Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has ruled that submission of Form-67 is not obligatory to claim foreign tax credit (FTC). The bench of Sudhir Pareek (Judicial Member) and S. Rifaur Rahman (Accountant Member) has marked that filing Form-67 is a procedural or directory provision and is not a compulsory requirement. Thus, […]
The Ministry of Finance, Department of Revenue, and Tax Research Unit opted for a proactive step for inclusive policy-making by asking for recommendations from Industry and Trade Associations for the forthcoming Budget 2024-25. The official communication, referenced as F. No.334/1/2024-TRU, was issued dated June 12, 2024. Concerning drafting the proposals for the union budget of […]
The income tax deduction is allowable on expenditures incurred on warranty claims, the Delhi Bench of Income Tax Appellate Tribunal (ITAT) ruled. The bench of Kul Bharat (Judicial Member) and M. Balaganesh (Accountant Member) has laid on the Supreme Court’s decision in the matter of Rotork Controls India (P) Ltd., where it was carried that […]
The Kerala High Court in a case ruled that the advantages of Income tax, 1961 deduction u/s 80(P) were refused because of not furnishing the ITR on the said time. The applicant Muvattupuzha Agricultural Co-Operative Bank Ltd., has furnished the writ petition contesting the assessment order under section 148A(d) of the Income Tax Act and […]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) stated that the date of possession of the new property is to be deemed as the date of acquisition and the taxpayer is entitled to deduction u/s 54 of the IT Act on the purchase of the new property. The bench of Raj Kumar Chauhan (Judicial […]
The penalty u/s 271(1) (c) of the Income Tax Act, 1961 is deleted by the Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) concluding there was no providing of incorrect particulars of income or a deliberate attempt to conceal the income. The present appeal has emerged on the fact that the assessee- […]
The Central Board of Direct Taxes (CBDT) has furnished relief to the assessees who obtained the tax demand notices for the reason that they deducted less TDS compared to the taxpayers whose PAN had become inoperative. Multiple TDS deductors and collectors, TCS respectively, had obtained the income tax demand notices requesting them to deposit the […]
A reconsideration is been ordered by the Delhi bench of the Income Tax Appellate Tribunal (ITAT) asking for a new adjudication. The same decision arrives as the submissions for the Tax Deducted at Source ( TDS ) deductions u/s 194J or 194C for payments related to X-ray and CVC machine maintenance were not regarded. The […]
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) witnessed that Income Tax Return filing within the last date is mandatory for claiming deduction u/s 80IB (10) of the Income Tax Act, 1961. The taxpayer was selected by scrutiny and notice u/s 143(2) was issued dated 04-03-2008 and served consequently. The other […]
