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The Tax Department, or the Central Board of Direct Taxes, said that the drive to issue notices and reopen a “small number” of cases with mismatches between the rent paid via a salaried employee and the rent received via the recipient in FY21 was not counted under a special drive for it, as media notified […]
While accepting that the income discovered to be belonging to the taxpayer’s wife in scrutiny assessment was duly offered to tax, the Rajkot ITAT condemned the I-T Department from taking the opposite opinion and taxing it in the hands of the assessee according to the foundation that his wife was not functioning any business. The […]
The Delhi High Court ruled that just as a taxpayer does not file the returns for some period does not indicate that the taxpayer’s registration is directed to be cancelled with a retrospective date. The bench of Justice Sanjeev Sachdeva and Justice Ravinder Dudeja, in terms of Section 29(2) of the Act, the proper officer […]
India’s Finance Minister, Smt. Nirmala Sitharaman has presented distinct new income tax rule modifications in the budget 2023. There will be certain significant modifications with the start of the new fiscal year (FY 2024-25). From April 1, 2024, such revisions shall be implemented. From April 1, 2024, the corresponding changes, will add new regulations or […]
A GST notice worth Rs 23.26 cr for the FY 2018-19 has been received by Zomato from Karnataka tax authorities, the company mentioned in a regulatory filing. The order mandates a Goods and Services Tax payment of Rs 11,27,23,564, including additional interest and penalty charges totalling Rs 23,26,64,271, as per the filing. “According to Regulation […]
The New Delhi ITAT after determining that the taxpayer does not file either of the conditions specified in section 54 of the income tax, ruled that no infirmity in the IT authority’s order in refusing the advantage of the deduction of the long-term capital gains to the taxpayer under section 54. The Division Bench of […]
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 […]
A recent survey has depicted the complexities of tax compliance for NRIs and OCIs. India has the world’s largest overseas diaspora, with nearly 32 million NRIs and OCIs. India’s NRI network witnesses an effective presence in Gulf countries, alongside Singapore, the US, Canada, the UK, and more. SBNRI surveyed a comprehensive investment platform for NRIs […]
The Income Tax Appellate Tribunal (ITAT) Delhi issued a significant ruling in the matter of Mandeep Singh Anand Vs ACIT for the authority of the Commissioner of Income Tax (Appeals) (CIT(A)) to add a new source of income without providing an enhancement notice. This blog furnishes a summary of the case and the decision of […]
