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On February 1, the Budget for the fiscal year 2024-25 will be presented in Lok Sabha by Union Finance Minister Nirmala Sitharaman. This Union Budget is considered interim due to the upcoming Lok Sabha elections early next year. The complete budget is expected to be formulated after the establishment of a new government. Experts in […]
In the scrutiny of a loan transaction between two entities, where the borrower’s liability decreased in the accounts by the amount paid to settle the assessee’s obligation, the Madras High Court determined that this transaction seems to comply with the law. The court explicitly stated that the penalty under Section 271E of the Income Tax […]
A senior government official informed Business Standard that in the forthcoming Interim Budget on February 1, Union Finance Minister Nirmala Sitharaman is considering the introduction of further tax waivers or exemptions exclusively applicable to the Old Income Tax regime. The proposed measures may involve extending income tax exemption thresholds to around Rs 7 lakh and […]
Corporate India is anxiously anticipating clear guidelines regarding a potential extension to the sunset period for accessing the discounted tax rate of 15 per cent applicable to companies establishing new manufacturing units. Numerous industry associations have formally requested the Finance Ministry to consider a three-year extension to the concessional tax framework, set to conclude on […]
The Delhi High Court has determined that engaging in the printing and binding of books qualifies as a manufacturing activity eligible for deduction under section 80IC of the Income Tax Act, 1961. The appellant/revenue is challenging the order dated 08.07.2019 issued by the Income Tax Appellate Tribunal. The appellant/revenue contends that the ITAT was unjustified […]
The Indian Chamber of Commerce (ICC) is qualified to claim exemption concerning its complete receipts the Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) ruled. Rajesh Kumar (Accountant Member) has noted that the Indian Chamber of Commerce (ICC) does not engage in organizing meetings, seminars, and conferences for business purposes. Instead, these activities are […]
The Delhi High Court has ruled that the Principal Commissioner of Income Tax (PCIT) erroneously invoked jurisdiction under Section 263 of the Income Tax Act and made a mistake by reversing course in the fourth assessment year. This led to the denial of the benefits provided by Section 80IA of the Income Tax Act. Justices […]
In a significant legal judgment, the Gujarat High Court emphasized that companies involved in the development of infrastructure projects, such as roads and canals, are eligible for deductions under Section 80IA(4) of the Income Tax Act, 1961. The respondent, a Private Limited Company engaged in construction activities and infrastructure development projects like irrigation canals and […]
The Rajasthan High Court set aside the order that was passed against the petitioner on the charge that the income levied to tax for the AY 2015-16 has escaped the assessment under the purview of section 147 of the Income Tax Act 1961. Bijendra Singh, the taxpayer, contended that the show cause notice was premised […]
