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According to a recent decision by the Pune bench of the Income Tax Appellate Tribunal (ITAT), if the tax was not deposited, the advantage of tax deduction at source shall not be granted in the intimation under section 143(1) of the Income Tax Act of 1961. According to Section 143(1) of the Income Tax Act […]
Security expenses are not entitled to Tax Deduction at Source under Section 194C of the Income Tax Act of 1961, according to the Mumbai bench of the Income Tax Appellate Tribunal (ITAT). The assessee, M/s ATC Telecom Infra P Ltd, works with telecom operators to provide passive infrastructure. Prior to that, it went under the […]
Do you have any questions about the updated new tax regime’s potential benefits for your salary income? To improve the appeal of the new tax structure to taxpayers, changes have been proposed in Union Budget 2023-24. The low-to-mid-income earners (annual income up to Rs 15 lakh) and those with incomes of Rs 5 crore and […]
Tax Deduction at Source is not applicable to payments made to non-residents, according to the Chennai bench of the Income Tax Appellate Tribunal (ITAT). The manufacturer of turbochargers and engine parts for use in industrial engines, off-road vehicles, commercial vehicles, and passenger automobiles is Assessee Turbo Energy Private Limited. Following the filing of the income […]
When the assessee failed to show a discrepancy between the 26AS form and income tax returns, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) recently affirmed the addition made by the assessing officer. Assessee Individual Vijay Kashinath Jagtap earns a salary from M/s. Pfizer Ltd. to support himself. The assessee filed his income […]
According to Arun Kumar Garodia, chairman of the Engineering Exports Promotion Council (EEPC) India, the government may look to increase cash in the hands of businesses, especially MSMEs, by way of tax exemption and lower rates in the upcoming Union Budget given the decline in India’s engineering exporters as a result of the slowdown in […]
Before the Union budget, a suggestion has been incurred by the banking sector via the Indian Banks’ Association (IBA), to the Union finance ministry on direct tax along with the elimination of Section 194N of the Income Tax Act. Tax deduction at source (TDS) as per section 194N is needed to be executed when the […]
As the Union Budget 2023 is approaching nextly, the industries are putting their points. One of the sectors is the insurance sector which asks for the exemption for health insurance and life insurance, citing that no GST would be levied on these two. Tax experts mentioned that the “Insurance sector is still facing the issue […]
Income Tax Appellate Tribunal (ITAT) of Amritsar bench, engaged via M.L. Meera (Accountant Member) and Anikesh Banerjee (Judicial Member) kept the decision of the Commissioner of Income Tax (Appeals) National Faceless Appeal Centre (NFAC) for imposing the late fee on the taxpayer on filing Tax Deduction Source (TDS) late. The taxpayer furnished an appeal in […]
