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The government has released a press release on the topic of implementation of the E-Verification Scheme 2021 which offers a solution for taxpayers who are facing mismatch issues by responding on the new ITR portal. The scheme addresses the difference between the assessed ITR and their related financial records. By executing this scheme, taxpayers can […]
The Bangalore Bench of the Income Tax Appellate Tribunal ruled that the TDS cannot be taken isolatedly in any assessment year without offering the affiliated income for taxation. The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has followed that the taxpayer will be qualified for the Tax Deducted at Source credit corresponding […]
The case of DCIT Vs Cicon Engineers Private Limited (ITAT Bangalore) shows the intricate interplay between Tax Deducted at Source (TDS) credit and income reporting under the Income Tax Act, of 1961. The same blog shows a detailed analysis of the legal arguments and outcomes of the case. Case Background: The revenues petition related to […]
The assessment reopening was based on a revision of the view of the AO (Assessing Officer) from that ruled before at the time of assessment proceedings. The revision of the view does not comprise the justification to assume that the income levied to tax has escaped from assessment, the Bombay High Court ruled. The bench […]
The Income Tax Appellate Tribunal (ITAT) Bangalore in its recent ruling on the Hubli Electricity Supply versus Deputy Commissioner of Income Tax (DCIT) case highlighted the intricate factors of section 43B of the Income Tax Act. This case underscores the complexities involved in how businesses handle taxes, duties, cesses, or fees, and how it impacts […]
The Income Tax (IT) department will exempt the old tax demand of up to R1 lakh for any assessee under the Income Tax Act wealth Tax Act or Gift Tax Act, as per the notification. In the interim budget speech, Finance Minister Nirmala Sitharaman announced the withdrawal of petty tax demands of R10,000 a year […]
The Income Tax Appellate Tribunal (ITAT) in Delhi recently noted the requirement of Tax Deducted at Source (TDS) following Section 194J of the Income Tax Act, 1961. The ITAT bench noted that if the payment for consultancy services, excluding the service tax, does not surpass Rs. 30,000, there is no obligation to deduct TDS. The […]
A circular via the GST department might be furnished to address the dispute of the spate of notices sent before the Indian arms of the foreign firms asking for the tax salaries filed to immigrants via the local unit. As per the circular input tax credit (ITC) must not be held back from 2017 to […]
The Income Tax Appellate Tribunal (ITAT) in Chennai has adjudicated a series of appeals filed by Adithya Ferro Alloys Pvt. Limited against the Commissioner of Income Tax (Appeals)-10, Hyderabad, regarding different quarters of the Assessment Years (AY) 2013-14 & 2014-15. The pleas were concentrated on contesting fees charged under Section 234E of the Income Tax […]
