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When you furnish the ITR in the current year through pre-filled forms, then you can not claim the specific tax deductions that do not show on your Form 26AS or new I-T Annual information statement and thus do not get auto-populated in the income tax return forms. You do not need to think about filing […]
The government of India has declared in the union budget for 2019 an incentive to buy electric vehicles (EVs). Inside the budget, the finance minister has specified that the advanced battery and the enrolled EVs shall be motivated by the policy. The latest section 80EEB of the Income Tax Act 1961 has started which permits […]
In this post, you are required to find out the relief when salary, etc. is furnished in arrears or in advance: There are various cases in which an employee might obtain the salary arrears for the present year for any previous year’s left dues to furnish the amendments. The tax payable for the present year […]
It has been held by the Income Tax Appellate Tribunal (ITAT), Bangalore Bench that income tax deduction could not be allowed to those assessees who are paying the Professional & consultancy charges for acquiring the companies. The reason being the aforesaid expenditure is Capital Expenditure. Here, in this case, the assessee Steer Engineering Private Limited […]
The Mumbai bench of the income tax appellate tribunal (ITAT) has freshly stood that the penalty beneath section 271(1)(c) of the IT act 1961 shall not be imposed towards the cause that the taxpayers had wrongly availed the tax deduction of the yearly exchange service cost looking for the corresponding as revenue expenditure. The taxpayer […]
The house rent allowance comes under the salary income of the majority of employees. However, some small and medium-sized firms might provide the “lump sum amount to the employees” excluding any stoppage. For an employee who lives on rent to avail of the claim deduction, HRA must be part of his or her monthly income. […]
Here in this case the Assessee, Texas Instruments India, had acquired on “lease financing” a couple of motor vehicles from the financial leasing company. These vehicles had to be allocated to the employees of the Assessee for the purpose of office use. Moreover, the lessee applied for the tax deduction for the sum paid to […]
March 31 2025 is the deadline for doing investments for tax-saving concerned with the financial year 2024-25. To date, many individuals might not have made tax-saving investments for the present year. Now they might be planning to do it as only a couple of days are left. However, it is not an apt idea to […]
The government can seek to cut the deductions for the expenses of the salaried person while working from home for the budgeting which is yet to arrive as it seems to raise the demand for consulting firm PWC India. The demand raised is focussed on the money which is furnished or provided in the individual’s […]
