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The income of the assessee could not be assessed under the heading salary, as the taxpayer is a company, the Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) ruled. The bench of K. Narasimha Chary (a judicial member) restored the problem to the Assessing Officer’s file in order to confirm the existence of brought-forward […]
Simple to Understand PAN Card For the purpose of uniquely identifying taxpayers, the Indian Income Tax Department issues PAN cards. Every taxpayer has access to this 10-digit alphanumeric code. The Permanent Account Number card makes it simple for taxpayers to conduct a variety of financial transactions while also assisting the Income Tax Department in tracking […]
The TDS Credit was permitted for the assessment year in which income is assessable by the Delhi bench of the Income Tax Appellate Tribunal (ITAT). In addition to operating and maintaining a nursing home, the assessee, Prakash Sunrise Healthcare Limited, has been providing medical treatment to different government workers, including military personnel, on behalf of […]
The income tax department has extended the deadline for a variety of compliances linked to the long-term capital gains tax exemption till March 31, 2023, which will be helpful to many taxpayers. In order to claim any exemption under the terms of Section 54 to 54GB of the Income-tax Act, 1961, the Central Board of […]
Here’s what you should do if you work from home for a foreign firm and are unsure if you need to pay income tax. To ascertain your tax due, first examine your resident status in India, any tax deducted at source (TDS), and the Double Taxation Avoidance Agreement (DTAA). Submit Form 67 (foreign tax information), […]
A Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that domestic companies must file form 10-IC within the prescribed timeframe if they wish to claim a deduction under section 115BAA of the Income Tax Act. The appellant was represented by Counsel Nihar A. Mehta, and the department was represented by Chetan M. […]
The makers of the policy would be investigating the forecast to rise the tax-free slab to Rs 5 lakh in the 2-year-old alternative personal income tax regime for making it effective to attract attention. Currently, the assesses do not pay income tax when their income is Rs 2.5 lakh or less than that. Surging the […]
To prevent litigation the Income tax department diminishes the time duration required for the tax officers to decide on the refunds adjustments against outstanding tax dues to 21 days. The notice circulated by the Directorate of Income Tax (Systems) that the time limit has been reduced to 21 days, which was 30 days for the […]
The Directorate of Income Tax (Systems) furnished the Instruction No. 06 of 2022 on November 28, 2022, to the Assessing Officers to answer for the intimation under tax section 245 issued by CPC, Bengaluru for a reduction in the time limit for furnishing the response to intimation under income tax section 245 by Assessing Officers. […]
