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The Delhi bench of the Income Tax Appellate Tribunal (ITAT) ruled that the provisions of section 50C of the Income Tax Act, 1961 shall be subjected to be applied merely to the seller of the property and not to the buyers. The concern would be the taxpayer firm is a limited liability partnership firm who […]
The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that the rental income could not be drawn under the tax when the taxpayer does not in any lease agreement with the tenants. The taxpayer was shown by Ms Urvashi Shodhan and Shri Rakesh Jha represents the revenue. On the verification of […]
A day prior to the central Finance minister Nirmala Sitharaman starting the customary pre-budget meets with the stakeholders, the confederation of Indian Industry (CII) asked for a reduction in the personal rates of the income tax for reviving the demand. The same can provide the advantage to nearly about 5.83 cr people who become part […]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the interest income made on FDs held as security for performance guarantees would be subjected to be taxed as income from business and could set off against the expansion of the project. The single bench of Saktijit Dey (Judicial Member) rendered the Assessing […]
The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) stated that as the intimation under section 143(1) of the Income Tax Act, 1961 does not show in the tax portal hence there could not be any resulting issues referred to the assessment. The taxpayer, Mr, Paras Kuhad is a Senior Advocate who practices in […]
For corporations and individuals under Indian tax laws who were subject to tax audits, the deadline to file income tax returns is 31st October 2023, for the financial year 2022-23. Late fees will apply if taxpayers have not filed it by the due date. Note: In Explanation 2, sub-section (1), clause (a) describes how to […]
A Single Bench of the Income Tax Appellate Tribunal (ITAT) Pune, ruled that the Assessing Officer (AO) cannot reopen an assessment without tangible material showing escapement of income. The taxpayer is the owner of Sikandar and Company a company that incurs the income from trading on the wholesale and semi-wholesale basis and Cattle feed items. […]
The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) ruled, tax liability under section 206C of the Income Tax Act,1961 would come, the taxpayer has unable to file Form 27C and Tax Collect at Source (TCS) exempted on the scrap sale. The petitioner was represented via Shri Jinesh Shah and the respondent […]
Investing in the property would be defined as a safe choice for regular income via renting. But on the income made from rent, there are some tax implications. The rental income of the landlord would be levied to tax under the subjected tax slab rates beneath the head income via house property. The article describes […]
