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The Indian income tax system has provisions for individuals and businesses to claim relief when they have paid taxes in a foreign nation. This relaxation is given under Section 90 of the Income Tax Act. To seek this assistance, Form 67 is used. This article explains the concept of relief under Section 90, emphasises the […]
The Income Tax Department (ITD) uses various methods to assess income. Initially, taxpayers must declare their income, providing accurate and comprehensive information from different sources like salary, business, house property, capital gains, etc. This declaration facilitates the income tax assessment process. After the taxpayer completes and confirms their return, the Income Tax Department (ITD) takes […]
Historically, tax authorities have faced challenges in recovering overdue taxes from defaulters. These difficulties are exacerbated when a company declares bankruptcy, becomes financially insolvent or becomes untraceable. It’s essential to consider that in the context of GST, the funds owed to the government by a company may have already been collected from the end consumer. […]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has determined that the Fee for Technical Service (FTS) and interest income received from the joint venture Indian company must be taxed by the directive issued by the Tax Deduction at Source Officer, as per Section 195 of the Income Tax Act, 1961. The taxpayer […]
Recipients of goods transport agency (GTA) services are not obligated to file the service tax already filed via the transport agency, The Ahmedabad Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) stated. In the case presided over by Ramesh Nair (Judicial Member) and Raju (Technical Member), it was observed that when a service […]
No addition can be made for the delay in filing Form No. 10 within the due date of the Income Tax Return under Section 139 of the Income Tax Act, 1961 since the same is been condoned by the commissioner of the income tax (exemption), Income Tax Appellate Tribunal (ITAT) in Jodhpur ruled. The taxpayer, […]
The income tax department has issued an E-Flyer related to cash transactions with limits. Also, we included repayment of loans, digital payments, etc.
A Show Cause Cum Demand Notice by the Commissioner of GST Intelligence in Gautam Budh Nagar, Greater Noida, has been served to Sheela Foam Ltd, the renowned manufacturer brand of the popular Sleepwell mattress brand, on Wednesday (October 4), the company revealed that. On October 4, 2023, a notice was issued under Section 16 of […]
Directorate General of GST Intelligence (DGGI) has imposed a show cause notice to the ICICI Lombard asking the tax of Rs 17,28,86,10,803 (over Rs 1,728 crore). On the date 27th of September, the show cause notice was been obtained. The company, in its official filing, has conveyed that the show cause notice is related to […]
