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The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) permitted the income tax exemption for the Punjab Plastic Waste Management Society and witnessed that plastic waste management comes beneath the preservation of the environment. The bench of A.D. Jain (Vice President) And Vikram Singh Yadav (Accountant Member) dismissed the order of the Commissioner of […]
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. […]
There are some calculations and essential aspects that you would require to learn if you own a house property that is given on rent on vacant or is self-occupied and wishes to opt for the new tax regime for the fiscal year. Learn about the concern that what is the method to compute the income […]
The deduction under Section 80P of the Income Tax Act, 1961 must not be permitted on interest made through the nationalized banks the Income Tax Appellate Tribunal (ITAT) Ahmedabad Bench stated during upholding the Commissioner of Income Tax (Appeal) order. The taxpayer Gujarat State Co-op Agriculture and Rural Development Bank Ltd is stated as a […]
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 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 […]
Uttar Pradesh-based authority for advance ruling (AAR) has held that on the GST, the Input tax credit (ITC) could not be claimed that has been paid on the expenses towards the corporate social responsibility (CSR). For the case, the ruling was provided to the company that used to manufacture and supply the parts of the […]
The Gujarat High Court dismissed an income tax assessment order due to procedural irregularities. The order was issued without prior notice or an opportunity for the petitioner to put their point. The court determined that a show cause notice, along with a draft assessment order, was sent with an unreasonably short deadline which is less […]
On Saturday, Rajiv Talwar, a member of the Central Board of Indirect Taxes and Customs (CBIC) was provided with suggestions regarding GST by the Indore city traders, tax advisors, and industrialists. He learned about what problems its stakeholders are facing with the GST. Read Also: CBIC Recommends New Validations of GST Return Forms for Tracking […]
