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The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the amended return furnished is not amounting to the non-filing of the return and the refusal of a lower tax rate under section 115BAA of the Income Tax Act,1961 is not correct. The taxpayer, M/s.Ujjivan Small Finance Bank Limited is a small finance […]
![Delhi ITAT's Order for M/s Expeditors International [I] Pvt. Ltd.](https://blog.saginfotech.com/wp-content/uploads/2022/09/delhi-itat-order-for-ms-expeditors-international-150x150.jpg)
The Delhi Income Tax Appellate Tribunal (ITAT) ruled that the payments to agents of foreign shipping companies are exempt from TDS deduction. The two-member bench of Saktijit Dey (Judicial Member) and N.K.Billaiya (Accountant Member) sees that provisions of section 172 of the Income-tax act, 1961 would be applicable to the payments incurred to the agents […]
The Income Tax Appellate Tribunal (ITAT), Delhi bench headed via Mr Challa Nagendra Prasad, Judicial Member has discarded the imposition of penalty under section 271(1)(c) without citing a specific charge in the notice issued under section 274. The petitioner, Mr Atul Kumar Bansal has furnished a petition with respect to the confirmation of the imposition […]
The Income Tax Appellate Tribunal (ITAT), Delhi Bench headed by Mr N.K. Billaiya, Accountant Member, and Mr N.K. Choudhry, Judicial Member, deleted the penalty levied under section 271(1)(c) as the notice under section 274 was unable to define concealment or provide the wrong particulars of income. In the process of scrutiny assessment of the petitioner, […]
Through the motive to make it effective for the one’s income assessees, the centre would work to rectify the 2-year former exceptions free income tax regime, furnishing fewer tax rates post to the failure of the new system to attain the benchmark. Finance Ministry, seems to remove the old personal income tax regime, that provides […]
What is the New Foreign Tax Credit (FTC)? Furnishing relief to the assessee for the case of claiming the Foreign Tax Credit (FTC), the Central Board of Direct Taxes (CBDT) has changed Rules 128 of the Income Tax Rules 1962. Before the revision, the assessee can exclusively avail of FTC, via furnishing Form 67 including […]
Under Section 195 of the Income-tax Act, 1961 (ITA), when you have bought the property from a non-resident Indian (NRI) then you are required to deduct tax (TDS). The tax should be deducted while performing any payment to NRI for buying the property. The same would indeed get applied for the case when the advance […]
The Central Board of Direct Taxes (CBDT) has circulated the conditions to claim the income tax deduction for the expenses made on covid-19 treatment. The Finance bill 2022 would furnish a separate income tax deduction for the treatment of Covid-19. Clause (x) of sub-section (2) of section 56 of the Income-tax Act, 1961 (the Act) […]
Most of the contributors to India’s economy are the Micro, Small, and Medium Enterprises (MSME) sector along with Indian Startups being the prime contributors. All of these would sum up greater potential for the manufacturing, services, and export industries and provide employment in the country. As this becomes essential for these businesses to know the […]
