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It was carried by the Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) that interest income made through the deposits with co-operative banks entitled to a deduction under Section 80P(2)(d) of the Income Tax Act,1961. With earlier rulings the decision aligns that permit such deductions, stressing that only interest from co-operative banks, not […]
For providing the tax audit reports within the due date of September 30, 2024, professionals and taxpayers are tussling with technical problems on the e-filing portal of the income tax department. Around late September 17, 2024, the problem has been started when many users notified being not able to upload the tax audit reports because […]
CBDT Circular No. 09/2024-Income Tax Dated: 17/09/2024: Enhancement of Monetary limits for filing of appeals by the Department before ITAT, High Courts, and SLPs/appeals before Supreme Court. Introduction of CBDT Circular No. 9/2024 A series of circulars have been issued by the Central Board of Direct Taxes (CBDT) on distinct occasions that are binding on […]
The New Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has mentioned that service charge collected by a medical store in the hospital is covered under Health Care Services and are waived from Service Tax. The Bench of Binu Tamta (Judicial Member) has marked that medical aid to the patients who are […]
The Delhi High Court in a judgment ruled that the income tax department could not refuse the refund claim of the assessee as the Tax Deducted at Source TDS is not shown in Form 26AS. The order of the department has been quashed by the court rejecting the application of the assessee to file an […]
The Madras High Court quashed the income tax addition as a wrongful deduction u/s 194-IB rather than Section 194C of the Income Tax Act, 1961. Three additions have been offered by the respondents to the income shown, however, the additions were dismissed without enough reasoning. The assessment proceedings started following the applicant’s ITR filing for […]
FM Nirmala Sitharaman incurred that there would be no reduction in tax rates under the old regime, addressing calls via assesses for identical rate reduces both old and new regimes. The minister said that the government does not force anyone to switch from the old to the new tax regime. What Amount Do I Required […]
The Karnataka High Court in a ruling has quashed the income tax assessment proceedings u/s 148A (b) of the Income Tax Act, 1961 as of the non-service of the show-cause notice. The applicant Sithappana Halli Bychappa Padmanabha Gowda contested the validity of distinct notices and orders issued via the income tax department specifically the notice […]
If due to any unavoidable situation the factory gets closed then it is not obligated to pay the excise duty, the Ahmedabad Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) cited. The Bench of Ramesh Nair (Judicial Member) and Raju (Technical Member) has marked that “the closure of the factory was not on […]