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Income Tax : RBI exempted from Section 206AB of the Income Tax Act, 1961, via Ministry of Finance notification dated May 27, 2024. Learn more a...
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In present facts of the case, it was held that the services rendered were in the nature of advisory services as per the terms of the agreement, therefore these services cannot be the part of Fees for Technical Services (FTS) under Article 13 of India – UK DTAA.
Article aims to shed light on penalties, deadlines, and implications of late Income Tax Return filing, urging taxpayers to fulfill their obligations promptly to avoid unnecessary financial burdens.
Read Notification No. 56/2023 under the Income Tax Act, 1961, specifying the details of a zero coupon bond issued by REC Ltd. Learn about the bond’s period, maturity amount, discount, and more.
रेसजुडिकाटा और आयकर अधिनियम, 1961:– “रेसजुडिकाटा का तर्क यह है कि मुकदमेबाजी का अंत होना चाहिए। मूल रूप से, पुनर्न्याय के सिद्धांत का उद्देश्य अपमानजनक और दोहरावपूर्ण मुकदमेबाजी को रोककर, जनता और वादियों दोनों के हित में न्याय के अच्छे प्रशासन का समर्थन करना है। सीआईटी बनाम में एन.पी. मैथ्यू [(2006)280 आईटीआर 44(के.आर.)] यह प्रिंसिपल […]
ITAT Ahmedabad held that interest income earned by depositing surplus grants in a particular mode as per the directions of the State Government is also treated as part of the grants and hence it cannot be treated as income of the assessee.
ITAT Mumbai held that twin conditions as set out in section 11(4A) of the Income Tax Act are satisfied and income accrued from Pharmacy store is incidental to the dominant object of running Hospital. Hence, addition towards profits earned from Pharmacy Store not taxable.
This Article discusses, sources of revenue, its significance, methods of collection and its applications, as stated in the ancient Indian texts like Manu Smriti, Shanti Parva, Shukra-nitisara, Arthashastra and also contemporary Jain/Buddhist manuscripts, thereby giving the reader an insight into History of Taxation in India in ancient period.
The Income Tax Appellate Tribunal (ITAT) Hyderabad ruled in favor of Rajiv Venkataraman, stating that the survival benefit received from LIC on his father’s death is exempt under Section 10(10D) of the Income Tax Act.
ITAT held that approach adopted by NFAC merely because he granted relief in respect of one item of additions, does not mean that he can deny justice in respect of balance additions/grounds of appeal raised before him.
ITAT Chennai held that rejection of special audit report of the special auditor appointed in terms of section 142(2A) of the Income Tax Act on flimsy grounds without any finding as to how observation of the special auditor is incorrect.