Income Tax

Overview of Section 80-IAC Income Tax Exemptioni) Full Tax Exemption for StartupsAssessees operating as startups in India can claim a total exemption from income tax on profits for any three consecuti...

Overview: The Intensified Focus on Tax ProfessionalsIn July 2025, the Indian Income Tax Department executed a widespread operation across more than 200 locations, exposing significant scams involving...

Overview of the Reform InitiativeThe Central Government’s tax reforms committee has put forward pivotal amendments in the draft Income Tax Bill, 2025, which is set to supersede the Income Tax Act, 196...

Introduction to Capital Gains Taxation on SharesUnderstanding Cost and Holding Period of SharesIn the context of calculating capital gains tax on the sale of shares, it is essential for an assessee to...

Introduction(i) Overview of TDS Credit Entitlement(a) The right to claim credit for Tax Deducted at Source (TDS) is directly connected to the financial year in which the associated income is recognize...

Introduction: Domestic Case Law vs. Transfer Pricing ContextBackground and Rationale: Transfer pricing regulations aim to ensure that international transactions between associated enterprises (AEs) ar...

Overview of Section 30: Binding Nature of Approved Resolution PlansOnce the Committee of Creditors (CoC) grants approval to a resolution plan, as per Section 30(4) of the Insolvency and Bankruptcy Cod...

Introduction to NPO Provisions in the New LegislationThe Income Tax Bill, 2025 introduces a consolidated framework for Non-Profit Organisations (NPOs) under Chapter XVII-B, which covers Sections 332 t...

Overview of Joint Property Ownership and TaxationJoint property ownership is widely practiced across India, but the sale of such properties brings complex income tax considerations. Co-owners must be...

OverviewThe Income Tax Act empowers the Assessing Officer (AO) with discretion to evaluate the taxable income of an assessee under scrutiny, especially when the explanations or evidence furnished by t...

Overview: Globalisation and the Challenge of Cross-Border TaxationAs companies increasingly operate across borders, jurisdictional questions over the right to tax corporate income have become more com...

OverviewWith the ongoing digital transformation of India's tax administration, the Income Tax Department now has advanced tools to cross-verify the financial disclosures made by assessees. Two critica...

Background and Judicial Context(i) Introduction to the IssueThe Madras High Court, in the case of T. R. Balasubramanium vs. ACIT, addressed a significant question regarding the correct methodology for...

Introduction: Enhanced Prospects for Section 80-IA ClaimsThe Supreme Court’s decision in CIT v. Jindal Steel & Power Ltd. (Dec 2023) and subsequent case law have significantly broadened the interpreta...

OverviewSection 143(2) notices are being issued by the Income Tax Department as part of the scrutiny process for Assessment Year (AY) 2024–25. If you, as an assessee, have received this notice, it is...

Introduction to Non-Resident Status under Indian Tax LawIndian tax statutes, specifically Section 6(1)(c) of the Income Tax Act, 1961, lay out the criteria for classifying an individual as a ‘non-resi...

1. Introduction and Case Background(i) Overview of the RulingThe Delhi Income Tax Appellate Tribunal (ITAT) delivered a significant decision regarding the tax residency status of Essar Com, a Mauritiu...

Overview of the Recent Income Tax Raids(i) Nationwide Operation to Curb False Deduction Claims(a) In a significant step towards promoting tax compliance, the Income Tax Department recently conducted a...

Foreign entities intending to establish a private limited company as a subsidiary in India are required to meet several statutory and procedural obligations under Indian law. This article outlines the...

1. Introduction: The Imperative of TDS/TCS ComplianceTax Deducted at Source (TDS) and Tax Collected at Source (TCS) are integral components of India’s tax system, ensuring a steady inflow of revenue t...