Section 10AA – Exemptions, Deduction & Benefits

Introduction Figuring out taxes can be a bit like solving a puzzle. One important piece is “Section 10AA of Income Tax Act.” This section is like a helpful tool that gives people certain breaks and deductions on their taxes. So, we’re here to break it down for you! In this guide, we’ll explore what “Section […]

UAE Corporate Tax Guide: Navigating Foreign Source Income

1. UAE’s Federal Tax Authority Unveils Corporate Tax Guide for Foreign Source Income The United Arab Emirates’ Federal Tax Authority (FTA) has recently released a comprehensive Corporate Tax Guide, focusing on the taxation of foreign source income. The guide aims to provide clarity on various aspects, including the relevance of foreign source income under the […]

Navigating Income-tax Act Section 220: Case Analysis and Stay Insights

The Income-tax Act, 1961, plays a crucial role in governing tax-related matters in India. Among its provisions, Section 220 holds significance concerning the collection and recovery of tax. This article delves into the intricacies of Section 220, focusing on a specific case involving the rejection of stay applications under Section 220(6). Background The case in […]

ITAT’s Decision Deciphered: Understanding Asset Cost and Loan Repayment

The intricate relationship between loan repayment methods and the determination of an asset’s cost has recently been clarified by the Income Tax Appellate Tribunal (ITAT). In the case of M/s. Radhika Colour Chem Pvt. Ltd. v. DCIT (2023), the ITAT delivered a significant ruling, emphasizing that the method of loan repayment does not affect the […]