Search results for: tax deduction

The Income Tax Appellate Tribunal (ITAT), Delhi bench ruled that rental income obtained from letting out property shall get taxed under the head “Income from house property.” Thus, the bench permitted a deduction under Section 24(a) of the Income Tax Act, 1961. The taxpayer, U & I Business Services Pvt. Ltd., is a resident corporate […]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench has permitted an income tax deduction for interest acquired from higher compensation for the forceful acquisition of agricultural land. The single-member bench chaired by C.M. Garg noted that the assessee’s interest in enhanced compensation received under Section 28 of the Land Acquisition Act, as part of the […]

The Income Tax Appellate Tribunal (ITAT), the Ahmedabad bench has ruled that income generated from commercial activity cannot be deducted under Section 80P of the Income Tax Act, 1961. The assessee, Jetalpur Seva Sahkari Mandali Ltd., filed an income tax return for the assessment year 2017-18, declaring an aggregate income of Rs. 21,52,910/-. The return […]

The Income Tax Appellate Tribunal (ITAT)’s New Delhi Bench ruled that all interest income, including that generated on bank fixed deposits, qualified for a deduction under Section 80IA of the Income Tax Act of 1961. M/s. Viramgam Mahesana, the appellant assessee, claimed to be qualified for a deduction of 100% of earnings and gains from […]

In a recent decision, the Income Tax Appellate Tribunal (ITAT), Ahmedabad disallowed a deduction under Section 80P because of the late submission of the return. The assessee, Parabada Co-op. Milk Producers Society Limited, a Co-operative Milk Producers Society, filed its income tax return for Assessment Year 2019–20 on November 5, 2019, exceeding the extended due […]

The Rajkot bench of the Income Tax Appellate Tribunal has ruled that, under Section 80P, the income tax deduction cannot be refused due to failure to file an Income-tax return by the deadline. The assessee is duly registered with a co-operative society under the Gujarat Co-operative Societies Act. The assessee’s primary source of revenue comes […]

The Income Tax Appellate Tribunal’s Delhi Bench has told businesses that if they want to avail themselves of the income tax deduction benefits, they have to deposit employees’ EPF and ESI on time. The Supreme Court’s decision was upheld by a two-member bench of Narendra Kumar Choudhary, a judicial member, and Anil Chaturvedi, an accountant […]

The Income Tax Appellate Tribunal (ITAT), Mumbai has permitted the deduction under Section 11(1)(a) of the Income Tax Act, 1961 since there was the subsequent filing of the audit report including the Income Tax Return. The taxpayer, The Dadabhai Kavasji Tata School Trust is a charitable trust registered with Charity Commissioner, under the Income Tax […]

The Circular on TDS on Salaries for FY 22-23 has been released by the Central Board of Direct Taxes (CBDT). Under the circular Drawing & Disbursing Officer (DDOs) is authorized u/s 192 to permit some deductions, exemptions or allowances or set-offs of certain loss since the provisions of the act for finding the taxpayer’s income […]