Section 234C

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 implications for businesses dealing with micro and small enterprises....

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 interest implications. Navigate the complexities of income tax seamlessly....

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 and imprisonment for non-compliance with tax regulations....

Interest Under Section 234A, 234B & 234C of Income Tax Act, 1961

Income 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...

Prosecutions and Punishment under Income Tax Act, 1961

Income 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....

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 119(2)(b) of the Income Tax Act, 1961...

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; (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...

Provide relief from Section 234C interest to New Business

Income Tax - Recommendation For Amendment To Section 234C To Provide Relief Where A New Business Is Started During The Financial Year Section 234C provides that no interest for deferment of advance tax shall be levied in cases where the shortfall in payment of tax is on account of under-estimate or failure to estimate capital gains or casual […...

ITAT Allows Section 80-IC Deduction as ITR filed with Form 10CCB

Supreme Treon Pvt. Ltd. Vs DCIT (ITAT Mumbai) - In the case of Supreme Treon Pvt. Ltd. Vs DCIT, ITAT Mumbai allows deduction under section 80-IC of the Income Tax Act for ITR filed with Form 10CCB....

Subscription, professional and training services not FTS hence not taxable: ITAT Delhi

Service Now Nederland BV Vs ACIT (ITAT Delhi) - ITAT Delhi held that subscription, professional and training services rendered by the assessee do not fall within the definition of FTS under India-Netherland DTAA and, therefore, cannot be taxed in India....

One Section 153C satisfaction note Sufficient if AO for Both Searched & Other Person is Same

KBL Layout Vs ACIT (ITAT Bangalore) - ITAT Bangalore held that in case where AO of the searched person and the other person is the same, there can be one satisfaction note prepared by AO. Preparation of one satisfaction note will satisfy the requirement of section 153C of the Income Tax Act....

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

Synthetic & Art Silk Mills Research Association Vs CIT (ITAT Mumbai) - 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 

Kedambady Keyyur Primary Agricultural Co-operative Society Ltd. Vs ITO (ITAT Bangalore) - 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. ...

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Recent Posts in "Section 234C"

ITAT Allows Section 80-IC Deduction as ITR filed with Form 10CCB

Supreme Treon Pvt. Ltd. Vs DCIT (ITAT Mumbai)

In the case of Supreme Treon Pvt. Ltd. Vs DCIT, ITAT Mumbai allows deduction under section 80-IC of the Income Tax Act for ITR filed with Form 10CCB....

Subscription, professional and training services not FTS hence not taxable: ITAT Delhi

Service Now Nederland BV Vs ACIT (ITAT Delhi)

ITAT Delhi held that subscription, professional and training services rendered by the assessee do not fall within the definition of FTS under India-Netherland DTAA and, therefore, cannot be taxed in India....

Implications of amendment in Section 43B to taxpayers and SMEs

Understand the impact of the Section 43B amendment on taxpayers and SMEs in India. Learn about deductions, compliance, and implications for businesses dealing with micro and small enterprises....

Posted Under: Income Tax |

One Section 153C satisfaction note Sufficient if AO for Both Searched & Other Person is Same

KBL Layout Vs ACIT (ITAT Bangalore)

ITAT Bangalore held that in case where AO of the searched person and the other person is the same, there can be one satisfaction note prepared by AO. Preparation of one satisfaction note will satisfy the requirement of section 153C of the Income Tax Act....

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

Synthetic & Art Silk Mills Research Association Vs CIT (ITAT Mumbai)

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 

Kedambady Keyyur Primary Agricultural Co-operative Society Ltd. Vs ITO (ITAT Bangalore)

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

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....

Posted Under: Income Tax |

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

Marate Venkateshkumar Vs ITO (ITAT Bangalore)

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

Dakshin Gujarat Vij. Co. Ltd. Vs DCIT (ITAT Ahmedabad)

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

Balmatta Diagnostic & Research Centre Ltd. Vs DCIT (ITAT Bangalore)

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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