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The ITAT Ahmedabad bench set aside the taxpayer’s deduction claim for a donation made to an unapproved scientific authority in a recent ruling. Parag Dave, the taxpayer, has the business of testing soil, building materials, conducting survey work, etc. The taxpayer on 26.09.2017 has submitted his income return specifying a total income of Rs 56,55,070. […]
For the taxpayers, along with Indian residents and NRI’s the option to get a Nil TDS certificate has been removed by the proposed income tax bill 2025. For both Indian taxpayers and non-residents, including non-resident Indians (NRIs), the proposed new Income Tax Bill 2025 seems to remove the concept of a “nil TDS” certificate by […]
April 30 is been set as the due date by the Central Board of Direct Taxes (CBDT) for filing declarations under the Direct Tax Vivad se Vishwas Scheme (DTVSV) 2024, desired to resolve pending income-tax disputes before various appellate authorities, along with the Supreme Court and high courts, as of July 22, 2024. The second […]
The Raipur Bench of the Income Tax Appellate Tribunal (ITAT) in a ruling has partly permitted the pleas for multiple assessment years by keeping that where the income is assessed on an estimated basis, separate disallowances like those u/s 40A(3) are unsustainable. The taxpayer, Nishant Jain, a civil contractor working in government infrastructure projects, had […]
ITAT Pune ruled that the estimation of profit at 8% in case of contract work for a government department, by taking provisions of section 44AD of the Income Tax Act as a parameter, is justifiable. As per that, the order of CIT(A) is upheld. The taxpayer is an individual and is in the business as […]
Income Tax Appellate Tribunal (ITAT), Mumbai, in a decision, has ruled that a new flat value received in a redevelopment project could not be levied to tax as Income from Other Sources’ u/s 56(2)(x) of the Income Tax Act. Increasing project redevelopment has been seen in Mumbai. Over 31,000 redevelopment projects had been approved as […]
Starting April 1, 2025, new IT laws were put into place. These new changes include updated income tax rates and better benefits for those looking for high rebates, making it easier for certain individuals to save on their taxes. Finance Minister Nirmala Sitharaman announced such amendments in the Union Budget aimed at increasing the disposable […]
The ITAT Bench in Surat, Gujarat reduced an individual’s additional tax assessment from ₹72,81,674 to just ₹2,00,000. This decision was made after recognizing the taxpayer’s home loan and the cash they had available. Jayeshbhai Becharbhai Chovatiya, a taxpayer, deposited Rs. 72,81,674 into three different bank accounts when certain high-denomination currency notes were no longer valid. […]
The Delhi High Court provided relief to the German cargo airline Lufthansa by overturning the Revenue’s order that denied the company a nil TDS certificate for the fiscal year 2024-25. Section 195 of the Income Tax Act, of 1961, deals with the deduction of TDS (Tax Deducted at Source) on payments incurred to non-resident Indians […]
