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What is New TDS Section 194R? The latest rule concerning the TDS is effective from the date July 1, 2022. The government specified the new TDS section 194R in the Income Tax Act in the Budget 2022-23. The amended section specified that a 10% TDS shall be deducted by any individual issuing any advantage or […]
The Income Tax Appellate Tribunal (ITAT), Jaipur bench consisting of DR. S. Seethalakshmi, Judicial Member, and Rathod Kamlesh Jayantbhai, Accountant Member carried that the husband can avail the Capital Gain Exemption for Investment created in the name of the wife. The petition was made by the taxpayer with respect to the order of the commissioner […]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench ruled that the late fee beneath section 234E of the Income Tax Act, 1961 could not be imposed when the statement has been furnished within the due date, but including technical errors. The taxpayer, G.B. Builders, has initially deposited the complete TDS towards the buying of the […]
The Delhi High court bench of Justice Manmohan and Justice Subramonium Prasad ruled that the assessee can not furnish any answer beneath the faceless scheme because of the technical issues in the e-filing portal. Under Section 147 read with Section 144 of the Income Tax Act, 1961 the applicant has challenged the ex-parte to pass […]
A reassessment order has been revoked by the Calcutta High court on the basis of non-compliance of section 148A notice under the income tax act 1961 and rendered the applicant’s matric commodeal Pvt ltd to furnish the cost of Rs 5000 applicant to the Calcutta High court legal services committee. The applicant was hurt, as […]
The Income Tax Appellate Tribunal (ITAT), Jaipur bench refused the penalty order on the basis of the notice asking that was not given to the taxpayer because of the address change. On the grounds of the data in possession of the department and post to recording the causes to believe the assessment would be reopened […]
GST @ 18% is charged and TDS @ 2% is deductible up on the Google Adwords advertisement expense. The same is essential to find out that some publishers are advertising with the help of the Google entity which is enrolled in India and some of the advertisers are doing the same with the support of […]
The ITAT Ahmedabad bench comprising Shri Waseem Ahmed, Accountant Member, and Ms Madhumita Roy, Judicial Member sees that the car hiring fees come beneath the provision of section 194I of the Income Tax Act, 1961 and the TDS is chargeable when the payment surpasses the limit of Rs. 1.8 lakhs. The assessee has a limited […]
The income tax Appellate Tribunal (ITAT), Delhi bench ruled that the penalty under sections 271D and 271E of the Income Tax Act, 1961 would not be responsible for receipt of cash loans via family members to meet business needs. The taxpayer is involved as a transporter and does not maintain the regular books of account. […]
