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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 […]
In a recent judgment, The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench passed a ruling that no Addition of information could be made merely on the support of Dumb documents. In the aforesaid case, The assessee has challenged the correctness and accuracy of the lower authorities’ action with respect to the addition made on-money payment. […]
Towards the taxpayer’s case the assessing officer who posses valid jurisdiction will record reasons u/s 148(2) for reassessment proceedings unless the issue of notice u/s 148 is not valid. Beneath section 148 of the act reopening notice invalid if the officer who has given the notice varied from the officer who had recorded the causes […]
The Central Board of Direct Taxes (CBDT) has notified the circumstances/conditions for the exemption of the pension fund as per section 10(23FE) and has substituted Form bearing number 10BBA. The Board has notified the Income-tax (Eleventh Amendment) Rules, 2021 which further seeks to modify the Income-tax Rules, 1962. In rule 2DB of the Income-tax Rules, […]
The tax council has shown the new income tax return (ITR) forms towards the assessment year 2021-22 (AY22). It is to be urged that in the notification that there is no much amendment done in this year as per the pandemic. But there are some changes done which provide inline through the amendment in Finance […]
The government has confirmed the new importer, exporter, and customs broker to validate their identity, and also constituting the incorporation document, PAN, Aadhaar, and physical verification of place of business. The customs (Verification of Identity and Compliance) Regulations, 2021 provides the customs authorities power to have identity verification of existing importers, exporters, and customs brokers. […]
The Central Board of Direct Taxes (CBDT) ceased via Excel and Java Version of ITR Utilities mentioning JSON Utility for ITR-1 to ITR-4 for Assessment Year 24-25. By using the offline utilities opt for the assessment year and download Excel or Java or JSON utility. Inside the system, the utility by default will be downloaded […]
Surprisingly, The Central Board of Direct Taxes (CBDT) has tabled a new form i.e. Form 10A for the registration/ intimation/approval/provisional approval. of charitable trusts that are compulsory. A new clause (ac) has been added in subsection (1) of section 12 A that has been effective from April 1, 2021. This clause states that although anything […]
The Directorate of Income Tax has previously observed cases where one PAN was allotted to two persons and similarly Directorate of Income-tax (Systems) also noticed some rare cases where more than two persons possess the same PAN. In this matter, the Directorate prepared a policy and issued AIS Instruction No. 82 on June 21, 2013. […]
