The Audit lapses identified as a result of examination of the Audit File, related material on record and the personal hearing conducted, have been cetegorized into major lapses and other lapses
ITAT Delhi held that the interest awarded under Land Acquisition Act is not taxable, accordingly, tax on the same cannot be demanded by way of invoking jurisdiction u/s 263 of the Income Tax Act.
ITAT Ahmedabad held that book profit under section 115JB of the Income Tax Act cannot be computed by including disallowances made under section 14A of the Income Tax Act.
Capital gain tax is a tax levied by the government on the profit earned from the sale or transfer of a capital asset. A capital asset refers to any property or asset that is owned by an individual or business, such as real estate, stocks, bonds, mutual funds, and so on.
Income Tax Return (ITR) is an important document that reflects an individual’s income, taxes paid, and other financial information. Many banks and financial institutions require ITR documents to process and approve loans. This is because ITR documents provide an assurance to lenders that the individual has a regular and stable income and is capable of repaying the loan.
Welcome to our guide on income tax allowances and deductions in India. As taxpayers, it is essential to understand the various allowances and deductions available to us, as they can significantly reduce our tax liability. In this article, we will cover all the necessary details about income tax allowances and deductions, so you can make informed decisions while filing your tax returns.
Discover when the Income Tax Return (ITR) filing for Assessment Year 2023-24 will commence. Mark your calendar and stay updated on the official website for the exact start date. Filing ITR is crucial for avoiding penalties, claiming refunds, creating financial records, and more.
Pratap Kumar Pradhan Vs Commissioner of CT & GST, Odisha and Ors. (Orissa High Court) The present writ petition is being entertained only because the Second Appellate Tribunal has not yet been constituted. Since the petitioner wants to avail the remedy under the provisions of law by approaching 2nd appellate tribunal, which has not yet […]
Das Enterprise Vs The State of West Bengal (Calcutta High court) a) M/s. Buddhadeb Paul is a proprietorship business. The name of the proprietor is Rakhi Paul. Trade licence and registration have been given in the name of the agency Buddhadeb Paul indicating Rakhi Paul as the proprietor. The GST registration certificate also indicates that […]
Show Cause Notice has been issued approximately nine years after last Bill of Entry. In the given facts, we are unable to accept that appellant had issued notice within a reasonable period.
