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The Mumbai Bench of Income Tax Appellate Tribunal (ITAT), ruled that a domestic transaction through an affiliated party does not a described domestic transaction under section 92BA. The petitioner, Giraffe Developers Pvt Ltd has a construction business. While in the investigation assessment, the assessing officer assessed the total income of Rs NIL post to set […]
The National Faceless Assessment Centre (NFAC) provided a Standard Operating Procedure (SoP) for the Assessment Unit (AU), Verification Unit (VU), Technical Unit (TU), and Review Unit (RU) beneath the Faceless Assessment provisions of Section 144B of the Income Tax Act, 1961. SOPs are used to furnish assistance to the units and specify the procedure to […]
ITR furnishing would say to be the yearly activity, all the Indian citizens liable, and in the current times, we are near to it since July 31, 2022, is approaching which is the last date. Submitting the income tax return the tax department verifies the declarations along with the taxes furnished to see if all […]
Most of the contributors to India’s economy are the Micro, Small, and Medium Enterprises (MSME) sector along with Indian Startups being the prime contributors. All of these would sum up greater potential for the manufacturing, services, and export industries and provide employment in the country. As this becomes essential for these businesses to know the […]
The Income Tax Appellate Tribunal (ITAT), Delhi bench, while deleting penalty under section 271(1)(c) of the Income Tax Act, 1961 ruled that the money should not be treated as ‘unaccounted’ only as the non-response from the creditors exclusively due to non-response from the creditors. The taxpayer is the owner of Royal Rubber Works which is […]
Non-resident Indians (NRIs) who used to purchase property in India might reveal the same toughness to follow all the complaints because of their unawareness of the Indian laws. The taxation would be an additional problem for them. The Foreign Exchange Management Act (FEMA) permits Indian citizen who lives outside the country to invest in Indian […]
Income can be defined through the earnings of the person when he gets compensation for his work, services, or investments. For the businesses, the income is directed to the revenue which is being generated by the businesses by selling their goods or services from their operations. The definition and explanation of income are given in […]
The income tax department has found that towards the AY 2022-23 they had obtained more than 2 cr ITR. The former date to furnish the yearly Income tax return for the salaried assessee and the non-auditable cases would be 31st July. “Income Tax e-filing portal has received more than 2 crore Income Tax Returns (ITRs) […]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) ruled that the capital gain exemption beneath section 54B of the Income Tax Act, 1961 could not claim the agricultural land purchased in the name of the taxpayers’ wife. The taxpayer, Mr Karamvir, during the time of furnishing his return of income has claimed a […]
