Income Tax - Interest payable under section 234B shall be computed on an amount equal to the assessed tax as reduced by the amount of advance tax, the credit for which has been claimed in the earlier return, if any....
Read MoreIncome Tax - Every Indian citizen is responsible for paying income tax and filing tax returns. It’s a healthy habit to keep, and it also helps in the recovery of TDS payments. Your taxes provide the government with a significant source of cash, which it invests in critical public programs and services. Advance tax means Income tax should [&helli...
Read MoreIncome Tax - Penalties and Prosecutions Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well. The document will provide you information about the punishable offences, prosecutions and the quantum of penalties that can be imposed under the...
Read MoreIncome Tax - Apart from penalty for various defaults, the Income-tax Act also contains provisions for launching prosecution proceedings against the taxpayers for various offences. In this part you can gain knowledge about the various provisions relating to prosecution which can be launched under the Income-tax Act....
Read MoreIncome Tax - As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of advance tax. In this part you can gain knowledge on various provisions relating to payment of advance tax by a taxpayer....
Read MoreIncome Tax - Request to CBDT to permit filing of Form 10IC after expiration of time limit by condoning delay Issuance of Order under Section 119(2)(b) of the Income Tax Act, 1961...
Read MoreIncome Tax - All Odisha Tax Advocates Association has filed an PIl before Orissa High Court with following Prayers- (i) Admit the Writ Petition; (ii) Issue notice to the opposite parties as to why writ in the nature of certiorari shall not be issued quashing/striking down “Clarification 1” given in Circular dated 09.09.2021 in respect of Section 2...
Read MoreIncome Tax - At the end of May the Income Tax Return forms are released for the Assessment Year 2015-16 and same been held back by finance minister due to complicated nature of Return Forms. It was further informed by the CBDT that department will release new simplified ITR forms with return filing utility by 3rd week of June 2015....
Read MoreShilpa Prabhakar Kulkarni Vs DCIT Centralized Processing Centre (ITAT Mumbai) - ITAT Mumbai held that as no claim of the amount of exempted allowance was made in the return of income, the same cannot be rectified as there was no mistake apparent from record in order passed u/s 143(1)(a) of the Income Tax Act....
Read MoreCane Development Council Titawi Vs ITO (ITAT Delhi) - ITAT Delhi held that the assessee (M/s. Cane Development Council Titawi) being a local authority are not chargeable to tax in terms of section 10(20) of the Income Tax Act....
Read MoreRamesh Chandna Vs ACIT (ITAT Delhi) - ITAT Delhi held that cost of new property for the purpose of exemption under section 54 has to be assumed to be value of interests and share in the new construction, as per the collaboration agreement and the sale deed terms....
Read MoreLahmeyer International GmbH Vs DDIT (ITAT Delhi) - ITAT Delhi held that the Force of Attraction Rule doesn’t apply unless there is even a remote link between the activities of other projects is established with the PE....
Read MoreDCIT Vs Neeraj Agrawal (ITAT Allahabad) - ITAT Allahabad held that additions made based on the incriminating material (being excess stock) found during survey conducted u/s 133A of the Income Tax Act is justifiable....
Read MoreShilpa Prabhakar Kulkarni Vs DCIT Centralized Processing Centre (ITAT Mumbai) -
Cane Development Council Titawi Vs ITO (ITAT Delhi) -
Ramesh Chandna Vs ACIT (ITAT Delhi) -
Lahmeyer International GmbH Vs DDIT (ITAT Delhi) -
DCIT Vs Neeraj Agrawal (ITAT Allahabad) -
Prem Mukundan Vs ITO (ITAT Cochin) -
Suman Paper & Boards Ltd. Vs JCIT (Gujarat High Court) -
Umrao Singh Smarak Samiti Vs ITO-CPC (ITAT Allahabad) -
Dhirendra Narbheram Sheth Vs ITO (ITAT Rajkot) -
Umaxe Projects Pvt. Ltd Vs ACIT (ITAT Delhi) -