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The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the Income Tax Addition under section 68 of the Income Tax Act,1961 does not become valid in the absence of any books of account. The Assessing Officer for the course of assessment proceedings remarked under the written Page No 7 of Annexure A/PMB/O1 […]
Simple Meaning of ITR-U Form Has your ITR ever been misinterpreted or you have forgotten to report an income? Within two years, you can update your Income Tax Return (ITR U) under section 139(8A) of the Income Tax Act. It is calculated two years from the date of filing the original return. Taxpayers were instructed […]
Form 15G for the provident fund (PF) withdrawal would be the self-declaration form which confirms the petitioner that there shall be no TDS deduction when they withdraw their provident fund prior to the provided fiscal year. Under the norms of income tax, when the employee withdraws via provident fund prior to completing 5 years with […]
The Delhi High Court has stopped the assessment order passed without issuing a show cause notice or a draft assessment order which has been ordered under Section 144B(1)(xvi)(b) of the income tax Act. The division bench of Justice Manmohan and Justice Navin Chawla rendered the department to issue a show-cause notice within 4 weeks. The […]
The Kerala High Court stated that Section 119(2)(b) of the Income Tax Act does not levy any limitation for the purposes of application filing for the condonation of delay. A single bench of Justice Gopinath P, sees, the same is wrong on the portion of the council to treat the filing date of the application […]
The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) ruled proceedings under Section 153C of the Income Tax Act, 1961 could not be started in absence of incriminating material revealed in the search. While in the assessment proceedings, the AO sees that the taxpayer, A. Gandhimathi has incurred unregistered dealer purchases. The taxpayer would […]
Remediation for employees’ contribution to PF and ESI must be done prior to the due date to get permissible under Section 43B of the Income Tax Act, said the Bangalore Bench of the Income Tax Appellate Tribunal (ITAT). The two-member bench consisting of George George K (Judicial Member) and Laxmi Prasad Sahu (Accountant Member) laid […]
The Supreme Court held that Section 194H of the Income Tax Act, for the case of Supplementary Commission amounts made via the travel agent, and hence the Airlines would obligate to deduct TDS on the same concern. The bench consisting of Justices Surya Kant and MM Sundresh sustained the Delhi High Court judgment and overruled […]
The Finance Act 2020 inserted Sub Section (1H) in Section 206C for furnishing the tax collection via a seller through the amount obtained as consideration for the goods sale when the same would surpass Rs. 50.00 Lacs in any former year. With identical references, the Finance Act 2021 inserted a TDS section 194Q for furnishing […]
