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The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) held that Section 155(14) of the Income Tax Act, 1961 could not limit the Tax Deduction at Source ( TDS ) credit if the income is correctly shown in the Income-tax Returns. The ITAT bench noted that “once TDS is deducted and deposited […]
The Ahmedabad bench Income Tax Appellate Tribunal ( ITAT ) ruled that the Tax Deduction at Source ( TDS ) credit must not be refused if the income from the sale of agricultural property was not declared in the Income Tax Return (ITR). Dhirajlal Savailal Shah, the taxpayer at the time of the AY 2017-18, […]
In the case of Global Calcium (P.) Ltd. v. Assistant Commissioner (ST) [Writ Petition No. 170 of 2024 dated February 01, 2024], the Hon’ble Madras High Court ruled that the Assessing Officer should acknowledge the pertinent elements before passing any order. Thus, the case was remanded back to the Assessing Officer. Facts About Global Calcium […]
The Chennai ITAT referring to CBDT Circular no. 10/2014, stressed that if an undertaking is transferred to another undertaking excluding the way of amalgamation and demerger and in other cases, the transferee undertaking will be qualified for deduction for the remaining unexpired period under section 80IA(4)(iii) of the Income Tax Act. The Bench, Manmohan Das […]
This post will examine the major issues and their solution faced by salaried persons while job changing. Switching jobs at a time of a rapidly changing world is a common career decision in distinct industries and at distinct phases towards the professional journey, be it entry-level, mid-phase, or retirement. Behind such transitions are goals to […]
On the 23rd of January 2024, the Central Board of Direct Taxes issued Circular No. 01/2024, elucidating the modifications to the Income Tax Act, 1961, introduced by the Finance Act of 2023. The Finance Act, 2023, approved by Parliament, obtained the President’s assent on March 31, 2023, and is now enacted as Act No. 8 […]
On 1st February, the interim budget 2024 will be presented by Finance Minister Nirmala Sitharaman, the electric vehicle (EV) industry is advocating for a series of tax and subsidy adjustments, as well as favorable policies, to support the ongoing growth in the sector. The primary appeal from players in the electric vehicle (EV) sector is […]
The Income Tax Department has notified ITR Form 1 and Form 4 for the assessment year (AY) 2024-25. These forms are used by individuals and entities with an annual total income of up to ₹50 lakh. The notification for these forms was issued by the IT Department on Friday. As per a tax expert, the […]
Payroll management is an important part of the operational procedures of any organization. Payroll entails the calculation and distribution of employee wages and perks. The precision of payroll management is paramount for ensuring employees are satisfied with what they have earned for their efforts at the end of the month. It assists in adhering to […]
