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The Central Board of Direct Taxes (CBDT) has circulated the conditions to claim the income tax deduction for the expenses made on covid-19 treatment. The Finance bill 2022 would furnish a separate income tax deduction for the treatment of Covid-19. Clause (x) of sub-section (2) of section 56 of the Income-tax Act, 1961 (the Act) […]
The Income Tax Appellate Tribunal (ITAT), Delhi Bench ruled that leave and pension contributions to state government employees do not be treated as fake and granted relief to Vishakhapatnam Port Road Company Ltd. The petitioner, Vishakhapatnam Port Road Company Ltd., has the business of constructing, operating and maintaining the toll roads for enough connectivity to […]
GST has been incorporated in India in 2017. This has changed the indirect tax systems of the country. Seeing its ups and downs the government and industry have acknowledged that its stability could be attained if both give and take come at equilibrium. It is one of the reasons that the government has provided the […]
The Income Tax Appellate Tribunal (ITAT), Pune bench, S S Godara, Judicial Member, and Dr Dipak P Ripote, Accountant Member gave tax exemption to trust who does study programs for university’s registered students. The books of Chanakya Mandal Pariwar(assessee) which comprises 368 pages recommend that they are running several study centres according to its agreement […]
It is your problem if you forgot to file your tax within the due date i.e July 31, also CA would not be liable for that, pay attention to it along with the Form 16 bills and various other documents. Choosing a revision, these professionals who work more and are busy with the numbers and […]
The Income Tax Appellate Tribunal(ITAT), Mumbai bench ruled that the revision cost and the advantages of due indexation on house property are deductible during calculating the capital gain. The petitioner, Komal Gurumukh Sangtani is an NRI and under section 139 he does not furnish the return. The assessing officer reopened the assessment post to issue […]
What is the Income Tax Form 10EE for Pensioners? The income tax portal has updated the system towards Form 10EE pensioners form (‘Taxation of income through retirement benefits account maintained in a reported country’) to get furnished in following the rule 21AAA for Financial Year 2023-24 would be available to file upon the portal of […]
The Income Tax Appellate Tribunal (ITAT), Delhi Bench ruled that cash deposits are not verified with business receipts or cash withdrawals and uphold addition under income tax section 68 of the Act. The taxpayer M/s. Sneh Developers Pvt. Ltd., does not file an ITR, thus the Assessing Officer gave a notice beneath section 148. In […]
The income tax appellate tribunal (ITAT), Pune bench was accepted late of 931 days in furnishing the taxpayer finding out that the delay was because the tax practitioners were busy with the GST compliance. Mr Vasathan Mukundan furnished a petition before CIT(A) with a delay of 931 days. The taxpayer would be subjected to performing […]
