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A Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that domestic companies must file form 10-IC within the prescribed timeframe if they wish to claim a deduction under section 115BAA of the Income Tax Act. The appellant was represented by Counsel Nihar A. Mehta, and the department was represented by Chetan M. […]
The GST law would pose the major purpose of the tax which is to get collected merely on the value-added. A method is there in India via which the tax suffered at the before time would be permitted to get lessened from the tax subjected to get paid on the supplies. The same prevents the […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), refused the assessment order on the basis that no action has been made by Assessing Officer (AO) to send the draft assessment order to rectify the address. The taxpayer is the owner of DSV Solutions Pvt ltd and it is since the assessing officer does […]
Individuals seek methods to reduce their income taxes. The illegal income tax savings would be drawn into the light. But the national government gives various ways to diminish taxes. All are counted under statutory compliance and are available for every assessee. The Income Tax Act of 1962 comprises various procedures which permit assessees to diminish […]
To double the income tax exemption limit to Rs 5 lakh in the coming budget so that the economy would obtain a rise in consumption, said the Industry body Assocham. Rs 2.5 lakh is the max amount up to which no tax is levied at present. The exemption for people of age between 60 to […]
The makers of the policy would be investigating the forecast to rise the tax-free slab to Rs 5 lakh in the 2-year-old alternative personal income tax regime for making it effective to attract attention. Currently, the assesses do not pay income tax when their income is Rs 2.5 lakh or less than that. Surging the […]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) stated that the blunder of containing service tax spent on rent which was in the form 26AS can be fixed. Under Section 143(1) of the Income Tax Act 1961, taxpayer, Taraben Jayantilal Patel obtained the notice where the income through the house property was […]
The Circular on TDS on Salaries for FY 22-23 has been released by the Central Board of Direct Taxes (CBDT). Under the circular Drawing & Disbursing Officer (DDOs) is authorized u/s 192 to permit some deductions, exemptions or allowances or set-offs of certain loss since the provisions of the act for finding the taxpayer’s income […]
The Delhi bench of the Income Tax Appellate Tribunal( ITAT) stated that Income tax addition u/s 69A could not be on the grounds of doubt. Ms Rano Jain, Adv. &Ms Mnsi Jain, CA appeared for the petitioner and Shri Om Parkash appeared for the respondent. Narender Kumar, the taxpayer opposes the order of Commissioner of […]
