CA Amit Gupta

The ruling by the Bombay High Court clarifies that it’s impermissible to levy taxes on an amount that the assessee hasn’t accrued or received, based solely on the assumption that the Small Causes Court might eventually favour the appellant or assessee by ordering such a sum. Justice G.S. Kulkarni and Justice Jitendra Jain noted that […]

Taxpayers are encouraged by the Income Tax Department to correct any erroneous refund claims or exemptions. This can be done by submitting revised returns for the current assessment year and updating filings for previous assessment years. The deadline for filing Income Tax Returns (ITR) for the assessment year (AY) 2023-24 was July 31, 2023. If […]

An income tax calculator is simply a tool that calculates reliable income tax for the Assessment Year 2024-25 (i.e. on the income earned during F.Y. 2023-24). When the last date of income tax return e-filing arrives nearest then we think, about how to calculate income tax. This is a big issue in determining taxable income. […]

The Pune division of the Income Tax Appellate Tribunal (ITAT) upheld the decision to include the taxpayer’s unreported income from the sale of residential property in both the original ITR (Income Tax Return) and the return filed in response to a notice under Section 148 of the Income Tax Act, 1961. In the relevant assessment […]

The Income Tax Appellate Tribunal (ITAT) in Delhi has ruled that the consideration received by a German entity for offshore supplies should not be subject to additional taxation. The bench, consisting of Challa Nagendra Prasad (Judicial Member) and M. Balaganesh (Accountant Member), stated that offshore services, particularly those involving the supply of drawings and designs, […]