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The Income Tax Appellate Tribunal, Hyderabad has passed a ruling in which it dismissed an appeal made by the revenue department — Tribunal ruled that being a joint account holder in a husband’s salary account does not mean an Undisclosed Foreign Account. This appeal was made against an order of the tribunal wherein the revenue […]
National Securities Depository Limited, an Indian central securities depository, released the new features in e-TDS and TCS. The NSDL has amended and updated the e-TDS TCS RPU utility for the purpose of preparing TDS or TCS returns. NSDL has enabled the e-TDS/TCS File validation utility (FVU) versions 2.167 up to Financial Year 2009-10 and Version […]
The Income Tax Appellate Tribunal (ITAT), Agra Bench permits the deduction held that the change in limiting the Section 54 deduction to only one residential house can be considered. The taxpayer, Mr. Dinesh Chandra Dutta Bhargava on April 21, 2014, sold a residential house in Agra for Rs.1,20,00,000/- owning the value for the intention of […]
Inside the GST regime, one of the problems is if the credit can be refused to the purchaser of goods and services for the fault of the supplier for non-payment of taxes post to collecting the tax amount through the purchaser. Important Provisions Towards the ITC the major law is Section 16 of the CGST […]
The Income Tax Appellate Tribunal (ITAT), Kolkata Bench has deleted the disallowance that has been made on Bonus and Commission And that has been paid to the directors as per the agreement of appointment. The assessee, M/s. Hamilton & Co. Ltd. has disputed and challenged the disallowance of Bonus amounting to Rs 15,00,000 and The […]
The Central Board of Indirect Taxes and Customs (CBIC) states that its offices so as not to give show-cause notices (SCNs) for service tax defaults upon the grounds of inconsistency amid income tax returns and service tax amount. Different tax concerns have accused the Union finance ministry that SCNs have sent wrongly towards the FY […]
The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench whilst deleting the addition passing the ruling that the encashment of the bank guarantee has been incurred in the normal course of business. Here, in this case, the assessee is Ogene Systems India Limited that has debited in books of account an amount of Rs.1,10,61,051/ as a […]
Interestingly, retrospectively, and notably, The Central Board of Direct Tax (CBDT), in its efforts to provide benefit/privilege to the salaried class employees, has provided a big relief to the aforesaid class by an amendment in Rule 2B of the Income Tax Rules wherein the proviso connected to exemption with respect to those cash allowances that […]
It has been recently held by The Income Tax Appellate Tribunal (ITAT), Hyderabad bench that the expenditure that has been incurred by the assessee to repair his house to make it habitable ought to be deducted from the sum of capital gain under section 54 of the Income-tax Act, 1961. Latest Update in Income Tax […]
