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Income Tax : Explore the illogical disallowance of business expenses by assessing authorities, the burden on taxpayers, and the questionable lo...
Income Tax : Understand the significance of filing Income Tax Returns (ITR), explore various forms, eligibility criteria, and tax planning stra...
Income Tax : Discover the implications of a significant Delhi ITAT ruling on cash sales pre-demonetization. Learn how it affects taxation and f...
Income Tax : Ensure a hassle-free Income Tax Return (ITR) filing for AY 2024-25 with our checklist. Learn about necessary documents, deadlines,...
Income Tax : Learn about Section 43B(h) of the Income Tax Act and its implications for timely payments to Micro and Small Enterprises (MSEs) in...
Income Tax : CBDT achieves a record 125 APAs in FY 2023-24, marking a 31% increase. Learn about the significance and impact on transfer pricing...
Income Tax : Discover how the Income Tax Department's initiative to open filing on day one of the financial year streamlines processes, boosts ...
Income Tax : Ministry of Finance addresses misconceptions regarding CBDT's supposed special drive to reopen cases related to HRA claims, clarif...
Income Tax : CBDT has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year...
Income Tax : Stay updated with the latest notification from the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes regar...
Income Tax : Read about the case of Aark Infosoft Pvt. Ltd. vs. ACIT (ITAT Ahmedabad) where the assessment was deemed void due to a delayed Sec...
Income Tax : ITAT upholds PCIT's decision on erroneous assessment orders in tax evasion case. Changela's appeals dismissed as inadequate inquir...
Income Tax : Analyzing the case of Sunil Dhirubhai Patel vs ITO, where expenses were disallowed despite not being claimed by the assessee, and ...
Income Tax : Yala Construction Co. Pvt Ltd's disallowances upheld by ITAT Delhi include depreciation, interest on loan, commission, and sponsor...
Income Tax : Bombay High Court quashes order under Section 148A(d) of the Income Tax Act, citing insufficient time due to weekends, holidays, r...
Income Tax : Notification No. 38/2024-Income Tax: Central Government approves Amul Research and Development Association for tax benefits under ...
Income Tax : Detailed guidelines from the Central Board of Direct Taxes for the interim action plan FY 2024-25. Learn about key result areas, t...
Income Tax : Explore detailed guidelines & procedures for verifying high-risk refund cases using Insights investigation tool. Learn how to navi...
Income Tax : Discover how jurisdictional assessing officers verify high-risk refund cases with Insight Instruction No. 77. Learn the SOP and st...
Income Tax : Discover how TDS charge officers verify high-risk refund cases using Insight Instruction No. 76. Learn about the SOP, steps, and f...
Whether Sum Received By Holding Company From Subsidiary Under Scheme Approved By High Court -Considered As Slump Sale Whether any sum received from a subsidiary company by a holding company under scheme of arrangement sanctioned by High Court under provisions of Section 391 to 394 of the Companies Act, 2013 , be treated as ‘Slump […]
ADIA files ROI in India disclosing income falling within the scope of section 5(2). However, in view of exemption available in terms of India-UAE DTAA, ADIA reports NIL taxable income. AAR denies the benefit of India-UAE DTAA benefit to ADIA in respect of income accruing on the investment made or proposed to be made by Green Maiden A 2013 Trust which was established by ADIA and ETL.
The assessee has issued demand drafts to various persons and any unclaimed demand drafts is kept in stale draft account under the head ‘outstanding liabilities’. AO noticed that the amount of INR 18,42,40,053 was shown under the head ‘outstanding liabilities’. The opening balance of the said account was INR 13,97,32,235. Accordingly, differential amount of INR 44507818 is treated as income of the assessee.
Assessment was sought to be reopened not on account of failure of assessee to disclose truly and fully all material facts that were necessary for computation of income but on account of change of opinion of AO about the manner of computation of the deduction under Section 57, therefore, the same was invalid.
Qualcomm India Pvt. Ltd. Vs Addl. CIT (ITAT Delhi) Facts- The assessee argued that education cess paid on Income Tax doesn’t come under the purview of the definition as it is levied on the amount of Income Tax but not on profits of business. Conclusion- Education Cess is not in the nature of capital expenditure, […]
TDS – Tax Deduction at Source TDS is the abbreviation of Tax Deduction at Source. Basically, it is an income-tax which is deducted from the money paid at the time of making particular payments like salary; interest; rent; commission; professional fees etc. The present article clears up all the basic concepts of TDS. Person liable […]
PAN (Permanent Account Number) PAN is an abbreviation form of Permanent Account Number. It is a 10-digit unique number. An application in Form 49A is to be filed by an Indian citizen/ entity/ company, whereas, an application in Form 49AA is to be filed by a Foreign citizen/ entity/ company. The current article deals with […]
Shri Piyush Goyal says FDI in India growing rapidly over last few years Commerce Minister invites South Korea to invest in Defence and Retail Plan to manufacture 5 billion vaccines next year: Shri Piyush Goyal India will witness one of the fastest growth rates across the world – Shri Goyal The Minister for Commerce & […]
BUSINESS VS PROFESSION Section 44AB of the Income Tax Act, 1961 defines separate limit for business and profession, so it is essential to understand what is business and what is profession. Business Profession The term “business” is defined in section 2(13) of the Act, as under: “Business” includes any trade, commerce, or manufacture or any […]
Under Income Tax Act, Tax Deducted at Source (TDS) is really a Tedious for all the assesses. There are different sections 192 to 194 having subsections, analyses as under: Section 192 TDS on Salary Section 193 TDS on interest on securities Section 194 TDS on Dividends Section 194A TDS on Interest other than Interest on […]
