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Income Tax : Explore the Bombay High Court ruling on reassessments under the Income Tax Act, clarifying jurisdiction between JAO and FAO in the...
Income Tax : The Supreme Court upholds TOLA, validating extended income tax reassessment timelines despite previous High Court rulings on Secti...
Income Tax : The Supreme Court ruling in UOI vs. Rajeev Bansal clarifies reassessment provisions post-April 2021 under Income Tax Act, extendin...
Income Tax : GST amendments introduce a common time limit for demand notices, applicable from FY 2024-25, for both fraud and non-fraud cases un...
Income Tax : Explore key insights on income tax reassessments in light of recent Supreme Court rulings, focusing on changes to procedures and t...
Income Tax : Supreme Court disposes of 573 direct tax cases due to increased appeal limits from the Union Budget 2024-25, reducing tax litigati...
Income Tax : Join our webinar on TDS amendments from Budget 2024 and learn their impact on tax audits, filing procedures, and compliance....
Income Tax : Tax professionals face technical issues on the Income Tax portal, hindering tax audit report submissions before the 30th Sept 2024...
Income Tax : As of September 17, 2024, direct and advance tax collections show significant growth compared to the previous fiscal year....
Income Tax : KSCAA requests review of incorrect TDS credit processing by CPC Bengaluru for AY 2024-25 and urges system corrections and resoluti...
Income Tax : ITAT Mumbai remands case of Aravind Arunachalam Vellore against ITO for lack of proper notice and communication during appeal proc...
Income Tax : Hon’ble ITAT Pune rules that penalties under Section 271(1)(c) should not be imposed for genuine mistakes or debatable claims in...
Income Tax : Present application has been filed on behalf of Taxation Bar Association seeking modification of Para 35(11.17)(iv) of the judgmen...
Income Tax : Bombay High Court remanded the matter of correct treatment of losses arising due to exchange rate fluctuation since order doesn’...
Income Tax : Assessee challenged CIT(A) order before the Bangalore Bench of ITAT arguing that 1450 grams of gold should not be considered unexp...
Income Tax : TDS on agents commission reduced from 5% to 2% as per the Finance Bill 2024. New rate effective from October 1, 2024, under Sectio...
Income Tax : DGIT issues notification on the procedure for filing Form-1 under the Direct Tax Vivad Se Vishwas Scheme, 2024. Learn about the on...
Income Tax : CBDT designates OCAC Chairman for identifying genuine beneficiaries of Odisha's social welfare schemes under Section 138 of the In...
Income Tax : CBDT issues comprehensive guidelines for condonation of delay in filing returns claiming refunds or losses under Section 119(2)(b)...
Income Tax : CBDT extends audit report filing deadline to 7th October 2024 for AY 2024-25, considering taxpayers' challenges. Update applies to...
According to the income tax guidelines, income tax is deductible annually for each financial year commencing from 1st of April and ending on the 31st March. The responsibility of the employer has been affixed by the Income tax Department to deduct income tax from the salary of employees monthly on proportionate basis
High Court held that once the approval is granted by the prescribed authority and such approval is valid, it would no longer be open for the Assessing Officer to verify the satisfaction of the conditions prescribed under rule 18DA in order to refuse deduction under subsection(8A) of section 80IB of the Act.
The AO while completing the assessment disallowed the write off of security deposit treating it as capital deposit and by observing that it cannot partake the nature of revenue expenditure. He also observed that this deposit was not offered as income in the books of account and the transaction of passing security deposit is a capital transaction and does not qualify the basic condition that it was credited as income in the past.
Sec 194J TDS inapplicable on payments in kind, allows relief to SRK company [Red Chillies Entertainment Pvt. Ltd – ITA No.5271/Mum/2013 (Mum)]: Mumbai ITAT deletes expense disallowance u/s 40(a)(ia) in case of Red Chillies Entertainment Pvt. Ltd. for AY 2010-11, holds no Sec 194J TDS for payments made in kind to actors; Relies on SC ruling in Shri H.H. Sri Rama Verma and Karnataka HC rulings in Bruhat Bangalore Mahanagar Palika and Hindustan Lever Ltd to hold that the expression.
All about Section 206AA of Income Tax Act, 1961 to be read with Rule 37BC of Income Tax Rules, 1962 alognwith recent changes as applicable from 24th June 2016 after considering the amendment effected by Notification No. 53/2016-Income Tax dated: 24.06.2016. Section-206AA Analysis (1) Notwithstanding anything contained in any other provisions of this Act, any […]
WHAT IS INCOME FROM HOUSE PROPERTY? Income that arises by owner from any building or land attached with building is chargeable under the head House Property..
The ITAT Mumbai in the above cited case held that the surrounding circumstances and human probabilities attached to a transaction should be examined by considering the transactions as a whole. Therefore, AO cannot decide the geniuses only finding some unusual things but also bound to examine the things which are indicating that the claim of assessee may be genuine.
The Central Government has given another tremendous opportunities in the recently launched its two schemes w.e.f. 01.06.2016 under Income Tax Regime. One is The Income Declaration Scheme, 2016 & another is in respect of reducing tax litigations under the Direct Tax Dispute Resolution Scheme, 2016.
An official level meeting between India and Cyprus took place in New Delhi on 28 and 29 June, 2016, to finalize the new India Cyprus Double Taxation Avoidance Agreement, wherein all pending issues, including taxation of capital gains, were discussed, and in-principle agreement was reached on all pending issues. It was agreed to provide for source based taxation of capital gains on transfer of shares.
AO cannot look into source of source, i.e., of third party only, however assessee’s case was different as the party was closely connected with the assessee. Firm as a partner thereof assessee clearly failed to produce the sale deeds of the sale of agricultural land by partner therefore was justified in making addition under section 68.
