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In this portal, the articles and trending news for taxpayer about the income tax are being written and all these articles and news covered the information about the income tax updates, registration, filing process, form details, along with other financial coverings.
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The Kolkata ITAT carried that delayed deposit of amount collected for employees’ contribution to PF renders claim of deduction u/s 36(1)(va) ineligible. Section 36(1)(va) of the Income Tax Act remarks that if the amount received towards employees’ contribution to PF is not deposited by the employer in the respective welfare account within the deadline, then […]
In an influential administrative move, Ravi Agrawal, a 1988-batch Indian Revenue Service (IRS) officer, has been appointed as the new chairman of the Central Board of Direct Taxes (CBDT), the supreme policy-making body for the Income Tax Department. Agrawal succeeds Nitin Gupta, a 1986-batch IRS officer, whose extended tenure concludes on June 30. New Leadership […]
Discovering that the hearing notices were not duly served via the CIT(A) or the AO and resultantly the assessment order was passed ex-parte, the Kolkata ITAT asked the taxpayer to provide its correct address before the competent authority. The Bench of Sanjay Garg (Judicial Member) and Sanjay Awasthi (Accountant Member) noted that “the assessee has […]
The order was been quashed by the Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) rejecting the approval u/s 80G of the Income Tax Act as the Central Board of Direct Taxes ( CBDT ) has extended the deadline for filing Form 10A/10AB via press release on April 25, 2024, to June 30, […]
The Madhya Pradesh Cabinet decided that state ministers shall pay their income tax on salaries and allowances, striking down a 1972 rule under which the state government paid it for them. Urban Administration Minister Kailash Vijayvargiya expressed the proceed was proposed by Chief Minister Mohan Yadav at the time of the Cabinet meeting. “The Chief […]
The delay of 145 days in filing an appeal by the taxpayer on the ground that the taxpayers inadvertently did not get the orders sent via email, as many of these orders are going to spam folders, has been condoned by the Cuttack Bench of Income Tax Appellate Tribunal (ITAT). It has been noted by […]
In the matter of Chaudhary Stone Crusher vs. Income Tax Officer (ITO), adjudicated by the Income Tax Appellate Tribunal (ITAT) Delhi, the central issue related to the validity of reassessment proceedings commenced against the taxpayer’s firm for the assessment year 2011-12. Below is a summary of the matter and the tribunal’s decision: Background Chaudhary Stone […]
The taxpayer has purchased agricultural land, which is outside the purpose of a capital asset; thus, the deeming provision u/s 56(2)(x) of the Income Tax Act cannot be invoked, Delhi Bench of Income Tax Appellate Tribunal (ITAT) mentioned. The bench of Sudhir Pareek (Judicial Member) and S.Rifaur Rahman (Accountant Member) has marked that the taxpayer […]
The income tax addition of Rs. 1.61 crores has been deleted by the Mumbai Bench of Income Tax Appellate Tribunal (ITAT), because the seized documents lack information as to the date and mode of receipt of “on money.” The bench of Anikesh Banerjee (Judicial Member) and B.R. Baskaran (Accountant Member) has remarked that the entries […]