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Tax Deducted at Source (TDS) is a crucial part of India’s tax collection framework, as it facilitates the collection of tax at the point of income generation. Managing TDS obligations comprises a recurring and crucial responsibility for professionals such as chartered accountants, tax consultants, company accountants, and compliance managers. The process comprises distinct steps: calculation, […]
The Delhi Bench of the ITAT decided that a taxpayer could not claim a tax deduction for buying a house because the property was registered in their mother’s name An individual taxpayer, Ashok Kumar, has faced scrutiny for the AY 2015-16. An income tax return (ITR) has been furnished by the taxpayer specifying an income […]
The ITAT Ahmedabad bench set aside the taxpayer’s deduction claim for a donation made to an unapproved scientific authority in a recent ruling. Parag Dave, the taxpayer, has the business of testing soil, building materials, conducting survey work, etc. The taxpayer on 26.09.2017 has submitted his income return specifying a total income of Rs 56,55,070. […]
The Mumbai ITAT has mentioned that an industrial undertaking was not mandated to set off the losses made by it in one qualified unit against the profits made from the other qualified unit for the objective of computing the deduction under section 80-IB. As per Section 80-I of the Income-tax Act, 1961, the gross total […]
You are within particular financial transactions this past September, November 14, 2024, is a crucial due date that is near. Various forms by this date pertinent to the tax deductions required to be provided such as forms 16B, 16C, 16D, and 16E. Below is a guide to Forms 16B, 16C, 16D, and 16E what each […]
Directing to the decision of CIT vs. ABG Heavy Industries Ltd. (2010) 322 ITR 323, the Pune ITAT repeated that an enterprise can claim deduction under section 80IA if it develops, operates, and maintains the infrastructure facility, subject to the beginning of operation & maintenance of the infrastructure facility after April 01, 1995. The Bench […]
Tax deduction u/s 54 of Income Tax Act 1961 ( ITA ) is permissible even if proceeds from the sale of old property are not reinvested in the acquisition of new asset/property, the Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) ruled. The taxpayer, Jignesh Jaysukhlal, owns a residential property, which he decided to sell. […]
The Delhi High Court, the deduction u/s 80-IA(7) of the Income Tax Act cannot be denied for the mere failure of the taxpayer to digitally file an audit report. It was noted by the bench of Justice Yashwant Varma and Justice Ravinder Dudeja that the audit report was duly provided to the AO and was […]
The deduction under Section 54F of the Income Tax Act on the construction of the new dwelling/residential unit has been permitted by the Chennai Bench of Income Tax Appellate Tribunal (ITAT). The bench of Aby T. Varkey (Judicial Member) and Amitabh Shukla (Accountant Member) has marked that the taxpayer had released the burden to prove […]
