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Section 69A of the income tax act could merely be invoked in which the books of accounts are been maintained, Delhi High Court mentioned. The bench consisting of Justice Rajiv Shakdher and Justice Girish Kathpalia noted that the individual in question, a non-resident Indian, derives income in India from bank interest and income tax refunds […]
“The law of income tax is enriching. As intriguing as it is, the more one learns, the more he seeks to learn” In the former articles, we discussed the income tax law and now wrote an article concerning the ancillary provisions as included in the Income Tax Act, of 1961 itself. The same act consists […]
The taxpayer who has disputed within the provision of the income tax act 1961 shall be subjected to file the penalty. The penalty will be imposed on the levied amount and is distinct from the tax that is needed to pay. The fines and penalty shall be imposed on the taxpayer who performs unwanted deeds […]
Details Need by AO for Reopening Not Reasons to Believe If any income taxable for the case of the taxpayer has gone without assessment for any assessment year. The assessing officer might be liable to the act under sections 148 to 153 assess or re-assess these income or re-complete the loss or depreciation allowance or […]
To counter the recession which Indian Company is going to face, Government has opted for an alternative path of kickstarting the economy by relaxing tax measures on companies that are bringing huge Foreign Direct Investment in the Infrastructure of the Indian Economy. One such decision has been taken by the government by providing tax exemption […]
ITAT Jaipur in a recent matter announced that the imposition of the late fee as per section 234E of the Income Tax Act 1961 is obligatory, authentic, and consequential in nature and even after having “reasonable cause” represented from the assesses side for such default, it can’t be removed. Latest Update 11th July 2022 ITAT […]
When a person reaches court seeking a legally required court order in a notice against another party or parties that may affect them and also deliver the same notice to other parties in a permitted way then the complete process is known as service of notice under GST (Goods and Services Tax) . A court […]
This article is going to be helpful for the taxpayers confused about the provisions under Sections 111A, 112, and 112A of the Income Tax Act, 1961 regarding the capital gains taxes of Shares, Debentures, Mutual Funds, and other types of movable and immovable properties. Need Demo of Income Tax Compliance Software Section 111A Under Income […]
Income Tax Department of India issues a unique alphanumeric number called Permanent Account Number (PAN) under section 139A of Income Tax Act, 1961. Section 139A also contains some provisions related to the (PAN) that are required to be complied with. In case of failure, the penalties are to be imposed on the defaulter. All these […]
