Income Tax : Explore crucial issues in income tax practices, including Section 44AD, TDS obligations, LTCG exemptions, cash deposits, and tax d...
Income Tax : Discover simplified taxation scheme under Section 44AD of Income Tax Act. Learn eligibility criteria, exemptions, and key insights...
Income Tax : Details of Form 13 & section 194C(6) of Income Tax Act 1961. Learn importance of these for transporters & how to avoid excess TDS ...
Income Tax : Explore Form 26A for TDS relief. Learn about legal provisions, benefits, and procedures for non-deduction or short deduction cases...
Income Tax : Discover the debate surrounding cash payments exceeding Rs. 10,000 to electricity boards in Income Tax. Learn about Rule 6DD, gove...
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 Ahmedabad held that addition merely on the basis of retracted statement without any incriminating material seized from assess...
Income Tax : The assessee had filed return of income of Rs.92,06,590 which was selected for complete scrutiny and during the course of assessme...
Income Tax : ITAT Pune held that delay of 2086 days in filing of an appeal against CIT(A) not condonable as sufficient cause or sufficient reas...
Income Tax : Kerala High Court held that when employees' contribution to EPF/ESI not made within due date prescribed for making payments is lia...
Income Tax : ITAT Delhi held that written off of obsolete inventory allowable as prepared in accordance with accounting standards and duly got ...
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 Bangalore rules non-resident software payment not royalty. Section 195 not applicable. Full text and analysis of Altisource vs. ACIT case.
DCIT Vs Sisecam Flat Glass India Ltd. (ITAT Kolkata) Monitoring fees paid by the assssee to DEG Bank, Germany qualified as ‘interest’ both under Income-tax Act, 1961 as well as the Double Taxation Avoidance Agreement between India & Germany and the payment made in question was not liable to Income-tax under the Act in terms […]
The Hon’ble ITAT, Jaipur in Modern Threads India Limited v. ACIT (Income Tax Appeal Nos. 198/JP/2019 and 199/JP/2019 decided on February 15, 2021) has held that payment of sales commission by the assessee to non-resident agents for the services rendered outside India will not fall in the category of the income received or deemed to […]
ACIT Vs Parag Fans & Cooling System Pvt. Ltd (ITAT Indore) Disallowance was made for the alleged non deduction of tax at source on the alleged amount of interest of Rs.25,95,609/-. We find that the assessee has not shown expenditure of Rs.25,95,609/- in its Profit &Loss account. Since no such expenditure has been claimed by […]
R. K. Associates Vs ITO (ITAT Bangalore) The question for consideration is as to whether the provisions of Section 40(a)(ia) is applicable for computing the income chargeable under the head “Profits and gains of business or profession” or computation of income under any other heads of income also. Section 40 clearly stipulates that “Notwithstanding anything […]
IDBI Bank Ltd. Vs DCIT (ITAT Mumbai) During the Assessment Year (AY) 2009-10, the taxpayer made provision for expenses under the head ‘repairs and maintenance’ amounting to Rs. 6 million on which tax was not deducted at source. The taxpayer also made provision for ‘operation and maintenance charges’ amounting to Rs.7 million on which tax […]
Vodafone Idea Ltd. Vs ITO (ITAT Delhi) At the outset, we find merit in the contention of the Ld. Counsel of the Assessee that in the absence of any adverse judgment by the Hon’ble Jurisdictional High Court, i.e., the Hon’ble High Court of Punjab & Haryana, there being divergence of judicial opinion on the subject […]
DCIT Vs Barclays Technology Centre India Pvt. Ltd. (ITAT Pune) Conclusion: Liability to deduct tax at source on leased line charges could be fastened only under the law prevailing at the time of payment. If no liability existed at the time of payment, any subsequent retrospective amendment could not be enforced against the payer. Once […]
Tata Sky Limited Vs ACIT (ITAT Mumbai) By virtue of this Miscellaneous Application, the assessee on a limited aspect seeks to recall the order of this Tribunal on one particular issue alone with regard to upholding the disallowance made u/s.40(a)(ia) of the Act on year end provision for expenses on the ground that while rendering […]
Bangalore Turf Club Ltd. Vs ACIT (ITAT Banglore) Assessing Officer argued that the Finance Act, 2001 has inserted the words ‘card game or other game of any sort’ in Section 194B of the Act which will even cover the “stake money” which is otherwise not covered by Section 194BB of the Act. We find that […]
