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The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that the rental income could not be drawn under the tax when the taxpayer does not in any lease agreement with the tenants. The taxpayer was shown by Ms Urvashi Shodhan and Shri Rakesh Jha represents the revenue. On the verification of […]
Remediation for employees’ contribution to PF and ESI must be done prior to the due date to get permissible under Section 43B of the Income Tax Act, said the Bangalore Bench of the Income Tax Appellate Tribunal (ITAT). The two-member bench consisting of George George K (Judicial Member) and Laxmi Prasad Sahu (Accountant Member) laid […]
The Supreme Court held that Section 194H of the Income Tax Act, for the case of Supplementary Commission amounts made via the travel agent, and hence the Airlines would obligate to deduct TDS on the same concern. The bench consisting of Justices Surya Kant and MM Sundresh sustained the Delhi High Court judgment and overruled […]
For corporations and individuals under Indian tax laws who were subject to tax audits, the deadline to file income tax returns is 31st October 2023, for the financial year 2022-23. Late fees will apply if taxpayers have not filed it by the due date. Note: In Explanation 2, sub-section (1), clause (a) describes how to […]
Investing in the property would be defined as a safe choice for regular income via renting. But on the income made from rent, there are some tax implications. The rental income of the landlord would be levied to tax under the subjected tax slab rates beneath the head income via house property. The article describes […]
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the payment that the taxpayer has made to the non-resident supplier shall be the royalty amount and is bounded on the taxpayer’s portion to deduct tax at source. The two-member bench of T.R. Senthil Kumar (Judicial Member) and Annapurna Gupta (Accountant Member) has […]
As per the recent ruling from the Authority of Advance Ruling (AAR) the employers are now relieved from the process of deduction of GST on the subsidy-based meal amount received from the employees. Zydus life sciences approached the AAR’s Gujarat bench to get clarification on the GST deduction on the food amount bought from the […]
In the current times, Clause 44 of 3CD become the ‘Buzz word’ for every professional. People are giving their views recognizing the aspect of reconciliation with indirect tax records. Form 3CD of Tax Audit Report (TAR) was revised in July 2018 via Notification No. 33/2018 on 20.07.2018 to include Clause 44 on reporting of GST […]
The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the amended return furnished is not amounting to the non-filing of the return and the refusal of a lower tax rate under section 115BAA of the Income Tax Act,1961 is not correct. The taxpayer, M/s.Ujjivan Small Finance Bank Limited is a small finance […]
