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The National Real Estate Development Council (NAREDCO) has proposed to the finance ministry the creation of a second instalment for the Special Window for Affordable and Mid-Income Housing (SWAMIH) fund, allocating Rs 50,000 crore in the forthcoming FY 2024-2025 budget. They’ve also recommended additional budgetary aid and relaxations, such as enabling input tax credit within […]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) clarified that failing to deposit long-term capital gains (LTCG) into a capital gain account scheme does not warrant disallowance of deduction under Section 54 of the Income Tax Act. Saktijit Dey (Vice President) and M. Balaganesh (Accountant Member) took a meticulous approach in addressing the matter. […]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) ruled that payments to consultant and retainer doctors are exempt from Tax Deducted at Source (TDS) under Section 192B of the Income Tax Act, 1961. The assessee, a leading integrated healthcare provider in India, operates hospitals, diagnostics, and speciality daycare facilities. Based in Gurugram, Haryana, […]
The penalty imposed for the default in not deducting the TDS on the foreign remittances has been removed by the Jaipur Bench of Income Tax Appellate Tribunal (ITAT). The bench of Sandeep Gosain (Judicial Member) and Rathod Kamlesh Jayantbhai (Accountant Member) has followed that the taxpayer has deliberately not bypassed TDS and there is no […]
Delhi Bench of Income Tax Appellate Tribunal (ITAT) ruled that the cash availability with distinct firms is enough to elaborate on the cash revealed at the time of the investigation. The assessing officer assessed the 9 group references and firms as well as accepted the in-hand cash availability in the respective books of accounts, the […]
Under section 148A(b) of the Income Tax Act 1961 the Kerala High Court has stated that the order issued without affording the personal hearing is not valid and set aside the reassessment order. The order under Section 148 A(b) of the Income Tax Act, 1961, and notice under Section 148 of the Income Tax Act […]
The Central Board of Direct Taxes (CBDT) has issued an order, as per notification F.No.225/132/2023/ITA-II dated December 01, 2023, concerning the validity of electronically filed income tax returns with refund demand as mentioned in Section 143(1) of the Income Tax Act, 1961, past the specified timeline in cases not subject to scrutiny. The CBDT has […]
The initiated reassessment has been quashed by the Madras High Court beyond 4 years on the disclosures of the sale of agricultural land in the income return at the time of the scrutiny assessment. The applicant’s case, Mr. S. Uttam Chand was that the present notice provided under section 147 of the Income Tax Act […]
The employer of the applicant or taxpayer who has looses to perform his duty to deposit the deducted tax with the dept could not be penalized, Delhi High Court ruled. The same shall always be open for the revenue to move forward against the applicant’s employer for the recovery of the deducted tax. The bench […]
