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Income Tax : Discover the latest Circular from the Ministry of Finance, India, outlining measures to reduce tax litigation by specifying condit...
Income Tax : Get details on Circular No. 04/2024 by CBTD. Ex-post facto extension for Form No. 26QE due date till 30.05.2023. Waiver of fees an...
In the case of the assessee, it is an admitted fact that minors and unregistered firms cannot become members of the society. Thus, assessee had paid interest to minor and unregistered firms who were not members of the assessee. This is violation of section 194A of the Act.
ITAT Jodhpur exempts individual from TDS on property purchase under Rs.50 lacs, setting precedent for similar transactions.
ITAT Delhi held that that expenditure incurred between setting up and commencement of business could not have been capitalized and was to be allowed as business expenditure.
ITAT Pune confirms disallowance under Section 40(a)(ia) for failure to deduct TDS on warehouse charges, emphasizing tax compliance in Vandana Dinehkumar Inani Vs ITO case.
ITAT Hyderabad’s decision exempts Ochre Media Pvt. Ltd. from late filing fees under Section 234E for TDS returns, citing procedural amendments.
ITAT Ahmedabad held that in absence of FTS (Fees for Technical Service) clause in the India UAE Tax Treaty, payment for the FTS services cannot be taxed in India, unless it is established that the overseas company i.e. Oilstone UAE has a permanent establishment (PE) in India.
ITAT Delhi held that disallowance u/s 40(a)(ia) of the Income Tax Act unjustified as there was due compliance with provisions of section 194C(6). Violation of provisions of section 194C(7) doesnot attract disallowance u/s 40(a)(ia) of Income Tax Act.
ITO (TDS) Vs Hadpawat Enterprises (P) Ltd. (ITAT Jodhpur) From a plain reading of second proviso to Section 272A(2) which is inserted by the Finance Act, 2012 w.e.f. 01-07-2012, it is clear that penalty under clause (k) of Section 272(A)(2) cannot be levied on or after the 1st Day of July, 2012. In the instant […]
Tax Authorities have fallen in error in holding that assessee required to pay TDS @10% towards common area maintenance charges.
Assessing Officer cannot accept the income for tax purpose and refuse to allow credit of corresponding TDS. Both must go hand in hand.