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The deduction under Section 80P of the Income Tax Act, 1961 must not be permitted on interest made through the nationalized banks the Income Tax Appellate Tribunal (ITAT) Ahmedabad Bench stated during upholding the Commissioner of Income Tax (Appeal) order. The taxpayer Gujarat State Co-op Agriculture and Rural Development Bank Ltd is stated as a […]
The Income Tax Appellate Tribunal (ITAT), the Delhi bench, has held that income derived from car parking is liable for deduction under Section 80IA of the Income Tax Act 1961. The assessee, Candor Gurgaon Two Developers & Projects Pvt. Ltd. is engaged in the business of developing SEZ in the IT/ITES Sector and lease-out the […]
The Income Tax Department has introduced an investigation operation against particular social media influencers and content creators who make content using various platforms such as YouTube and Instagram. The move was launched because they are not disclosing their income and profits corresponding to their earnings, according to the sources. The department started taking action last […]
Uttar Pradesh-based authority for advance ruling (AAR) has held that on the GST, the Input tax credit (ITC) could not be claimed that has been paid on the expenses towards the corporate social responsibility (CSR). For the case, the ruling was provided to the company that used to manufacture and supply the parts of the […]
The Gujarat High Court dismissed an income tax assessment order due to procedural irregularities. The order was issued without prior notice or an opportunity for the petitioner to put their point. The court determined that a show cause notice, along with a draft assessment order, was sent with an unreasonably short deadline which is less […]
On Saturday, Rajiv Talwar, a member of the Central Board of Indirect Taxes and Customs (CBIC) was provided with suggestions regarding GST by the Indore city traders, tax advisors, and industrialists. He learned about what problems its stakeholders are facing with the GST. Read Also: CBIC Recommends New Validations of GST Return Forms for Tracking […]
Since the plan of the tax authorities is deep dive into their business exercise to fetch the potential of a raft tax associated irregularities and thus the insurance companies might face GST audits. On the basis of fictitious invoices created by their channel partners and intermediaries, several insurance businesses are being investigated for improperly claiming […]
As ordered by the Central Board of Direct Taxes (CBDT) about the procedural revision for the business owners including professionals, permitting them to carry on with the old tax regime from FY 2023-24. The same measure has been taken as the new tax regime is a default option, making it crucial for people with income […]
The Income Tax Appellate Tribunal (ITAT), Bangalore bench, in its recent ruling in the case of EY Global Delivery Services India said that the interest charged under Section 234C of the Income Tax Act, 1961 against the firm should be collected on the returned income, not on the assessed income. EY Global Delivery Services India […]
