Category Archives: Direct Tax

Implementation of e-verification scheme-2021

CBDT implements e-verification Scheme-2021 to reconcile mismatches between third party information and ITR filed by Taxpayers CBDT issues Press Release dated 26.02.2024 on Implementation of e-Verification Scheme-2021. This Press Release apprises that: The Income Tax Department has identified certain mismatches between … Continue reading

Posted in Direct Tax |

Utilizing Tax Treaty Advantages for Non-Residents

In the rapidly expanding world of global business, transactions across borders have become the norm. As services are sourced from abroad, payments to non-residents have become routine. Understanding the tax implications of these payments is crucial, and one key aspect … Continue reading

Posted in Direct Tax |

Comprehending the Changing Dynamics of Share Valuation Concerning Angel Tax

Background and Introduction Finance Act, 2012 introduced a tax on closely held companies under Section 56(2)(viiib) of the Income Tax Act, 1961 (the Act) when it received consideration from resident investors on issue of shares at a value that exceeded … Continue reading

Posted in Direct Tax |

Supreme Court’s Landmark Ruling on Double Tax Avoidance Treaties (DTAA)

Hon’ble Supreme Court in the case of Nestle SA & Others [Civil Appeal No 1420/2023] has ruled that the issuance of a notification under Section 90 of the Income Tax Act, 1961 (the Act) is an indispensable and obligatory requirement … Continue reading

Posted in Direct Tax |

Document Identification Number (DIN) – Significance in Income Tax Department’s Communication

Central Board of Direct Taxes vide Circular No. 19/2019, mandated that no communications related to notice, order, appeal, assessment, investigation or any other correspondence shall be issued by the Income Tax Department without a computer-generated Document Identification Number (DIN). Continue reading

Posted in Direct Tax |