GST returns filed by a petitioner and the corresponding input tax credit available, highlighting the complexities faced by taxpayers during the initial stages of GST implementation.
The Rajasthan Budget 2024, presented by Diya Kumari, marks the Bhajan Lal government's first budget in 22 years. It unveils several significant announcements impacting various sectors, aiming to improve the lives of citizens and bolster the state's economy.
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