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According to the Gujarat Authority for Advance Ruling (AAR), the nonprofit organization’s afforestation activities are GST-exempt. The two-person bench of Amit Kumar Mishra and Milind Kavatkar noted that mangrove plantation efforts fall within the category of charity activity. Since the applicant is a charitable trust registered under Section 12AA of the Income-tax Act of 1961, […]
An Intro About Form 10E Section 89(1) of the Income Tax Act 1961 requires you to submit Form 10E in order to claim tax relief. A delayed salary received in the form of arrears is eligible for tax relief under Section 89(1) of the Act. Your Form 16 includes a line for any arrears received. […]
When the assessee did not disclose all material information in the income tax return, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) upheld the penalty under section 271(1)(c) of the Income Tax Act, 1961. The assessee, Sabara Impex Ltd., submitted its income tax return on January 12, 1997, stating a total income of […]
A Chandigarh bench of the ITAT ruled that the penalty under section 271(1)(c) does not apply because tax has already been deducted in accordance with Double Taxation Avoidance Agreements (DTAA). As a short summary, the facts are that the assessee is not a resident of the country and has booked certain units in the entity […]
Income Tax Appellate Tribunal (ITAT) of Amritsar bench, engaged via M.L. Meera (Accountant Member) and Anikesh Banerjee (Judicial Member) kept the decision of the Commissioner of Income Tax (Appeals) National Faceless Appeal Centre (NFAC) for imposing the late fee on the taxpayer on filing Tax Deduction Source (TDS) late. The taxpayer furnished an appeal in […]
The Delhi Bench of the Income Tax Appellate Tribunal permitted the capital gain exemption under section 54 of the Income Tax Act on the basis of the amount identical to the capital gains that would be utilised for the acquisition of the new house. The two-member bench of Yogesh Kumar US (Judicial Member) and Dr. […]
Simple Definition of Tax Audit Report In certain specified situations, a business or profession may be subject to a tax audit under Section 44AB of the Income Tax Act. Chartered Accountants prepare audit reports after auditing businesses’ books of accounts in practice. In a Tax Audit, a CA ensures that the books of accounts are […]
Delhi High Court ruling mentioned that the division bench of Justices Manmohan and Manmeet Pritam Singh Arora, in a Writ Petition, refused the proceedings of the department, the order issued and notice circulate under Sections 148A(d) and 148A(b) of Income Tax Act, 1961 respectively on the different and separate basis. Under section 148 of the […]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) refused the claim towards the deduction as the ITR was not able to furnish post to the last date specified under Section 80AC of the Income Tax Act 1961. The assessing officer does not permit the claim for the deduction under Section 80P(2)(d) of the Income […]
