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The Income Tax Appellate Tribunal (ITAT), Varanasi bench, Vijay Pal Rao, Judicial Member, and Ramit Kochar, Accountant Member rule that charitable entities under Section 2(15) of Income Tax Act are eligible for exemption under Section of the Income Tax. The taxpayer, M/s. Varanasi Development Authority, furnish an income return on 30.09.2011, declaring a total income […]
The article describes the Process of Filing an Appeal before the Commissioner of Income Tax (Appeals), Orders that would be appealable by the taxpayer to the Commissioner of Income-tax (Appeals), Fees For Filing an Appeal Before CIT (Appeals), and Documents To Be Submitted for Appeal before Commissioner of Income-tax (Appeals). The taxpayer who is dissatisfied […]
The government, in the Finance Act, of 2022, made a new section 194R to the Income Tax Act, of 1961. It makes it compulsory for resident Indians to furnish a 10% tax on the advantages obtained through them. A resident Indian who received any advantage needs to pay the 10% tax at source on the […]
The ITAT Kolkata Bench ruled that there was no investigation conducted on the taxpayer and upholds the deletion of penalty under section 271AAB on undisclosed income. The taxpayer, M/s. Clean Coal Enterprises Pvt. Limited related to The Hind Energy Group of Companies, in which an investigation was performed under section 132(1) of the income tax […]
Under Section 195 of the Income-tax Act, 1961 (ITA), when you have bought the property from a non-resident Indian (NRI) then you are required to deduct tax (TDS). The tax should be deducted while performing any payment to NRI for buying the property. The same would indeed get applied for the case when the advance […]
Towards the exemption for individuals who have not yet received long-pending insurance claims with interest, the Punjab and Haryana High Court ruled that TDS does not get deducted by the insurance companies on the interest on the compensation amount till 1.06.2015. Justice Arvind Singh Sangwan acknowledged a modification plea by the New India Assurance Company […]
The Income Tax Appellate Tribunal (ITAT), New Delhi kept aside, the penalty levied, a delay of 210 days during furnishing the Statement of Financial Transaction (STF) Return due to late receipt of advisory notice and show cause notice. The taxpayer, The Rewari Central Cooperative Bank Ltd is a District Cooperative Bank that is registered beneath […]
An effective ruling which is notified on Monday ruled that the Delhi High Court has revoked a re-assessment notice under section 148A/148A(d) of the Income Tax Act, 1961 issued on the basis of reconciliation between the income tax returns and GST returns data. The applicant (taxpayer), M/s Best Buildwell Private Limited before the high court […]
The Income Tax Appellate Tribunal (ITAT), Delhi bench, during deleting the addition under section 69A of the income tax act 1961 held that the cash gift through the brother and sister does not be treated as “unexplained.” The taxpayer, Ms. Ritu Jain claimed that towards the poor health of her husband, the taxpayer’s sister had […]
