Powerd By SAG INFOTECH
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The Institute of Chartered Accountants of India (ICAI), told the Chartered Accountants, that on the e-filing portal the functionality of withdrawing Form 15CB is open. “A large extent of pendency for the updation of 15 CB forms at the e-filing portal may be attributed to the non-availability of any options for their withdrawal from the […]
The article describes the Process of Filing an Appeal before the Commissioner of Income Tax (Appeals), Orders that would be appealable by the taxpayer to the Commissioner of Income-tax (Appeals), Fees For Filing an Appeal Before CIT (Appeals), and Documents To Be Submitted for Appeal before Commissioner of Income-tax (Appeals). The taxpayer who is dissatisfied […]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench comprises of Rahul Chaudhary, Judicial Member, and Om Prakash Kant, Accountant Member ruled that supporting evidence is mandatory for claiming TDS Credit in lack of a TDS Certificate. The taxpayer DZ bank provides the loans to the Indian borrowers and obtains the payments, via its Indian borrowers […]
The Income Tax Appellate Tribunal (ITAT), Delhi Bench headed by Mr N.K. Billaiya, Accountant Member, and Mr N.K. Choudhry, Judicial Member, deleted the penalty levied under section 271(1)(c) as the notice under section 274 was unable to define concealment or provide the wrong particulars of income. In the process of scrutiny assessment of the petitioner, […]
The ITAT Kolkata Bench ruled that there was no investigation conducted on the taxpayer and upholds the deletion of penalty under section 271AAB on undisclosed income. The taxpayer, M/s. Clean Coal Enterprises Pvt. Limited related to The Hind Energy Group of Companies, in which an investigation was performed under section 132(1) of the income tax […]
The Income Tax Appellate Tribunal (ITAT), Kolkata has ruled that the Assessing Officer is not able to validate the information of the Tax Deduction at Source (TDS) via the related party and deletes addition. While at the time of the scrutiny assessment of the petitioner, M/s. Jai Balaji Industries Limited, the Assessing Officer ruled that […]
New compliance for the income tax dept assessing officer has been announced by the Central Board of Direct Taxes (CBDT) so as to diminish the errors in the procedure and raise the faceless assessment system for the assessee. As per the decision, the assessing officer (AO) shall be needed to issue a show cause notice […]
Under Section 195 of the Income-tax Act, 1961 (ITA), when you have bought the property from a non-resident Indian (NRI) then you are required to deduct tax (TDS). The tax should be deducted while performing any payment to NRI for buying the property. The same would indeed get applied for the case when the advance […]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) ruled that amount filed through the purchaser of property to the tenant does not get taxed in the capital asset of the owner. The 4 taxpayer belongs to the same family. Smt. Halima received the property which has an area of 4400 sq ft from […]
