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The Chennai bench of the Income Tax Appellate Tribunal( ITAT ) stated that TDS Credit is permissible when Income is provided to the tax concerned to specified TDS. Taxpayers firm M/s. PKF Sridhar & Santhanam LLP, in the profession of consulting and auditing. The appellant furnished its income return for the assessment year 2018-19 on […]
The government of Goa rendered all of its departments to rework the infrastructure project cost via computing the GST at 18% in between the withdrawal of the concessional rate of 12% for the contracts of the government. The finance department has circulated a notice to all state departments and agencies. The same mentioned that the […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), permitting the deduction to Vodafone stated that the deduction for the telecommunication services would be available for “profits of eligible businesses” and is not limited to “profits derived from eligible businesses.” The two-member bench of Vikas Awasthy (Judicial Member) and M. Balaganesh (Accountant Member) rendered […]
From the forthcoming budget, the salaried people secure much more expectations, and taxes relief is a major concern. In India, from 5% the personal income tax has been started and then goes to 42.74% along with the surcharge and cesses. As compared to other countries like Hong Kong (15%) Sri Lanka (18%), and Singapore (22%), […]
To prevent litigation the Income tax department diminishes the time duration required for the tax officers to decide on the refunds adjustments against outstanding tax dues to 21 days. The notice circulated by the Directorate of Income Tax (Systems) that the time limit has been reduced to 21 days, which was 30 days for the […]
The Directorate of Income Tax (Systems) furnished the Instruction No. 06 of 2022 on November 28, 2022, to the Assessing Officers to answer for the intimation under tax section 245 issued by CPC, Bengaluru for a reduction in the time limit for furnishing the response to intimation under income tax section 245 by Assessing Officers. […]
There is a tax levied on the severance pay proposed to the laid-off employees, and certain options would be made for them to claim the income tax exemptions/relief. The below-mentioned options are available for those employees who are finding tax exemptions on severance payments under the income tax rules. Retrenchment Tax Exemption Under Section 10(10B) […]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT), TDS credit must be permitted when the taxpayer provides the income concerned to the TDS beneath the provisions of the income tax act, 1961. The taxpayer, N C Rajagopal has claimed TDS credit amounting to Rs. 45,59,855/-, whereas DCIT, CPC has permitted credit for Rs. […]
The ITAT Ahmedabad Bench stated that when exemption claimed on Long Term Capital Gain via a co-owner has been accepted, then Capital Gain Exemption under tax section 54 of the Income Tax Act,1961 is permitted for the taxpayer. The taxpayer was represented by Shri Parin Shah and the revenue was represented by Shri Atul Pandey. […]
