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Since the plan of the tax authorities is deep dive into their business exercise to fetch the potential of a raft tax associated irregularities and thus the insurance companies might face GST audits. On the basis of fictitious invoices created by their channel partners and intermediaries, several insurance businesses are being investigated for improperly claiming […]
As ordered by the Central Board of Direct Taxes (CBDT) about the procedural revision for the business owners including professionals, permitting them to carry on with the old tax regime from FY 2023-24. The same measure has been taken as the new tax regime is a default option, making it crucial for people with income […]
The Income Tax Appellate Tribunal (ITAT), Bangalore bench, in its recent ruling in the case of EY Global Delivery Services India said that the interest charged under Section 234C of the Income Tax Act, 1961 against the firm should be collected on the returned income, not on the assessed income. EY Global Delivery Services India […]
The surplus liquidity in the banking system experienced a significant decline of 42.9 per cent, reaching Rs. 1.04 lakh crore on June 18, down from Rs. 1.82 lakh crore on June 11, primarily due to advance tax payments. Following the advance tax payment deadline of June 15, the surplus liquidity absorbed by the Reserve Bank […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has recently ruled that the interest subsidy provided through the Technology Upgradation Fund Scheme is not liable to be taxed as income. According to the bench comprising Kuldip Singh (Judicial Member) and Prashant Maharishi (Accountant Member), even though the interest subsidy received under the technology […]
The New Delhi bench of the Income Tax Appellate Tribunal (ITAT) has determined that income from sales cannot be added under Section 68 of the Income Tax Act, 1961 unless it is proven to be invalid. This decision was made in response to a case involving Subhash Chand Gupta, the respondent-assessee, who e-filed his income […]
The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has issued a ruling stating that interest income received from short-term fixed deposits is eligible for exemption. The ITAT bench, comprised of George George K. (Judicial Member) and Laxmi Prasad Sahu (Accountant Member), cited the decision of the Karnataka High Court as their basis. This […]
The Assessment Order of the Commissioner of Income Tax (Appeals) (CIT(A)) has been cancelled by the Income Tax Appellate Tribunal (ITAT), Bangalore Bench reason that an obligatory notice under Section 143(2) of the Income Tax Act, 1961 was not served to the taxpayer before the finish of the assessment proceedings. The taxpayer, Rajiv Gandhi University […]
In a recent ruling, the Bangalore branch of the Income Tax Appellate Tribunal (ITAT) has made it clear that marketing and advertising expenses made for the assessee, Herbalife International India Pvt. Ltd’s manufactured products do not fall under the purview of foreign transactions. Following the submission of the income tax return, the case of the […]
