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The submission of Income Tax Form No. 10BA is compulsory for claiming deductions under Section 80GG of the Income Tax Act, 1961, the ITAT in Bangalore held. The taxpayer is unable to comply with this need. Consequently, the ITAT (Income Tax Appellate Tribunal) asked the Assessing Officer (AO) to allow the deduction once the form […]
As a fee for technical services (FTS) business support services are not liable for tax, and no TDS is accountable to be deducted, The Bombay High Court ruled. The bench of Justice K. R. Shriram and Justice Neela Gokhale noted that even if it is fees for technical or consultancy services, it can be just […]
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) wishes to delete the Income Tax addition since it found that no deduction of Tax Deducted at source ( TDS ) under Section 194C of the Income Tax Act was needed for land levelling costs. The taxpayer in the year under consideration sold […]
The Income Tax Appellate Tribunal (ITAT) Bangalore in its recent ruling on the Hubli Electricity Supply versus Deputy Commissioner of Income Tax (DCIT) case highlighted the intricate factors of section 43B of the Income Tax Act. This case underscores the complexities involved in how businesses handle taxes, duties, cesses, or fees, and how it impacts […]
The Income Tax (IT) department will exempt the old tax demand of up to R1 lakh for any assessee under the Income Tax Act wealth Tax Act or Gift Tax Act, as per the notification. In the interim budget speech, Finance Minister Nirmala Sitharaman announced the withdrawal of petty tax demands of R10,000 a year […]
The Delhi bench of the ITAT recently made a significant ruling. It said that individuals can claim deductions for capital gains, even if they haven’t deposited into a capital gain account scheme. The case involved assessee, Sarita Gupta, a resident individual, of whom information was received by the Assessing Officer that the assessee’s dad sold […]
A circular via the GST department might be furnished to address the dispute of the spate of notices sent before the Indian arms of the foreign firms asking for the tax salaries filed to immigrants via the local unit. As per the circular input tax credit (ITC) must not be held back from 2017 to […]
Till after the 2024 general elections’ major announcements may be held. The forthcoming interim union budget shows the chance to address the lingering subjects and set the phase for the coming economic growth. This budget seems to prioritize fiscal discipline and prevent populist measures. In the domain of the personal income tax, there is optimism […]
The Finance Minister, Nirmala Sitharaman, unveiled a fresh tax framework in the Union Budget 2020-21, accompanied by specific conditions. The government aims to render the new tax structure appealing to income taxpayers. As of April 1, 2023, the new income tax framework has been designated as the default tax system. Nevertheless, citizens retain the choice […]
