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The Ministry of Finance, Department of Revenue, and Tax Research Unit opted for a proactive step for inclusive policy-making by asking for recommendations from Industry and Trade Associations for the forthcoming Budget 2024-25. The official communication, referenced as F. No.334/1/2024-TRU, was issued dated June 12, 2024. Concerning drafting the proposals for the union budget of […]
The income tax deduction is allowable on expenditures incurred on warranty claims, the Delhi Bench of Income Tax Appellate Tribunal (ITAT) ruled. The bench of Kul Bharat (Judicial Member) and M. Balaganesh (Accountant Member) has laid on the Supreme Court’s decision in the matter of Rotork Controls India (P) Ltd., where it was carried that […]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) asked the AO to permit Tax Deducted at Source ( TDS ) credit to transferees, despite when the certificates are in the name of the amalgamated or demerged company. Concerning non-granting of TDS to the tune of Rs. 8,13, 81,645, the taxpayer has […]
Nirmala Sitharaman will continue as India’s finance minister in Prime Minister Narendra Modi’s third term as well, formerly she served as the union finance minister in Narendra Modi’s second term. Yesterday, Sitharaman was inducted as a cabinet minister, while Modi took his oath of office for his historic third term as the prime minister of […]
The income from the reselling of subscription-based products is royalty, the Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled. The taxpayer has sold the digital product as well as all copyrights therein, which squarely drops under the definition of ‘royalty’ both under Article 12 of the Double Taxation Avoidance Treaty (DTAA) between India and […]
The Kerala High Court in a case ruled that the advantages of Income tax, 1961 deduction u/s 80(P) were refused because of not furnishing the ITR on the said time. The applicant Muvattupuzha Agricultural Co-Operative Bank Ltd., has furnished the writ petition contesting the assessment order under section 148A(d) of the Income Tax Act and […]
The income tax department has reminded the validation and re-validation of the bank accounts to facilitate the income tax refunds. It repeated that maintaining an updated bank account is critical, specifically in circumstances changes such as branch modifications, alterations in IFSC codes, or bank mergers. The council quoted that ignore if not applicable to you.’ […]
The Income Tax Appellate Tribunal ( ITAT ) of the New Delhi bench for a case ruled that the assessment or reassessment in an investigation concerned with the matter could not be passed without proper approval of the competent authority and quashed it. It was noted that the approval allotted u/s 15D of the Income […]
In the matter of Pilani Industrial Corporation Limited Vs ACIT, heard by the Income Tax Appellate Tribunal (ITAT) Delhi, the issue is of cash deposits at the time of the demonetization period. The petitioner, Pilani Industrial Corporation Limited, argued against the assessment order of the Assessing Officer (AO) for the treatment of cash deposits amounting […]