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The Income Tax Appellate Tribunal (ITAT) Bangalore bench has ruled that no tax is payable on interest earned from fixed deposits subject to the CBI’s restraining order. The bench, comprising Madhumita Roy (Judicial Member) and Chandra Poojari (Accountant Member), has pointed out that the lower authorities made an error by including the interest from fixed […]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has ruled that Tax Deduction at Source (TDS) under Section 194C of the Income Tax Act, 1961 does not apply to casual labour expenses incurred for activities such as road construction, crane hiring, and site machine shifting. The entity in question, Amtech Engineers, is a […]
After the completion of an income tax audit, it’s essential for individuals to verify certain aspects to ensure the accuracy of the audit report. This verification is crucial to prevent potential penalties imposed by the income tax department due to inaccuracies in the report. Additionally, rectifying any errors may necessitate rehiring an auditor for a […]
The innovation as well as the development services furnished to the German company amount to the export of the services, Punjab and Haryana High Court ruled. The taxpayer does not function in any marketing of the products of Fresenius Kabi Deutschland GmbH Germany (FKDG) nor any product is delivered via FKDG to the same, as […]
This post will simplify the list of all important documents that must be required for an income tax audit. To comply with income tax audit requirements, individuals earning income from their businesses or professions must keep various records. These records encompass items such as accounting books, cash registers, ledgers, and journals. Moreover, it is essential […]
The Patna High Court has made an important decision regarding the constraints of Article 226 of the Indian Constitution in cases related to the Bihar Goods and Services Tax Act, 2017 (BGST). According to the court’s ruling, if a law specifies a particular time period for allowing delays, the Appellate Authority under Article 226 cannot […]
While invoking the doctrine of unjust enrichment, the Bombay High Court said to the department to refund the TDS amount deposited via taxpayer under protest. Technically, when the amount deposited via the petitioner is called ‘tax deductible at source’, what the petitioner paid was ‘an ad hoc amount, not technically a TDS amount’. Also, as […]
GST Audit under Section 65 of the Central Goods and Service Tax (CGST) Act, 2017 cannot be conducted after business closure, and can be performed only on registered entities, Madras High Court in a ruling witnessed. The applicant, Tvl.Raja Stores is a partnership firm doing business in the name and style of Raja Stores, which […]
The main purpose of this blog post is to explain how to easily use the Pay Income Tax Later option on the new ITR filing 2.0 portal. On the income tax e-filing website the income tax department would have incorporated a new feature that permits a person to file the income tax subsequently. It directed […]
