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Section 234B

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Implications of amendment in Section 43B to taxpayers and SMEs

Income Tax : Understand the impact of the Section 43B amendment on taxpayers and SMEs in India. Learn about deductions, compliance, and implica...

February 6, 2024 1485 Views 0 comment Print

Inform your current employer about the previous employment and salary

Income Tax : Learn why disclosing previous salary is crucial for accurate tax planning. Explore advance tax intricacies, due dates, and interes...

January 9, 2024 1692 Views 0 comment Print

Pay 3rd Instalment Advance Tax for AY 2024-25 by 15th Dec: Guidelines & Example

Income Tax : Understand how to pay your 3rd instalment of Advance Tax for the Assessment Year 2024-25 before the deadline on 15th December. Det...

December 8, 2023 5931 Views 0 comment Print

Levy of Interest u/s 234B: Tenability in Excess Refund Cases

Income Tax : This article examines the tenability of levy of interest u/s 234B in cases of excess refund claimed by taxpayers under the Income ...

July 26, 2023 1410 Views 0 comment Print

Penalties and Prosecutions Under Income tax Act, 1961

Income Tax : Learn about the penalties and prosecutions under the Income Tax Act of 1961 for various defaults and offenses. Find out the fines ...

July 25, 2023 481158 Views 4 comments Print

Latest News

Request to CBDT to permit delayed filing of Form 10IC

Income Tax : Request to CBDT to permit filing of Form 10IC after expiration of  time limit by condoning delay Issuance of Order under Section ...

February 4, 2022 9519 Views 1 comment Print

AOTAA files PIL before Orissa HC on the issue of late fee, interest & penalty under Income Tax

Income Tax : All Odisha Tax Advocates Association has filed an PIl before Orissa High Court with following Prayers- (i) Admit the Writ Petition...

January 13, 2022 4419 Views 1 comment Print

Belated Release of ITRs and burden of Interest U/s. 234 B

Income 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 mini...

June 4, 2015 2766 Views 0 comment Print

Latest Judiciary

IT Support Payments Not FTS under Article 12 of India-Netherlands DTAA

Income Tax : In a landmark ruling, ITAT Mumbai provides relief to Shell IT, asserting that payments for IT support aren't considered FTS under ...

May 18, 2024 129 Views 0 comment Print

Section 44BB does not override provisions related to PE or DTAA benefits

Income Tax : Read the detailed analysis of Computer Modelling Group Ltd. vs. ACIT (ITAT Delhi) regarding interest leviable from the assessee fo...

May 9, 2024 234 Views 0 comment Print

Consider Volume Discount & Geographic Price Variation in TP Adjustment: ITAT Ahmedabad

Income Tax : Ahmedabad ITAT's order in Atul Limited vs DCIT case discusses TP adjustments, volume discount, geography adjustments, and more. De...

May 8, 2024 162 Views 0 comment Print

Non-payment of tax before first appeal filing not fatal if appellant fulfills tax obligation later

Income Tax : in terms of section 249(4)(a) of the Act, stipulation as to payment of tax ante filing of first appeal is only directory and not m...

May 5, 2024 438 Views 0 comment Print

STCL Taxable at 15% Can be set-ff against STCG Taxable at 30%: ITAT Mumbai

Income Tax : Explore the detailed analysis of JS Capital LLC Vs ACIT (ITAT Mumbai) regarding the offsetting of Short Term Capital Loss (STCL) a...

May 5, 2024 651 Views 0 comment Print

NCDs Redemption, No Income Escapement: ITAT Delhi Rules in Favor of BCP Singapore

January 22, 2024 1377 Views 0 comment Print

BCP V Singapore FVCI Pte. Ltd. wins against reassessment by ITAT Delhi. Detailed analysis of Rs.203.56 Cr. redemption income dispute. No escapement found.

India-Korea DTAA Article 15(1): Korean Resident’s Salary for Services Outside India Not Taxable  

January 21, 2024 609 Views 0 comment Print

ITAT Delhi rules in Amit Laroya vs ACIT case, stating salary of a Korean resident for services outside India is not taxable in India under Article 15(1) of India-Korea DTAA.

Section 144C(4) – Assessment Order Time-Barred if Objections Filed After Limitation: Delhi HC

January 21, 2024 960 Views 0 comment Print

Delhi ITAT rules on time limitation for Assessment Order under Sec 144C(4). Analysis of objections filing, jurisdiction, and compliance with Income Tax Act. Full order details provided.

Indexed cost of interest paid for acquisition of property not allowable

January 18, 2024 2664 Views 0 comment Print

The key dispute centered around the disallowance of deductions under section 48(ii) of the Income Tax Act related to the indexed cost of interest paid for the acquisition of a property sold by the assessee.

Section 263: Revision unjustified as AO took possible view based on available records

January 18, 2024 390 Views 0 comment Print

ITAT Mumbai held that revision under section 263 of the Income Tax Act unjustified as AO while allowing the exemption in the order passed under section 144 r.w.s.263 has taken a possible view upon verifying the details available on record.

Interest Income from Co-op Bank without Banking License Eligible for Sec. 80P(2)(d) Deduction 

January 16, 2024 2418 Views 1 comment Print

Read ITAT decision on the eligibility of a cooperative society for a deduction under Section 80P(2)(d) of the Income Tax Act. The case, Keyyur Primary Agricultural Co-operative Society Ltd. Vs ITO, addresses interest income on investments in a cooperative bank without a banking license.

Inform your current employer about the previous employment and salary

January 9, 2024 1692 Views 0 comment Print

Learn why disclosing previous salary is crucial for accurate tax planning. Explore advance tax intricacies, due dates, and interest implications. Navigate the complexities of income tax seamlessly.

Granting Condonation for Appeal Delay: Consider Senior Citizens Unfamiliar with Digital Systems & Faceless Scheme

January 8, 2024 1584 Views 0 comment Print

Assessee had shown sufficient cause for the delay in filing the appeals before the Tribunal as he was old and not well acquainted and conversant with the digital system in order to follow up with the income tax notices, which were posted in IT portal. Accordingly, the delay in filing appeal was condoned.

Appellate authority cannot enhance assessment without issuing a notice

January 6, 2024 468 Views 0 comment Print

ITAT Ahmedabad held that an appellate authority can exercise the power u/s. 251(1)(a) to enhance the assessment only after giving a notice for enhancement. Accordingly, enhancement by CIT(A) without issuance of notice is untenable in law.

ITAT Bangalore Disallowed Delayed payment of employees’ contribution of ESI & PF

January 5, 2024 642 Views 0 comment Print

ITAT Bangalore upholds disallowance of belated ESI & Provident Fund payments in Balmatta Diagnostic & Research Centre case. Portal glitches lead to delay, but disallowance confirmed.

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