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A crucial amendment in the taxation of the rental income from the residential property is been introduced in the Union Budget 2024. Finance Minister Nirmala Sitharaman to curb tax evasion has obligated that this income could merely be declared under the ‘Income from House Property’ (IHP) head and not under the ‘Profits and Gains from […]
At present the income tax portal is undergoing issues related to payment which prevents the assesses, CAs, and tax filers from finishing their transactions. Filers are prompted with error messages when trying to make any payments. ICAI has addressed the problems of the CBDT. Representations have been sent by the ICAI before the finance ministry […]
The Income Tax refund was rejected without providing a chance to hear the Karnataka High Court ruled that. The Court held that the authority is required to consider the time available u/s 163(6) of the Income Tax Act,1961. The taxpayer Healthcare Global Enterprises Limited, contested the validity of the impugned Assessment Order computation sheet, and […]
The non-filing of the returns even after the receipt of the assessment order is fatal for the taxpayer, Kerala High Court ruled. It was noted by the bench of Justice A.K. Jayasankaran Nambiar and Justice Syam Kumar V.M. that the same might be correct that the respondents did not furnish a formal notice as needed […]
In the Modi 3.0 regime, Finance Minister Nirmala Sitharaman will present her first budget on July 23 in Parliament. It will be her 7th straight budget presentation with an interim one presented in February this year. Taxpayers, particularly those in the middle class, are anticipating the Modi government’s tax relief measures with just a fortnight […]
If the income tax officer who hears the case does not render the decision, it would directed to a breach of the principles of natural justice, Kerala High Court ruled. The bench of Justice Murali Purushothaman has marked that the doctrine ‘he who heard should decide or he who decides should hear’ applies to legal […]
The Raipur Bench of the Income Tax Appellate Tribunal (ITAT) sets aside income tax reassessment completed without furnishing a copy of the reasons. The Tribunal found that the Commissioner of Income Tax (Appeals)[ CIT(A) ] had not regarded the adjournment request of the taxpayer as neither additional submission nor legal grounds / additional grounds assailed […]
It was ruled by the Calcutta High Court that cellular mobile service providers are not obliged to deduct the tax at source (TDS) on income received by distributors/franchisees from customers. The bench of Justice Surya Prakash Kesarwani and Justice Rajarshi Bharadwaj has relied on the Supreme Court’s decision in the case of Bharti Cellular Limited […]
No service tax is liable to get paid on TDS paid on behalf of a foreign service provider, The Chennai Bench of Custom, Excise, and Service Tax Appellate Tribunal (CESTAT) ruled. TDS deposited to the Income Tax Department concerning the payment completed to the foreign service provider over and above the invoice value of the […]
