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Search results for: income tax department

ITAT Delhi Judgment for Under Section 43

ITAT Delhi: Ground Rent Not Allow Under Section 43 of I-T Act

There have been Consecutive Appeals for allowing Provision of Ground Rent in next year but the answer has always been no. The Delhi Bench of Income Tax Appellate Tribunal in a recent ruling held that the provision of the ground rent shall not be allowed as per section 43B of the Income Tax Act 1961. […]

Section 234A Provisions for AY 2021-22

New Provisions U/S 234A with Interest Calculation for AY 2021-22

Any taxpayer who had furnished the taxes and has not to furnish his or her ITR till the mentioned date specified u/s 139(1) is liable to pay interest u/s 234A. Last Date of Section 139(1) Non Audit Cases: 31st July Audit Cases: 31st Oct, Because of covid-19 CBDT dated May 20th, 2021has prolonged the last […]

Process to Download and Import 26AS Form via Gen IT Software

How to Download & Import Form 26AS by Gen I-T Software?

Form 26AS which is a tax credit statement is one of the most crucial documents where the filing of taxes is concerned. What is the 26AS (Annual Statement) Form? Form 26AS is an annual statement that entails the details related to the Why is Tax Credits Form 26AS Important? Below mentioned are the reasons why […]

TDS on INR 50 Lakh Transactions by Buyer and Seller

Buyer & Seller to Pay TDS on above INR 50Lakh Transaction U/S 194Q

The Central Board of Direct Taxes (CBDT) on this Wednesday pinpointed that buyers of goods or services shall have to deduct TDS at the source and at 0.1% of the amount that is greater than Rs 50 lakhs when credited or paid to a resident seller on the transactions that have occurred after July 1, […]

Gujarat HCs Judgement for DGGI Officers

Gujarat HC: DGGI Authorised/Entitled to Issue Writ as Per GST Act

In a recent judgement delivered by the honourable Gujarat High Court, it is held that the Directorate General of Goods and Services Tax Intelligence (DGGI) holds the power to issue summons considering the provisions of the GST Act, 2017 and the relevant circulars that are issued by the Central Board of Indirect Taxes These types […]

Details of GST Section 67

Provisions, Conditions & Validity of Cash Seizure As Per GST Aspect

It’s hard to get a single answer to the question. In any Tax administration, the authority to Inspect, Search and Seize are necessary not only to protect the revenue exchequer of the government but also to protect the interest of the genuine taxpayers. The Tax authorities are expected to use these powers since the basic […]

ITAT Hyderabad's Order for Joint Account

Wife Who Joint Holder in Husband’s Bank Account Not Classified as Undisclosed Foreign Account Holder

The Income Tax Appellate Tribunal, Hyderabad has passed a ruling in which it dismissed an appeal made by the revenue department — Tribunal ruled that being a joint account holder in a husband’s salary account does not mean an Undisclosed Foreign Account. This appeal was made against an order of the tribunal wherein the revenue […]

CBIC Strong Message Tax Officers

CBIC Asks officers to be Attentive Before Issuing Show Cause Notice

The Central Board of Indirect Taxes and Customs (CBIC) states that its offices so as not to give show-cause notices (SCNs) for service tax defaults upon the grounds of inconsistency amid income tax returns and service tax amount. Different tax concerns have accused the Union finance ministry that SCNs have sent wrongly towards the FY […]

Bank Guarantee Encashment Normal Course of Business

Hyderabad ITAT’s Order for Bank Guarantee Encashment & Its Relation to the Business

The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench whilst deleting the addition passing the ruling that the encashment of the bank guarantee has been incurred in the normal course of business. Here, in this case, the assessee is Ogene Systems India Limited that has debited in books of account an amount of Rs.1,10,61,051/ as a […]

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