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It was carried by the Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) that interest income made through the deposits with co-operative banks entitled to a deduction under Section 80P(2)(d) of the Income Tax Act,1961. With earlier rulings the decision aligns that permit such deductions, stressing that only interest from co-operative banks, not […]
The Madras High Court quashed the income tax addition as a wrongful deduction u/s 194-IB rather than Section 194C of the Income Tax Act, 1961. Three additions have been offered by the respondents to the income shown, however, the additions were dismissed without enough reasoning. The assessment proceedings started following the applicant’s ITR filing for […]
FM Nirmala Sitharaman incurred that there would be no reduction in tax rates under the old regime, addressing calls via assessees for identical rate reduces both old and new regimes. The minister said that the government does not force anyone to switch from the old to the new tax regime. What Amount Do I Required […]
The petition of the taxpayer ruling has been permitted by the Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) which collected income could be applied to the acquisition of the fixed assets u/s 11(6) of the Income Tax Act,1961. Gujarat Safety Council, the appellant-assessee, was a trust that led safety training programs. It filed a […]
The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) in a case quashed a tax penalty imposed u/s 270 of the Income Tax Act 1961, remarking that the taxpayer failed to file a Return due to a bona fide misunderstanding. The taxpayer Sekhon Jagtar Singh, in this case, is an individual who […]
It cited under the Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) that the deduction under section 80P cannot be claimed in Income Tax Return (ITR) filing beyond the due date stipulated u/s 139(1) of the Income Tax Act. Dared Seva Sahkari Mandali Ltd. (Assessee) deposited cash of Rs. 5,31,61,730 and a time deposit […]
Witnessing that the taxpayer has fulfilled the conditions to lessen the tax rate under section 115BAA, the Gujarat High Court cited that the revenue department would required to condone delay in the filing of Form 10-IC instead of rejecting it on technical grounds. Section 115BAA of the Income Tax Act permits domestic companies to use […]
Numerous employers are facing difficulties due to Income Tax Department notices demanding unpaid taxes from employees who did not meet the May 31 deadline to connect their PAN and Aadhaar numbers, with some companies receiving tax demands for employees earning below the taxable income limit. This April the revenue department mentioned that PANs will become […]
Within the specified six-month timeframe, the review of the Income Tax Act of 1961 is set to be completed CBDT Chairman Ravi Agrawal cited. In the Budget speech last month, Union Finance Minister Nirmala Sitharaman announced that the direct tax law of the country would be examined to make it easy, and the job would […]
