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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 finance ministry has issued a notification dated May 24, 2023, in line with the budget 2023 proposal, to announce an increased ceiling for the encashment of earned leave exempt from income tax. This change will be implemented from April 1, 2023. Following the powers granted by sub-clause (ii) of clause (10AA) of section 10 […]
Income tax authorities have been instructed to mandatorily find out the cases wherever they detect any suspicion of tax evasion on returns for thorough scrutiny during the current financial year, according to the instructions released by the Central Board of Direct Taxes (CBDT). Additionally, the board encouraged them to identify any cases that involved an […]
The Income Tax Appellate Tribunal (ITAT)’s Kolkata Bench has ruled that under Rule 8(1) of the Income Tax Rules, 1962, only 40% of the assessee’s income must be treated as taxable income after making the disallowance and computing the assessee’s income. The Assessing Officer must calculate the income after making a disallowance concerning an EPF […]
The Income Tax Department, taking a move to make sure companies do not adjourn their tax liabilities for the financial year, so it has been decided to monitor advance tax payments by assessing India Inc’s annual and quarterly balance sheets along with sectoral growth trends. As per the IT department’s central action plan for 2023-24, […]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) agreed with the assessee’s arguments and came to the conclusion that there were relevant grounds for violating sections 269SS and 269T of the Income Tax Act, 1961. In rejecting the penalty order, the two-judge bench of Shamim Yahya and Asta Chandra noted that they did […]
The existing notes will remain legal tender, the RBI announced on Friday, and ₹2000 notes will be removed and added. According to sources aware of the move, sudden significant deposits in numerous Jan Dhan accounts may also be examined in an effort to uncover tax evaders using third-party bank accounts to hide their income while […]
Recently, the Government of India released a notification and mentioned that a 20% tax will be levied as TCS on international usage of credit cards. As per the notification, usage of international credit cards will be included under the Liberalised Remittance Scheme (LRS). It was cleared by the Finance Ministry in the notification that Foreign […]
While upholding the addition, the Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) ruled that A.O. did not reject the books of accounts under Section 145 but instead assessed the income on the basis of the Profit Margin Method. While dismissing the department’s arguments, the T.R. Senthil Kumar (Judicial Member) and Waseem Ahmed (Accountant […]
