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In a case where, the taxpayer, Roshni Sharma’s PAN card was used by a fraudster to claim exemption. Most interestingly, she has never rented out any property throughout her life. However, during a recent review of the income tax portal, she discovered that her Permanent Account Number (PAN) had been misused by an individual to […]
The Income Tax Department lacks the authority to impose late fees and interest related to Tax Deduction at Source (TDS) as per the notification under Section 200A of the Income Tax Act, 1961, before the amendment of the law, the Income Tax Appellate Tribunal (ITAT), Jodhpur bench, has ruled. In this case, Dinesh Infrastructure Private, […]
Although the GST Council has not mandated a tax reduction on lithium-ion batteries used in Electric Vehicles (EVs), many players in the industry remain optimistic about maintaining growth, though at a slower pace. They are actively seeking government support to expedite the adoption of EVs in India. Rather than concentrating solely on the current use […]
Non-resident Indians (NRIs) need to get a Tax Deduction at Source (TDS) certificate to avoid having taxes deducted on income generated in India. NRIs cannot utilise Form 15G/H to excuse themselves from TDS on their income, as residents may. Instead, they must submit an application to the assessing officer to get a certificate that either […]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has ruled that Tax Deduction at Source (TDS) under Section 194C of the Income Tax Act, 1961 does not apply to casual labour expenses incurred for activities such as road construction, crane hiring, and site machine shifting. The entity in question, Amtech Engineers, is a […]
The tax deducted at source under Section 194C(2) of the Income Tax Act, 1961 does not get levied if there is no contractual or sub-contractual relationship between the joint venture and its constituencies, the Kolkata bench of the Income Tax Appellate Tribunal (ITAT) ruled. The taxpayer Joint Venture (JV) was created via RAMKY Infrastructure Ltd […]
Recently, the Bombay High Court has ruled that the amendment made in accordance with section 54 of the Income Tax Act, 1961, doesn’t have a retrospective impact on limiting investments in India. This amended provision takes effect from April 1, 2015, and will be applicable in the future, but not before the amendment date. The […]
On September 14, 2023, the National Informatics Centre, operating under the Ministry of Electronics and Information Technology (MeiTY), issued a clarification concerning Goods and Services Tax (GST) e-invoicing for Government Supplies. The GST Policy Wing has issued this clarification in reference to the implementation of e-invoicing for transactions involving Government departments or agencies, as detailed […]
The Income-Tax Department has recently issued notification notices to 22,000 taxpayers, which include both salaried individuals and high-net-worth individuals as well as trusts. These notifications were sent because there were inconsistencies detected between the deductions declared in their Form 16 or Annual Information Statement (AIS) and the data available in the possession of the Income […]
