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The late payment of Tax collection at source (TCS) and Goods and Services Tax (GST) does not constitute a penalty and should, in fact, be eligible for deduction under Section 37 of the Income Tax Act, 1961, the Jaipur bench of the Income Tax Appellate Tribunal (ITAT) recently ruled. The taxpayer involved in this case […]
After the completion of an income tax audit, it’s essential for individuals to verify certain aspects to ensure the accuracy of the audit report. This verification is crucial to prevent potential penalties imposed by the income tax department due to inaccuracies in the report. Additionally, rectifying any errors may necessitate rehiring an auditor for a […]
This post will simplify the list of all important documents that must be required for an income tax audit. To comply with income tax audit requirements, individuals earning income from their businesses or professions must keep various records. These records encompass items such as accounting books, cash registers, ledgers, and journals. Moreover, it is essential […]
The Income Tax Department has introduced a new tool called the Digital Signature Certificate (DSC) Management offline Utility for taxpayers, which is aimed at simplifying the process of e-verification of income tax returns. This utility has been released to alleviate the burden on taxpayers. Additionally, the department recently issued a set of frequently asked questions […]
No addition is to be incurred under section 44ADA of the Income Tax Act 1961 for the income made via the business of the consultancy service, The Income Tax Appellate Tribunal (ITAT) Mumbai bench ruled. The taxpayer being assessed had only completed their 10th standard education and lacked the qualifications to work as a legal, […]
The government has gathered Rs 8.65 trillion in direct taxes as of September 16, after accounting for tax refunds. This amount surpasses more than half of its yearly goal, as reported by the Central Board of Direct Taxes (CBDT). The direct taxes collected up to this point, which also include the initial two instalments of […]
The technical know-how fee obtained via Bajaj Auto Ltd comes beneath the classification of royalty and therefore is qualified for the deduction under Section 80-O of the Income Tax Act, 1961, Mumbai bench of the Income Tax Appellate Tribunal (ITAT) ruled. The taxpayer entered into a technical knowledge agreement with a foreign company called M/s […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that damage related to the right to sue is considered a capital receipt and is not subject to taxation. The bench, comprising Amit Shukla (Judicial Member) and Amarjit Singh (Accountant Member), observed that Section 6 of the Transfer of Property Act explicitly outlines […]
In its recent ruling, the Jharkhand High Court has furled that when a penalty order is overruled, it will be assumed that there was no concealment of income, resulting in the automatic decline of prosecution under Section 276C(1) of the Income Tax Act. Justice Sanjay Kumar Dwivedi, in his judgment, highlights that based on previous […]
