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The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that the Co-operative society engaged in banking businesses does not fall under the category for deduction under Section 80P (2) (a) (i) of the Income Tax Act, 1961. Nil return had been filed by the assessee, M/s. Shri Basaveswar Credit Cooperative Society Ltd. […]
The purpose of this post is to explain the process of Sections 206AB and 206CCA filing under income tax using Gen TDS Software. The income tax act inserts section 206AB after section 206AA. The latter requires the provision of a Permanent Account Number (PAN) to deduct TDS. In the Income Tax Act, section 206CCA for […]
Simple to Understand TDS Interest You would be required to file the interest Under Section 201(1A), in case of a late deposit of TDS after deduction. A 1.5% per month interest would be computed from the date on which the TDS was deducted to the actual date of deposit. The same would be computed on […]
A notification has been issued by the Central Board of Direct Taxes (CBDT) which specifies that the TDS shall be subject to be applied to the interest made on the Mahila Samman savings scheme. According to the latest notifications, the tax shall get deducted on the interest that has been made via the Mahila Samman […]
The Income Tax Appellate Tribunal (ITAT), the Mumbai bench has argued the Income Tax Scrutiny Assessment under section 143(3) on account of this issuance of a manual assessment directive lacking a Documentation Identification Number (DIN). The assessee, Teleperformance Global Services Pvt. Ltd. was in the business of offering IT-enabled services. The return of income was […]
There is no need to disallow part of the director’s remuneration and depreciation if the business is stopped due to a temporary lull, the Jodhpur bench of the Income Tax Appellate Tribunal (ITAT) ruled. The mere pre-requisite for the permission of depreciation would be that the business must not have been closed out once and […]
In a recent decision, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) ruled that a reassessment could not be justified by fake information. The Delhi Income Tax Appellate Tribunal made the aforementioned observation in response to an appeal filed by the assessee against a decision made by the Commissioner of Income Tax (Appeals), […]
Simple Intro About the Depreciation Depreciation is a concept that is used to write off the cost of an item over its usable life. Depreciation is a necessary deduction in an entity’s profit and loss statements for depreciable assets, and the Act enables deduction using either the Straight-Line technique or the Written Down Value (WDV) […]
The AO is directed to charge a 6.5% gross profit rate on bogus purchases by the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) in its judgement. The two-judge panel, comprised of Kuldip Singh (Judicial Member) and Gagan Goyal (Accountant Member), has noted that the AO and CIT (A) made the entire inclusion based […]
