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The centre in relief to the employers simplified the limitations to the companies for depositing the Tax Deducted at Source (TDS) on salaries of the employee. Starting from October 1, 2024, the employers will have additional time to deduct Tax Deducted at Source (TDS) from their employees’ salaries. An additional time is been provided to […]
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 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 […]
Discovering that the loans were nothing, however, the accommodation entries along with the repayment are indeed nothing only the return of accommodation entries, the Mumbai ITAT ruled that the money has been drawn in getting the unsecured loan is nothing but the unaccounted money of the taxpayer and is to be added under section 68. […]
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 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 […]
The Supreme Court in a case denied giving the retrospective operation to the amended Section 80DD of the Income Tax Act, 1961 (“IT Act”) which furnished an option to the subscriber the Jeevan Adhar Policy (“Policy”) upon reaching the age of 60 years to halt the deposit made under the policy and utilize of the […]
Discovering that legal norms have been applied effectively via the Tribunal in valuing the proof and there has been no substantial question that emerges for consideration, the Madhya Pradesh High Court authorized the measure of the Tribunal in removing the additions made u/s 68. Under section 68 of the Income tax Act where any sum […]
