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The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has recently ruled that the interest subsidy provided through the Technology Upgradation Fund Scheme is not liable to be taxed as income. According to the bench comprising Kuldip Singh (Judicial Member) and Prashant Maharishi (Accountant Member), even though the interest subsidy received under the technology […]
The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has issued a ruling stating that interest income received from short-term fixed deposits is eligible for exemption. The ITAT bench, comprised of George George K. (Judicial Member) and Laxmi Prasad Sahu (Accountant Member), cited the decision of the Karnataka High Court as their basis. This […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has granted approval for a deduction under Section 54F of the Income Tax Act, taking into account that the assessee is not the exclusive owner of multiple residential properties used by other family members. According to the bench of judges, Kavitha Rajagopal and Om Prakash […]
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) recently ruled in favour of the appellant assessee, Mrudulagauri Jaysukhlal Bhalodia, by dismissing the demand for Tax Deducted at Source (TDS) on an amount for which tax had already been paid under Sections 201(1) and 201(1A) of the Income Tax Act, 1961, thereby helping the […]
The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that the Co-operative society engaged in banking businesses does not fall under the category for deduction under Section 80P (2) (a) (i) of the Income Tax Act, 1961. Nil return had been filed by the assessee, M/s. Shri Basaveswar Credit Cooperative Society Ltd. […]
In this article, we have discussed the new tax regime that allows you to set zero tax liability if you earn up to 10 lakhs from rental income. Under the new tax regime the tax-free income limit– The latest tax regime has been incorporated in India which allows people to optimize their tax savings with […]
Estern Coalfields, the respondent, was prohibited by the Jharkhand High Court from deducting money from invoices because GST amounts were not shown in the GSTR-2A as invoices were not uploaded. In a letter to Estern Coalfields, the petitioner, M/s Tycoons Industries Pvt. Limited, requested to make sure the Circular 183 issued by the Central Board […]
Income tax authorities have been instructed to mandatorily find out the cases wherever they detect any suspicion of tax evasion on returns for thorough scrutiny during the current financial year, according to the instructions released by the Central Board of Direct Taxes (CBDT). Additionally, the board encouraged them to identify any cases that involved an […]
When the professional receipts exceed Rs 50 lakhs of the individual then the advantage of the Presumptive Tax under Section 44ADA can not be taken. In that case, the individual is needed to create the profit and loss account and balance sheet and get his audit performed via a practising Chartered accountant. Latest Updates Tax […]
