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Kerala High Court ruled that employees cannot claim income tax exemption without government notification fixing the income limit for earned leave salary. Balan Panicker Ramesh Kumar, an applicant asked for the guidance of the respondent department to examine the income limit for tax purposes on earned leave salary u/s 10AA(ii) of the Income Tax Act, […]
Gross Direct Tax collections for the Financial Year (FY) 2024-25 register a growth of 22.19% Net Direct Tax collections for FY2024-25 grow at over 20.99% Advance Tax collections for FY2024-25 stood at Rs. 1,48,823 crore with a growth of 27.34% Refunds aggregating to Rs. 53,322 crore issued in the current fiscal The provisional numbers of […]
In the matter of Sumit Maheshwari vs. Income Tax Officer (ITAT Delhi), the appeal emerged from a penalty levied u/s 271(1)(b) of the Income Tax Act, 1961 for non-compliance with a notice issued u/s 142(1) of the Act. The issue was whether the penalty was explained given the possibilities covering the service of notices by […]
With the full budget for FY25 set to be revealed next month, there is growing anticipation about significant announcements sought to furnish relief to the salaried class. The government is regarding changes to the existing income tax framework, with a focus on lower income brackets to boost consumption. Quoting two government officials, the report shows […]
If a person has income from business in India then he must understand ITR filing requirements for business income to avoid interest and penalties. Business Income and ITR Filing: What You Must Learn In this blog post, we’ve broken down the key points into an easy-to-follow checklist below. Income Tax Return (ITR) Form Using the […]
During quashing an SCN issued via the department for initiation of penalty proceedings under section 270A in a vague manner, a categorical finding of ‘misreporting/ under-reporting’ is essential for the levy of penalty under section 270A, Delhi HC ruled. An order dismissing immunity asserted via taxpayer u/s 270AA and dropping the penalty proceedings under section […]
The income from the reselling of subscription-based products is royalty, the Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled. The taxpayer has sold the digital product as well as all copyrights therein, which squarely drops under the definition of ‘royalty’ both under Article 12 of the Double Taxation Avoidance Treaty (DTAA) between India and […]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has removed the addition made by the department since the cash deposits made from the taxpayer’s parents collected savings and income from agricultural activities. The bench of Suchitra Kamble (Judicial Member) and Makarand V. Mahadeokar (Accountant Member) noted that when the taxpayer furnishes a plausible explanation […]
The Hyderabad bench of the Income Tax Appellate Tribunal ( ITAT ) remanded the case to the Assessing Officer ( AO ) post remarking that the Income Tax Authorities were unable to discuss the difference in sundry creditors before confirming the addition u/s 41(1) Income Tax Act, 1961. The taxpayer Jonna Iron Mart is a […]
