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Deciding between the old and new tax regimes is crucial when thinking about taking a mortgage. Home loan holders can take advantage of deductions under Sections 24 and 80C of the Income Tax Act. It describes that they may deduct up to Rs. 4,00,000 in deductions, including Rs. 2 lacks in interest, Rs. 1.5 lakh […]
The Income Tax e-filing portal has allowed the service to file Form 10 for taxpayers. Clause (a) of Explanation 3 to the third proviso to clause (23C) of section 10 or clause (a) of sub-section (2) of section 11 are the clauses of the Income Tax Act, 1961 under which Form No. 10 is a […]
The Income Tax Appellate Tribunal (ITAT) Guwahati Bench has held that an additional shouldn’t be made on the basis of a declaration made under Section 132(4) of the Income Tax Act without authenticated evidence. A two-judge panel led by Vice President, Rajpal Yadav and Accountant Member, Manish Borad has noted that besides the disclosure statement, […]
When the foundation was missing then there do not have any erection of the basis to ask for the reopening of the assessment, the Gujarat High Court ruled. Neither foundational points do exist nor can any tangible material be available with the assessing officer to prove the practice of power for reopening the assessment, the […]
In a recent decision, the Income Tax Appellate Tribunal (ITAT), Jodhpur Bench, ruled that TDS under Section 194IA is only applicable when the consideration for transferring immovable property is greater than Rs. 50 lacs. When the assessee filed an appeal against the judgement of the CIT(A), National Faceless Appeal Center, Delhi, dated 20-10-2021, for the […]
Soon the start of ITR e-filing for FY 2022-23 is anticipated. The experts would have anticipated that the assessees could initiate filing their returns from the former week of April or May first week. A new FY 2023-24 would get started from 1st April 2023. The assessees are obligated to file their ITR by 31st […]
The payment was provided as an appreciation to the employee, according to the Pune Bench of the Income Tax Appellate Tribunal (ITAT). Therefore, it does not prove the relevancy under Section 17(3)(iii) of the Income Tax Act. The bench, comprised of two judges, R.S. Syal (Vice President) and Partha Sarathi Chaudhary (Judicial Member), have noted […]
Payments made to doctors for referring patients to assess are professional fees and were not referral fees, the Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) ruled. Showing a total income of Rs.11,03,970, the taxpayer Dipen M. Desai has furnished his income return. The assessing officer held that the taxpayer has debited the amount for […]
In an audacious move last year, in the 47th general meeting of the GST Council, both offline and online sellers were brought on an equal footing concerning the mandatory registration of GST. Before, online sellers needed to register for GST by selling through e-commerce. It was mandatory, regardless of their annual revenue. In the case […]
