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Income Tax : Explore Section 80JJAA of Income Tax Act, encouraging job creation in India. Learn about conditions, deductions, and benefits for ...
Income Tax : Explore the Bombay High Court's ruling on the invalidity of a reassessment notice under Section 148 of the Income-tax Act, 1961, f...
Income Tax : Learn about the consequences of filing your ITR incorrectly and claiming a full refund. Understand Section 133(6) of the Income Ta...
Income Tax : Get answers to FAQs on the new vs. old tax regime for AY 2024-25. Learn about the differences, benefits, and how to choose the bes...
Income Tax : Discover how AI is transforming tax compliance standards, automating tasks, detecting fraud, and enhancing efficiency. Learn about...
Income Tax : Understand tax deduction rules for dividends as per Income-tax Act, 1961 amendments. Detailed guide on TDS rates, exemptions, and ...
Income Tax : Release of File Validation Utilities (FVUs) and Return Preparation Utility for e-TDS/TCS Statements File Validation Utility (FVU)...
Income Tax : Discover the comprehensive list of 26 banks available at the e-Filing Portal's e-Pay Tax service. Find out the new and migrated b...
Income Tax : Explore issues & solutions for appeals to Income Tax Commissioner. Detailed representation by Karnataka State Chartered Accountant...
Income Tax : Read the inaugural address from Ravi Agrawal, the new Chairman of CBDT, outlining his vision for enhancing tax administration in I...
Income Tax : Explore the detailed analysis of the ITAT Bangalore decision in Goworamma Lingappa Manjula Vs ITO. Understand the implications and...
Income Tax : Explore the ITAT Bangalore's decision in Lakshmi Multipurpose Co-operative Vs ITO regarding income threshold limits under Section ...
Income Tax : Delhi HC: No penalty for New Holland Tractors if assessee's contention was plausible and bona fide, provided full disclosure of fa...
Income Tax : Read the full text of the ITAT Bangalore order in Laxmilal Badolla Vs NFAC. Penalty under Sec 271D cancelled due to reasonable cau...
Income Tax : Learn how ITAT Bangalore ruled in favor of Herbalife India on technical service payments, clarifying FTS under India-USA DTAA. Det...
Income Tax : Explore the latest guidelines for issuing notice under Section 148 of the Income Tax Act, 1961. Understand key procedures, amendme...
Income Tax : CBDT order allows delayed tax payments under DTVsV Act conditions, easing compliance for taxpayers. Details on Form-3 modification...
Income Tax : CBDT issued Notification No. 01/024-25-Income Tax dated 24th June 2024, specifying Form 3CN, Form 3CS, Form 3CEC, Form 3CEFB, Form...
Income Tax : Discover the impact of Notification No. 51/2024-Income Tax by the Ministry of Finance on the Kerala Co-operative Deposit Guarantee...
Income Tax : Explore suggestions from trade associations for Budget 2024-25 on changes in direct and indirect taxes. Submit proposals for tax s...
The petitioner is a retired officer of the Indian Revenue Service and served in various capacities including, inter alia, the position of Chief Commissioner of Income Tax, Director General of Vigilance, Chief Vigilance Officer of the Central Board of Direct Taxes
The Hon’ble High Court allowed the appeal placing reliance on the decision in case of CIT v. Kelvinator, (2010) 320 ITR 561 (SC) emphasizing that AO has power to re-open, provided there is tangible material to come to the conclusion that there is escapement of income from assessment. Reasons must have a live link with the formation of the belief.
The ITAT in its impugned judgment took note of the statement of D.K. Jain and the retraction of the assessee on 21.02.2008. It was also noticed that the said statement was recorded in the course of survey under Section 133A and consequently did not have any evidentiary value.
Hon,ble ITAT Agra has held in the case of ACIT Vs. Sunil C Gupta that Cash seized to be adjusted against advance tax liability. Explanation-2 to Section 132B of the Act enacted with effect from 1st June 2013. Hon’ble ITAT has upheld the observations of ld CIT(A) which are as under
CA Sandeep Kanoi As you are aware, it is mandatory for Pay and Accounts Office (PAO)/ District Treasury Office (DTO)/ Cheque Drawing and Disbursing Office (CDDO) (herein after called as AOs) to file Form No. 24G on monthly basis with in the prescribed time as per Income-tax Department Notification no. 41/2010 dated May 31, 2010. AOs to […]
Downloading of TDS Certificates from TRACES is mandatory: In this regard, your attention is invited to the CBDT circulars 04/2013 dated 17.04.2013, CBDT Circular No. 03/2011 dated 13-5-2011 and CBDT Circular No. 01/2012 dated 9-4-2012 on the Issuance of certificate for Tax Deducted at Source in Form 16 and Form 16A. It is now mandatory […]
Kaushal Agrawal Full analysis of Rebate under section 87A introduced by Finance Act 2013. Here we have explained why section 87A was introduced. This video also contains different practical questions on section 87A. To quote section 87A it says that resident individual can claim rebate of upto Rs. 2,000 if his total income do not […]
V. Swaminathan B.Sc., B.L., FCA PROLOGUE As is, by and large, known, the Constitution of India, the nation’s basic charter, is the supreme law of the land. And all other laws are subordinate to the Constitution; and as such, must be read and interpreted in the light of the constitutional provisions. The authority to legislate […]
IRFC is issuing Tranche II of Tax Free Bonds from 28 Feb 2014 to 07 Mar 2014. Key Features of the issue are as follows :- Indian Railway Finance Corporation Ltd is fully owned by the Government of India and is a dedicated financing arm of the Ministry of Railways.
The decision of the Calcutta High Court in the case of Maersk Line UK Ltd, which reiterates the fact that business transactions having commercial substance and bona fide business purpose are permissible as long as there is no misuse of the provisions, assumes importance since the same is the first (and probably the last) judicial pronouncement in respect of the dormant section 93 of the Actand more so, since the said section, being a specific anti-avoidance provision could lose its sheen once GAAR takes the reign.
