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Beneath section 54F of the Income Tax Act the Income Tax Appellate Tribunal (ITAT), Jaipur permits for deduction in respect of residential house property purchases in the name of wife. The taxpayer Dharamvir Singh has the income generated from the house property, capital gain, and interest. He furnishes the return of income showing the total […]
Due to the difficulties faced in the prevailing COVID-19 pandemic, The Central Board of Direct Taxes ( CBDT) has extended the deadline/last date for linking the Aadhaar number with Permanent Account Number (PAN) from 30th September to 31st March 2022. Note: PAN and Aadhar linking date extension of 6 months in 45th Council Meet The […]
Section 273B of the IT act gives that there will be no penalty imposed on the individual or the taxpayers if it is towards section 271D of the IT Act if he proves that there is a genuine reason for the failure. To the council, the taxpayer said that the two of the neighbors of […]
When it comes to ‘Initial Assessment Year’ for the purpose of deduction under the Income Tax Act, It has been held by The Income Tax Appellate Tribunal (ITAT), Delhi Bench that the Initial assessment year for the purpose of claiming of deduction need not be first-year of the commencement of operations”. Here is the case […]
It is necessary to clear the air about the judicial precedent of “reassessment of Assessee”. The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that the Whole Reassessment proceeding is not Valid if the Assessee is stopped from asking against Reassessment. The person who has been reassessed has put forth the point that Commissioner Of […]
If TDS is deducted on time and paid to the Govt. exchequer then no interest is leviable, this ruling came from the Income Tax Appellate Tribunal (ITAT), Cuttack Bench in a matter where Srabani Constructions Pvt Ltd. is the assessee. The Assessee was involved in the real estate business and paid INR 41,84,879 to contractors, […]
The Supreme court stated that there will be no TDS that is applied towards the Indian firms toward the amount which is used for foreign software. The appeals for the engineering analysis center of excellence might be grouped for the 4 divisions. The first category engaged with the event where the foreign software has been […]
Under section 54F of the Income Tax Act, 1961 the Income Tax Appellate Tribunal (ITAT) Bangalore in its proceeding said towards the assessing officer to permit the exclusion to the taxpayer upon the invested amount towards buying the house in the name of the daughter. Under Section 54F of the Income Tax Act, the person […]
Payroll is the most important structure for every company so to manage the data of the employees. Information such as name, contact number address, bank details, leaves, attendance, and miscellaneous comes beneath the payroll software. This is needed because every company has employees and all of them have dissimilar details thus it is not possible […]
