Home Highlights January 2018 Year 2018 This

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1. Return of changes in shareholding position of promoters and top ten shareholders - Omission of Rule 13 of the Companies (Management and Administration) Rules, 2014 w.e.f. 13.6.2018

2. Deduction u/s. 80IB(10) - non filling of return on time - the ITAT held that the return filed beyond the due date cannot claim deduction under section 80IB(10) as per...

3. Benefit of accumulation of income u/s.11(2) - denial of claim on non-submission of Form No.10 along with return of income - In this case, the assessee claims that...

4. Denial of benefit u/s 115BAA of reduced rate of tax @22% - Domestic Companies - Condonation of delay in filing of Form No. 10-IC by the assessee - The Appellate Tribunal...

5. Validity of reassessment proceedings questioned due to delayed digital submission of Form 10. Emphasis on due disclosure over procedural digital filing requirements....

6. Denial of benefit of lower 22% tax rate u/s 115BAA due to delay in filing Form 10-IC by petitioner. Petitioner filed return of income in ITR-6 form, exercising option...

7. Penalty u/s.271AAB - Belated filing of regular return after search - Penalty cannot be levied u/s.271AAB of the Act, in respect of income disclosed in regular return of...

8. Processing of invalid return u/s 143(1) - Denial of exemption u/s 10(23C)(iiiad) - non-filing of ITR-V within 120 days made the assessee’s return as ‘invalid’ being...

9. The SEBI issued various amendments to the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. Key changes include the insertion of provisions allowing...

10. The Income Tax Appellate Tribunal held that the denial of exemption u/s 10(23C)(iiiab) for late filing of the income tax return beyond the time specified u/s 139(1) or...

11. The notification amends the Income-tax Rules, 1962 by modifying Form No. 10A and Form No. 10AB related to registration u/ss 12A and 80G of the Income-tax Act, 1961. Key...

12. Filing of Form 10-IE to opt for the new tax regime u/s 115BAC is directory, not mandatory. If filed before assessment, the Assessing Officer must consider it. The...

13. Penalty u/s 271FA - failure to file AIR - mandatory requirements of Section 285 BA calling upon the petitioners to file the returns within a period of 60 days from the...

14. Assessment completed u/s 144 - defective return - Return filed in response to the notice issued u/s 153A it has been stated that the return filed u/s 139(1) of the Act...

15. Section 80P deduction claim filed in a return submitted in response to notice u/s 142(1) is valid. The Income Tax Act does not mandate that the return must be filed u/ss...