Income Tax : Learn about disallowed expenses under PGBP in India's Income Tax Act. Understand key sections like 37, 40, and 40A, and their impa...
Income Tax : Learn about disallowances under Income Tax Act sections and their reporting requirements in Form 3CD during tax audits. Key provis...
Income Tax : Delhi HC rules reimbursements to NRAEs not subject to TDS as "fees for technical services," clarifying scope of Section 9(1)(vii) ...
Income Tax : Explore allowable tax deductions for AY 2025-26, covering salaries, house property, business, and personal expenses. Maximize your...
Income Tax : Explore crucial issues in income tax practices, including Section 44AD, TDS obligations, LTCG exemptions, cash deposits, and tax d...
Income Tax : Section 40(a)(ia) is amended via Finance (No. 2) Act, 2014 to restrict the amount of disallowance for non-deduction of tax to 30% ...
Income Tax : The existing provisions of section 40(a)(ia) of Income-tax Act provide for the disallowance of expenditure like interest, commissi...
Income Tax : ITAT Nagpur held that when a liquidation order has been passed, no suit or other legal proceedings shall be instituted by or again...
Income Tax : Assessee was engaged in the business of slimming and beauty services. During assessment proceedings, AO observed that assessee was...
Income Tax : Section 36(1)(vii) of ITA applied separately to non-rural debts, while Section 36(1)(viia) of the tax statute only applied to rura...
Income Tax : The assessee is a contractor who is involved in the construction of roads, bridges, runways and tunnels etc. The assessee is also ...
Income Tax : ITAT Raipur held that belated return of income filed by payee u/s. 139(4) satisfies the 1st proviso to section 201(1) of the Incom...
Income Tax : Circular No. 3/2015 Section 40(a)(i) of the Act stipulates that in computing the income chargeable under the head "Profits or gain...
Income Tax : Sub: Deduction of tax at source under Section 195 read with Sections 201 of the Income-tax Act, 1961 relating to payment made to a...
Income Tax : Circular No. 10/DV/2013-Income Tax It has been brought to the notice of the Board that there are conflicting interpretations by j...
ITAT Nagpur held that when a liquidation order has been passed, no suit or other legal proceedings shall be instituted by or against the corporate debtor. Thus, IBC Code will override anything inconsistent contained in any other enactment, including Income Tax Act.
Assessee was engaged in the business of slimming and beauty services. During assessment proceedings, AO observed that assessee was carrying substantial credit balances as current liabilities under the head ‘Advance from customers’.
Section 36(1)(vii) of ITA applied separately to non-rural debts, while Section 36(1)(viia) of the tax statute only applied to rural debts, making it clear that banks were entitled to claim both deductions, provided they pertained to different types of advances.
The assessee is a contractor who is involved in the construction of roads, bridges, runways and tunnels etc. The assessee is also engaged in the business of operating petrol bunks, cinema theatres and manufacture of blue metals and ready-mix concrete.
ITAT Raipur held that belated return of income filed by payee u/s. 139(4) satisfies the 1st proviso to section 201(1) of the Income Tax Act hence assessee cannot be treated as ‘assessee in default’.
ITAT Delhi held that the law is very well settled that there cannot be any levy of penalty on an estimated addition on ad hoc disallowances of expenses. Accordingly, penalty proceedings initiated under section 271(1)(c) of the Income Tax Act quashed.
After taking cognisance of the reply of the assessee, PCIT held that AO has not applied his mind in respect of the amended provisions of Section 14A and, therefore, the Assessment Order is prejudicial to the interest of Revenue and is erroneous.
Learn about disallowed expenses under PGBP in India’s Income Tax Act. Understand key sections like 37, 40, and 40A, and their impact on business deductions.
The ITAT Nagpur overturned an income tax disallowance in Ghalani’s case due to late filing of Form 15G/H, citing valid legal grounds.
Learn about disallowances under Income Tax Act sections and their reporting requirements in Form 3CD during tax audits. Key provisions and compliance guidelines covered.
