Browsing category
Income tax category offers the audience with complete knowledge of income tax provisions and tax rates in India. Visit here for the latest and trending income tax news, articles, blog and amendments of IT.
The Delhi ITAT while granting exemption on agricultural income under section 10(1) ruled that the taxpayer being an agriculturalist would not need to maintain books of account as per Sec 44AA. Section 44AA of the Income Tax Act deals with the maintenance of books of accounts by specific persons maintaining on business or profession. Single […]
An income tax assessment cannot be reopened u/s 148 of the Income Tax Act without new material evidence and quashed the reassessment proceedings initiated for the Assessment Year 2015-16, Delhi HC held. The reassessment has been contended by the applicant on the basis that it was limited to time under the First Proviso to Section […]
It was ruled by the Ahmedabad ITAT that the provision for leave encashment which was inherited by the taxpayer on the grounds of the restructuring practice of GEB, under which the majority of employers have been onboarded by the taxpayer company could not be added to the income of the taxpayer. The Division Bench of […]
The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) in a case quashed a tax penalty imposed u/s 270 of the Income Tax Act 1961, remarking that the taxpayer failed to file a Return due to a bona fide misunderstanding. The taxpayer Sekhon Jagtar Singh, in this case, is an individual who […]
In a case, the Income Tax Appellate Tribunal (ITAT) of Bangalore ordered improvement of the amended return filed via the taxpayer, remarking that misadvice via the tax auditors of the taxpayer directed him to pay the excess income tax. The assessee Ramalingaiah, a semi-literate individual engaged in the business of tailoring and trading in textile […]
It cited under the Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) that the deduction under section 80P cannot be claimed in Income Tax Return (ITR) filing beyond the due date stipulated u/s 139(1) of the Income Tax Act. Dared Seva Sahkari Mandali Ltd. (Assessee) deposited cash of Rs. 5,31,61,730 and a time deposit […]
Witnessing that the taxpayer has fulfilled the conditions to lessen the tax rate under section 115BAA, the Gujarat High Court cited that the revenue department would required to condone delay in the filing of Form 10-IC instead of rejecting it on technical grounds. Section 115BAA of the Income Tax Act permits domestic companies to use […]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) in a ruling removed the penalty u/s 270A of the Income Tax Act, 1961, quoting that the income difference was due to the wrong recording of the written down value (WDV) of the auditor in the tax audit report and noted that ‘to […]
Under Section 148, Some taxpayers have imposed notices pertinent to the reopening of the assessments for the assessment years 2014-15, 2015-16, 2016-17, and 2017-18. A former president of the Institute of Chartered Accountants of India ((ICAI), the chartered accountants’ professional body, thinks that these tax notices were mistakenly sent as the limitation of 6 years […]