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The Income Tax Appellate Tribunal (ITAT), Kolkata Bench has deleted the disallowance that has been made on Bonus and Commission And that has been paid to the directors as per the agreement of appointment. The assessee, M/s. Hamilton & Co. Ltd. has disputed and challenged the disallowance of Bonus amounting to Rs 15,00,000 and The […]
The Central Board of Indirect Taxes and Customs (CBIC) states that its offices so as not to give show-cause notices (SCNs) for service tax defaults upon the grounds of inconsistency amid income tax returns and service tax amount. Different tax concerns have accused the Union finance ministry that SCNs have sent wrongly towards the FY […]
The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench whilst deleting the addition passing the ruling that the encashment of the bank guarantee has been incurred in the normal course of business. Here, in this case, the assessee is Ogene Systems India Limited that has debited in books of account an amount of Rs.1,10,61,051/ as a […]
Interestingly, retrospectively, and notably, The Central Board of Direct Tax (CBDT), in its efforts to provide benefit/privilege to the salaried class employees, has provided a big relief to the aforesaid class by an amendment in Rule 2B of the Income Tax Rules wherein the proviso connected to exemption with respect to those cash allowances that […]
It has been recently held by The Income Tax Appellate Tribunal (ITAT), Hyderabad bench that the expenditure that has been incurred by the assessee to repair his house to make it habitable ought to be deducted from the sum of capital gain under section 54 of the Income-tax Act, 1961. Latest Update in Income Tax […]
In a recent judgment, The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench passed a ruling that no Addition of information could be made merely on the support of Dumb documents. In the aforesaid case, The assessee has challenged the correctness and accuracy of the lower authorities’ action with respect to the addition made on-money payment. […]
Towards the taxpayer’s case the assessing officer who posses valid jurisdiction will record reasons u/s 148(2) for reassessment proceedings unless the issue of notice u/s 148 is not valid. Beneath section 148 of the act reopening notice invalid if the officer who has given the notice varied from the officer who had recorded the causes […]
The Central Board of Direct Taxes (CBDT) has notified the circumstances/conditions for the exemption of the pension fund as per section 10(23FE) and has substituted Form bearing number 10BBA. The Board has notified the Income-tax (Eleventh Amendment) Rules, 2021 which further seeks to modify the Income-tax Rules, 1962. In rule 2DB of the Income-tax Rules, […]
The tax council has shown the new income tax return (ITR) forms towards the assessment year 2021-22 (AY22). It is to be urged that in the notification that there is no much amendment done in this year as per the pandemic. But there are some changes done which provide inline through the amendment in Finance […]
