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The payments made to gateway providers are not brokerage and TDS under Section 194H of the Income Tax Act,1961 is not liable to be deducted, the Bangalore Bench of Income Tax Appellate Tribunal (ITAT) said. The taxpayer M/s. Knowledge Hut Solutions Pvt. Ltd filed its income return for Assessment Year (A.Y) 2018-19 showing the total […]
The tax deducted at source under Section 194C(2) of the Income Tax Act, 1961 does not get levied if there is no contractual or sub-contractual relationship between the joint venture and its constituencies, the Kolkata bench of the Income Tax Appellate Tribunal (ITAT) ruled. The taxpayer Joint Venture (JV) was created via RAMKY Infrastructure Ltd […]
Recently, the Bombay High Court has ruled that the amendment made in accordance with section 54 of the Income Tax Act, 1961, doesn’t have a retrospective impact on limiting investments in India. This amended provision takes effect from April 1, 2015, and will be applicable in the future, but not before the amendment date. The […]
The capital gain exemption is not available for the residential house brought abroad post 1st April 2015. For the period prior to AY 2015-16 or to the introduction of the words “in India” in Section 54 of the Act vide Finance Act No. 2 of 2014, which came into effect on April 1, 2015, the […]
Buying residential house property prior to the last ITR filing date makes the taxpayer qualified for the deduction under section 54F of the Income Tax Act, the Chennai bench of the Income Tax Appellate Tribunal (ITAT) ruled. The petitioner is an individual and has submitted her Income tax return for the AY 2012-13 dated 01.06.2013, […]
What is GST Section 161? Section 161 of the CGST Act, 2017 states the rectification of mistakes or errors that are recognized from the records. It mentions that the authority responsible for issuing decisions, orders, summons, notices, or certificates may rectify any mistake that is found in the records in such documents. These rectifications are […]
No addition is to be incurred without making an independent inquiry from the related builder for the property purchase, the Income Tax Appellate Tribunal (ITAT) Delhi bench ruled. The decision of deletion of addition which the CIT(A) stated is been kept by the bench. When an investigation Wing of the department performs the investigation operation […]
The CBDT announced an extension for filing Forms 10B/10BB until October 31, 2023, and a one-month extension for ITR 7 form. The Government of India’s Ministry of Finance, Department of Revenue, Central Board of Direct Taxes (CBDT) has issued Circular No. 16/2023 dated September 18, 2023, providing relief to taxpayers and other stakeholders by extending […]
The Kerala High Court invalidated the intimation order issued under the Income Tax Act, 1961 regarding the imposition of late fees under Section 234E of the Income Tax Act, 1961 for the delayed submission of previous Tax Deducted at Source (TDS) returns. The petitioner, Sutheepan Sowmini, contested the notice related to the late fees imposed […]
