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The Karnataka State Chartered Accountants Association (KSCAA) represented the Central Board of Direct Taxes (CBDT) on technical concerns in the e-proceedings tab of the income tax portal and gave some suggestions. The association expressed worry over the failure to display notices given in previous years. The representation concerned communication without a copy of the notice, […]
ITR filing 2023: Till now nearly 3 cr ITRs would have been filed for the AY 2023-24. Over 3 cr ITRs for the AY 2023-24 would have been filed till 18th July, as per the income tax department, in this year as compared to 3 cr ITRs filed till 25th July in the former year. […]
The Income Tax Appellate Tribunal (ITAT), the Delhi bench, has held that income derived from car parking is liable for deduction under Section 80IA of the Income Tax Act 1961. The assessee, Candor Gurgaon Two Developers & Projects Pvt. Ltd. is engaged in the business of developing SEZ in the IT/ITES Sector and lease-out 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), Delhi bench, has ruled that the tax imposed on the principle of estoppel should be exempted. The tribunal emphasised that incorrectly categorising receipts or income under the in does not render the taxpayer liable for taxation. The bench, chaired by Judicial Member N.K. Choudhary noted that payments for management […]
The Income Tax Department has introduced an investigation operation against particular social media influencers and content creators who make content using various platforms such as YouTube and Instagram. The move was launched because they are not disclosing their income and profits corresponding to their earnings, according to the sources. The department started taking action last […]
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 […]
