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Income Tax : Supreme Court's verdict on Section 148 notices raises uncertainty in 90,000 cases. Learn its impact on assessment and pending tax ...
Income Tax : Section 79 of the Income Tax Act focuses on beneficial ownership, affecting loss carryforward during shareholding changes. Learn i...
Income Tax : The Vivad Se Vishwas Scheme 2024 simplifies tax dispute resolution, offering discounts and waivers to reduce litigation burden. Se...
Income Tax : The Madras HC directs Tamil Nadu's prison department to guarantee that undertrial prisoners can meet and communicate freely with t...
Income Tax : Learn how to compute the perquisite value of rent-free accommodation under Section 17 of the Income Tax Act, including recent rule...
Income Tax : CBDT simplifies compounding procedures under the Income-tax Act, 1961 by reducing charges, removing limits, and easing filing requ...
Income Tax : CBDT simplifies TDS for salaried employees and enables parents to claim TCS credit for minors through recent amendments in Income-...
Income Tax : A PIL filed in Gujarat HC contests the denial of Section 87A rebate, highlighting unfair demands and confusion among middle-class ...
Income Tax : A PIL filed in Gujarat High Court contests the denial of the Income Tax rebate under Section 87A, impacting middle-class taxpayers...
Income Tax : Over 34 lakh Audit Reports filed on the e-filing portal by October 7, 2024, showing a 4.8% increase from last year, according to t...
Income Tax : Assessee filed an appeal concerning the penalty of ₹20,29,394 levied under Section 271AAA for AY 2008-09. It had initially decla...
Income Tax : ITAT Kolkata held that when date of agreement and date of registration are not same, then, stamp duty value on the date of agreeme...
Income Tax : Bombay High Court held that bonafide delay on the part of the Chartered Accountant in filing Return could not be a ground to rejec...
Income Tax : ITAT Ahmedabad held that the entire proceedings under Section 263 of the Act were initiated and completed by the PCIT within a per...
Income Tax : The Assessing Authority disallowed a sum of Rs.11,27,00,000/-, which the assessee claimed it as business loss. The Assessing Autho...
Income Tax : New CBDT guidelines for compounding of offences under the Income Tax Act, 1961. Learn the conditions, process, and fee structure f...
Income Tax : CBDT exempts income of West Bengal Pollution Control Board under Section 10(46) of the Income-tax Act, 1961, subject to non-commer...
Income Tax : CBDT sets 1% tolerance for wholesale trading and 3% for other cases under Section 92C for FY 2024-25. No adverse effects from retr...
Income Tax : CBDT exempts tax collection at source (TCS) on payments received from the Reserve Bank of India under Section 206C(1F) of the Inco...
Income Tax : CBDT issued Income-tax (Ninth Amendment) Rules 2024, amending tax collection and credit provisions under Section 206C. Effective f...
C.U.Inspections (I) Pvt. Ltd Vs DCIT (ITAT Mumbai) Mere fact that the payment in question is not reimbursement of expenses to the holding company would not per se expose the expenditure to disallowance u/s 40(a)(ia) of the Act. It has been noticed supra that the disallowance u/s 40(a)(ia) is activated when there is failure on […]
As per Explanation 2 attached to section 9(1)(vii) of the Act in the case of remittance or reimbursement of expenses where no element of taxable income in India is found, then the question of tax deduction at source does not arise.
No disallowance of interest can be made u/s 14A if the assessee’s own capital is more than the investments fetching exempt income. Similar view has been taken by the Hon’ble Gujarat High Court in the case of CIT vs. Suzlon Energy Ltd. (2013) 354 ITR 630 (Guj).
whether the AO can expand the assessment from ‘Limited Scrutiny’ to ‘Complete Scrutiny’ without following the procedure as laid by the CBDT Circular?
EL-Equalisation Levy, Assessee-Any Person Resident or Non-Resident with Permanent Establishment 1. EMERGENCE OF EL Can you imagine the life without Technology? Certainly not. It is very appealing to the case with Digital Economy too. Today the way of doing business has changed drastically and dramatically. All tangible and intangible goods are being bought and sold […]
Perquisites & Allowances to Taxpayer opting Lower Tax Rate Option- Section 115BAC CBDT issued Notification No. 38/2020-Income Tax Dated- 26/06/2020 amending rule 2BB of Income Tax Rules to allow taxpayers who are opting for the new tax regime (section 115BAC) to claim exemption for allowance to meet cost of travel and daily expenses on transfer, […]
Provisions Of 269SS, 269T, 271D AND 271E As Per Finance Bill 2014 And Finance Bill 2015 And Some Issues Regarding Penalty U/S 271D, 271E And Relating To Amendments. Consequences of contravention of section 269SS: Section 271D of Income Tax Act 1961 provides that if a loan or deposit is accepted in contravention of the provisions of section 269SS then a penalty equivalent to the amount of such loan or deposit may be levied by the Joint commissioner.
The scope of this write up is an attempt to clarify chaos that is taxability of various incomes (specifically interest) from compulsory acquisition of land. Types of income which an asset under consideration can result are capital gain (if asset is a capital asset), interest on compensation or enhanced compensation.
Section 237 of the Income Tax Act, 1961 deals with refund of excess tax paid by the assessee. If any person or assessee satisfies the assessing officer that the amount of the tax paid by him or paid by any person on his behalf during any previous assessment year exceeds the amount with which he is properly chargeable under the act for that year, he is entitled to refund of excess amount paid.
Article explains Revised Income Tax Due Dates as CBDT Notification No.35/2020 Dated 24.06.2020 which includes revised date for Income Tax Returns, Income Tax Audit, Investment for claiming Deduction under Chapter VIA, Capital Gains Exemption under Sections 54 to 54GB, Furnishing of TDS / TCS Statements, Issuance of TDS / TCS Certificates, Interest on Delayed Payment […]
