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In the matter of Meyer Organics Pvt. Ltd. vs. DCIT, the Mumbai Income Tax Appellate Tribunal (ITAT) furnished an important decision for levying the penalties under section 271(1)(c) of the Income Tax Act. The ruling of the tribunal is on the correction of bona fide glitches in the original return in the assessment proceedings. Detailed […]
A Delhi Court convicted and sentenced a woman to 6 months in jail for not filing a return on income of Rs 2 crores. This case is related to the complaint filed via the Income Tax Office (ITO) alleging that TDS (tax deducted at source) amounting to Rs. 2 lakh was deducted against the receipt […]
In response to an appeal made in the case of Sanjay Kukreja versus ACIT against the rejection of the claim for deduction u/s 80IA by the Income Tax department, the New Delhi ITAT, on Tuesday, reversed the decision, directing the assessing officer to allow claimed deduction on the grounds that filing of audit report with […]
The auditor failed to file the audit report including the return of income the Ahmedabad bench Income Tax Appellate Tribunal ( ITAT ) ruled while asking to permit an exemption under section 11 of the Income Tax Act, 1961. In this matter, the taxpayer, Karma Falya Trust filed an income tax return for Assessment Year […]
Delhi High Court in a judgment stressed the importance of complying with the statutory needs laid out in Section 74 of the Tamil Nadu Goods and Services Tax Act, 2017 (TNGST Act), in the case of Balaji Electrical & Hardwares Vs State Tax Officer (ST). The very ruling has set a precedent, assuring that the […]
In the case of Global Calcium (P.) Ltd. v. Assistant Commissioner (ST) [Writ Petition No. 170 of 2024 dated February 01, 2024], the Hon’ble Madras High Court ruled that the Assessing Officer should acknowledge the pertinent elements before passing any order. Thus, the case was remanded back to the Assessing Officer. Facts About Global Calcium […]
The Income Tax (IT) department will exempt the old tax demand of up to R1 lakh for any assessee under the Income Tax Act wealth Tax Act or Gift Tax Act, as per the notification. In the interim budget speech, Finance Minister Nirmala Sitharaman announced the withdrawal of petty tax demands of R10,000 a year […]
The Income Tax Appellate Tribunal (ITAT) in Delhi recently noted the requirement of Tax Deducted at Source (TDS) following Section 194J of the Income Tax Act, 1961. The ITAT bench noted that if the payment for consultancy services, excluding the service tax, does not surpass Rs. 30,000, there is no obligation to deduct TDS. The […]
In between the rising pressure from the trade and industry organizations, the Indian government is acknowledging the execution of Section 43B(h) of the Income Tax Act. The same section was revised to ensure timely payments for micro and small enterprises has invoked the concerts in the businesses in the country. This action post a delegation […]
