Income Tax : India has moved from a uniform ITR deadline to a category-based system linked to audits and income complexity. The reform improves...
Income Tax : Explains the statutory penalties, interest, and financial losses triggered by belated ITR filing. Highlights real case examples sh...
Income Tax : Highlights the legal obligations of timely ITR filing, penalties for delays, and the benefits of maintaining a clean financial rec...
Income Tax : Breaks down Section 234F penalties, 1% monthly interest, and the hidden loss of tax benefits that arise when returns are filed aft...
Income Tax : Explore the different types of assessments under the Income Tax Act, 1961, including self-assessment, regular assessment, and best...
Income Tax : All Odisha Tax Advocates Association has filed an PIl before Orissa High Court with following Prayers- (i) Admit the Writ Petition...
Income Tax : Chartered Accountants Association, Jalandhar has made a request to FM for Extension of specified date of filing tax audit report a...
Income Tax : Joint representation fo Extension of various dues dates of filing Audit Reports and Income Tax Returns under Income Tax Act, 1961 ...
Income Tax : Request for Extension of the specified date of filing the Tax Audit Report and other forms falling due on or before 15th January 2...
Income Tax : Rajasthan BJP Economic Cell has made a request for extension of due date of furnishing of Report of Audit under provision of the I...
Income Tax : ITAT Jaipur held that exemption under Section 11 cannot be denied merely because Form 10B was filed late when it was already avail...
Income Tax : The ITAT Hyderabad held that delayed filing of Form No. 67 cannot result in denial of foreign tax credit under Section 90. It rule...
Income Tax : The ITAT Mumbai held that Section 69C cannot be invoked where expenditure is duly recorded in the books and its source is fully ex...
Income Tax : Mumbai ITAT held that maintenance charges and other collections received exclusively from members of a co-operative society are ex...
Income Tax : The Tribunal ruled that delayed filing or incorrect disclosure in Form 67 does not automatically disentitle an assessee from claim...
Highlights the legal obligations of timely ITR filing, penalties for delays, and the benefits of maintaining a clean financial record.
Breaks down Section 234F penalties, 1% monthly interest, and the hidden loss of tax benefits that arise when returns are filed after the due date.
ITAT Pune held that denial of exemption under section 10(23C)(iv) of the Income Tax Act merely because of inadvertent error of claiming exemption u/s. 10(46) instead of 10(23C)(iv) is not justifiable. Accordingly, exemption u/s. 10(23C)(iv) granted.
The ITAT followed its earlier ruling for the German financial institution, confirming that the management/processing fee was a component of the loan financing and not a fee for technical services. The decision directed the deletion of the entire addition, reinforcing that the taxability of fees must be determined based on their underlying nature and link to the principal loan.
ITAT Mumbai held that payment towards bandwidth service without transfer of right to use equipment or process could not be characterized as ‘royalty’ under section 9(1)(vi) or Article 12 of India-UAE DTAA. Thus, appeal decided in favour of assessee.
Explore the different types of assessments under the Income Tax Act, 1961, including self-assessment, regular assessment, and best judgment assessment for taxpayers in India.
The ITAT Mumbai has ruled in the case of Dhiren Ramanlal Shah vs. ITO, allowing an individual partner to carry forward losses and get relief from late fees. The ruling hinges on the fact that the partner’s firm had to file an audit report, extending the partner’s own filing deadline.
ITAT Hyderabad held that denial of exemption under section 54F on allegation of more than one residential house unwarranted as one residential house is gifted to his daughter. Accordingly, exemption allowed and appeal of revenue dismissed.
ITAT Ahmedabad sends Nikanth Co-op Society tax case back to AO for re-examination, citing fair hearing need despite prior non-compliance.
ITAT Ahmedabad deletes unexplained investment addition after assessee proves source from spouse’s fixed deposits via banking channels.
