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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 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 […]
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 […]
The Income Tax Assessment Order, remarking that no order can be passed in the name of a non-existent entity has been quashed by the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ). The issue at hand was whether the assessment made in the name of a company that did not exist at […]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has removed the addition made by the department since the cash deposits made from the taxpayer’s parents collected savings and income from agricultural activities. The bench of Suchitra Kamble (Judicial Member) and Makarand V. Mahadeokar (Accountant Member) noted that when the taxpayer furnishes a plausible explanation […]