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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 […]
The Goods and services tax authorities would be asking for near real-time access to the banking transactions of the assessees that render to fetch the bogus invoices and more use of the ITC through the businesses sections. The same procedure complies with the recent investigations that show that the undue tax credits collected via the […]
The Punjab and Haryana High Court has cancelled the assessment order and consequent notice of demand and penalty proceedings due to non-compliance with the process glorified in clauses (vii) and (viii) of Section 144-B(6) of the Income Tax Act. The assessment of the orders and demand notices would have passed for the breach of the […]
Haryana has a population of 3.06 crore and the state’s boundary acquires an area of 50,362 sq km, collected Rs. 10,035 crore GST in April 2023, its GST collection is four times that of Punjab’s collection of Rs 2,316 crore, which has a population of 2.99 crore and a surface area of 44,212 sq km. […]
