Income-tax Department cannot refuse the claim for depreciation on a vehicle owned by a company or a firm, on a mere ground that it is not registered in its name, but stands in the name of its director or partner. Interestingly, there is no decision of any court or the Tribunal that has taken a contrary view on the subject.
It has been proposed under the IT Circular 3/2009 that if the return is electronically furnished under a digital signature, the tax-payer is not required to furnish the Form ITR-V with the Income-tax Department as a follow up to the electronic transmitting of data in the return. Similarly, any return which is digitally signed by the assessee and filed with an E-Return Intermediary (ERI), who, in turn, submits the return to the Income Tax Department under his digital signature, will also be deemed to have been filed under a digital signature of the assessee and no Form ITR-V is required to be submitted. In such cases, the date of electronic transmission of the data in the return shall be the date of furnishing the return.
A look at what constitutes as Income on Indian soil and what is not from the perspective of the IT department. The IT department defines certain incomes as Accruing or Arising in India. This is the basis of calculating your income and income tax. Let’s know more. The IT department says that for any company […]
The answer is ‘NO’ there is no such provisions in the Income tax Act /rules to adjust the same by assesee himself. If the excess is related to perriod up to 31.03.2010 then Assesssee can claim refund of the same as per the provisions of CIRCULAR NO. 2/2011 [F.NO. 385/25/2010-IT(B)], DATED 27-4-2011 . Detailed analysis of the same can be seen on the link given below:-
Clause 17(l) – Amount of deduction inadmissible in terms of section 14A in respect of the expenditure incurred in relation to income which does not form part of the total income; This clause was inserted by the notification number 208/2006 dated 10th August 2006. Section 14A was inserted in Chapter IV – Computation of total income by the Finance Act, 2001
Central Government hereby extends the tenure of appointment of Smt. Madhabi Puri Buch as Whole-Time Member of the Securities and Exchange Board of India for a further period of one year beyond 04.10.2020 upto 04.10.2021 or until further orders, whichever is earlier.
E-invoicing has come into effect from Oct 01, 2020 for businesses with aggregate turnover exceeding Rs. 500 cr. in any preceding FY from 2017-18 onwards. e-invoicing – Relaxation and latest changes 1. ‘e-invoicing’ for certain classes of taxpayers has come into effect from 1-10-2020. 2. Keeping in view the hardships faced by the taxpayers due […]
Kingfisher Finvest India Ltd. Vs. DCIT (ITAT Bangalore) The issue under consideration is whether the disallowance made by AO u/s 14A of the Act is justified in law? ITAT states that if the interest free funds available with the assessee is more than the value of investments, then the presumption is that the assessee has […]
The issue under consideration is whether the disallowance u/s 14A is justified even if the bank had not incurred any expenditure for the purpose of earning the interest amount?
The issue under consideration is whether the disallowance under Section 40A(3) of the Act as made by the Assessing Officer is sustainable under Income Tax Act when banking facility was available but the bank account could not be operated by the very bank themselves because of an order of attachment passed by the ESI Department.
