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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 : Dive into Section 271B's mandates, penalties, and exemptions under the Income Tax Act. Explore real cases, challenges, and strateg...
Income Tax : Learn about tax implications of offshore indirect transfers of Indian capital assets by non-resident entities. Explore Vodafone ca...
Income Tax : Learn about income from house property, including self-occupied, let-out, and inherited properties. Explore tax implications, dedu...
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 : In Bay-Forge Pvt Ltd vs ACIT, Madras HC quashes assessment order due to failure to click hearing button. Detailed analysis of refu...
Income Tax : Discover the case of Brahmaputra Property Hub Private Limited Vs ITO (ITAT Guwahati) regarding Section 263 of the Income Tax Act, ...
Income Tax : Explore the case of DCIT Vs. Bengal Brahmaputra Realty Limited (ITAT Guwahati) and understand the significance of incriminating ma...
Income Tax : ITAT Chennai held that rejection of application in Form No. 10AB for seeking approval u/s. 80G(5)(iii) of the Income Tax Act by tr...
Income Tax : ITAT Delhi held that that cash sales that is already offered as income cannot be taxed in the grab of inflation sales to cover up ...
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...
In re Citrix Systems Asia Pacific Pty. Ltd.(AAR) – We find from the decision of the Karnataka High Court in CIT v. M/s. Samsung Electronics Co. Ltd (ITA No. 2808 of 2005) and connected cases that that High Court has held that in that case, the argument that it would be only a sale of copy of the copyright software could not be accepted.
Notification No. 9/2012-Income Tax In exercise of the power conferred by sub-section (IC) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby exempts the following class of persons, subject to the conditions specified hereinafter, from the requirement of furnishing a return of income under sub-section (1) of section 139 for the assessment year 2012-13
ITO Vs. Kuber Chand Sharma, In our considered view, CIT(A) has admitted the additional evidence without fulfilling the categorical conditions laid down in Rule 46A, as explained by Hon’ble Delhi High Court in the case of Manish Build Well Pvt. Ltd.(supra). Consequently, his order on this issue is not tenable, however, the issue of merits remains. Besides, from the record it emerges that the assessee wanted to file only government records and revenue record about crops. In the entirety of facts and circumstances, the interest of justice will be served if the matter is set aside, restored back to the file of AO to decide the same afresh after affording the assessee sufficient opportunity of being heard.
Kuber Mutual Benefits Ltd. Vs. ACIT (ITAT Delhi) – It is not in dispute that assessee company is under liquidation and official liquidator stands already appointed by the order of the Hon’ble Court. As per Companies Act, 1956, no doubt, powers of liquidator which includes the power to defend legal proceedings, civil or criminal are to be in the name and on behalf of the company. Section 178 of the I.T. Act, 1961 recognizes the official liquidator as the concerned person in the case company is under liquidation. Similarly section 2 (7) defines the word assessee. It includes such persons also as assessee who are deemed to be an assessee under any provision of this Act.
Kama Holding Ltd. Vs. ACIT (ITAT Delhi)- Rule 8D has been held to be retrospective in nature and the dis allowance has been worked out by applying Rule 8D. Hon’ble Bombay High Court in subsequent judgment in the case of Godrej & Boyce Mfg. Co. Ltd. Vs. DCIT & Another (2010) 234 CTR (Bom) 1 has held Rule 8D to be prospective in nature. Thus, Rule 8D would not be applicable to the assessment year in question i.e. 2007-08. The Hon’ble High Court, however, has directed that indirect expenses which may be attributable on a reasonably proper basis can only be disallowed.
To know the status of PAN / TAN application filed with NSDL Assessee have to follow the following procedure:- 1. Visit the following Link :- https://tin.tin.nsdl.com/tan/StatusTrack.html 2. In The Application Type we have to choose out of the following two options :- PAN – New / Change Request TAN – New / Change Request
The committee, according to sources, wants the government to raise the income tax exemption limit to Rs 3 lakh in view of the near double-digit inflation which has eroded purchasing power of rupee. The Bill has a provision to raise the limit to Rs 2 lakh. Currently, income of Rs 1.80-5 lakh attracts 10 per cent income tax, Rs 5-8 lakh 20 per cent and above Rs 8 lakh 30 per cent.
Cash Worth Rs 2.03 Crore, Jewellery and Ornaments worth the Value of Rs.5.18 Crore, Fixed Deposits of Rs. 4.4 Crore, and Large Number of Documents Seized During the Search Operations by Income Tax Department. It has been reported in certain section of the media that there has been a leak in a search case conducted recently by the Income Tax department on a ‘liquor baron’. It is also being reported in the media that CBDT has instituted an inquiry into the matter.
You need to file an Income Tax Return if your Total Taxable Income exceeds the basic exemption limit before taking into account deductions, i.e., tax saving investments. The basic exemption limit for financial year 2011-2012 and 2010-2011 is as under: –
The file has a built in auto fill form facility . The user is required to fill the pop up data forms and PAN Form 49A in excel shall be updated automatically. The template has the facility for (a) AO Details (b) warning if CAP Lock is turned off (c) Pop up Window for Business Codes (d) No space required for data input (e) Drop down list for various options (f) Built in Check Boxes.