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The Judicial Member Kuldip Singh of Mumbai ITAT Bench has revoked the reopening of the assessment via AO because of the absence of valid reasons along with the tangible materials and removed the incurred other things. The taxpayer is involved in the manufacturing of steel wool, filed a plea to the ITAT to set aside […]
The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) stated the taxpayer hospital is levying on the grounds of commercial rates from the patients and is not qualified for registration as a charitable organization under Section 12A of the Income Tax Act. The two-member bench of Laliet Kumar (Judicial Member) and R.K. Panda (Accountant […]
The Income Tax Appellate Tribunal (ITAT), Kolkata bench refused the revisional order issued under section 263 of the Income Tax Act, 1961, not specifying the Document Identification Number (DIN), violative of the circular furnished via the Central Board of Direct Taxes (CBDT) in 2019. The taxpayer, Mr. Mahesh Kumar Surekhahas take part in the validity […]
Simple Meaning of TDS Challan TDS challans are used to deposit TDS with the Indian government. There is only one challan that can be utilised for depositing taxes collected under each section of the Income Tax Act. Assesses who want to pay the TDS without a challan must deposit the TDS collected on the same […]
The Income Tax Appellate Tribunal (ITAT) Delhi Bench towards appeal stated that penalty does not be levied under Section 44A and 44B Income Tax Act, 1961 when the commission receipt of the taxpayer was less than the threshold limit of the relevant assessment year. The taxpayer is Devki Nandan Bindal who is involved in cheque/ […]
A Division Bench of the Income Tax Appellate Tribunal (ITAT), Ahmedabad quashed the assessment order issues for the breach of the time limit under Section 153(1) of the Income Tax Act, 1961. The taxpayer, Smt. Rashidaben Taher would be the individual and the non-resident Indian. For the assessment year 2015-16, the taxpayer has furnished the […]
Exemption to the Vodafone Idea ltd, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) stated that the Sale of prepaid sim cards/recharge vouchers to distributors could not be treated as commission to draw Section 194H of the Income Tax Act,1961 and no tax deducted at source(TDS). Shri J D Mistry appeared for the […]
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 […]
