1.CIRCULAR NO. 21/2022 [F.NO. 275/25/2022-IT (B)], DATED 27-10-2022 Vide this circular the Central Board of Direct Taxes (CBDT) in exercise of its powers under section 119 of the Income-tax Act, 1961, extends the due date of filing of Form 26Q for the second quarter of financial year 2022-23 from 31st of October, 2022 to 30th of November, 2022. 2. CIRCULAR NO. 22/2022 [F.NO.197/93/2022-ITA-1], DATED 1-11-2022 Vide this circular dated 01.11.2022 the CBDT condones the delay in filing of Form 10A up
Tag: Tax
ESOP Discount is business expenditure for earning profits
On 11-11-20, the hon’ble High Court of Karnataka has held that the deduction of discount on ESOP over vesting period per books of account is an admissible tax allowance in computation of business income of the employer company. The legal principle emphasized by the High Court is that the discount on issue of ESOPs is not a contingent liability but an ascertained liability. The decision was pronounced in the case of Commissioner of Income Tax, LTU v. Biocon Ltd. The