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The constitutional validity of the explanation to Section 10AA(1) of the Income Tax Act inserted by the Finance Act 2017, upheld by the Calcutta High Court. The bench of Justice Md. Nizamuddin witnessed that the principle of legal expectation does not apply to the case of the petitioner, and the explanation after Subsection (1) of […]
The payments made to gateway providers are not brokerage and TDS under Section 194H of the Income Tax Act,1961 is not liable to be deducted, the Bangalore Bench of Income Tax Appellate Tribunal (ITAT) said. The taxpayer M/s. Knowledge Hut Solutions Pvt. Ltd filed its income return for Assessment Year (A.Y) 2018-19 showing the total […]
The Maharashtra Appellate Authority for Advance Rulings (AAAR) recently ruled that the reimbursement amount received by the taxpayer from the National Employability Enhancement Mission (NEEM) Trainer, which covers stipends and other expenses incurred on NEEM Trainees, should be considered as a ‘pure agent’ transaction according to Rule 33 of the Central Goods and Service Tax […]
The late payment of Tax collection at source (TCS) and Goods and Services Tax (GST) does not constitute a penalty and should, in fact, be eligible for deduction under Section 37 of the Income Tax Act, 1961, the Jaipur bench of the Income Tax Appellate Tribunal (ITAT) recently ruled. The taxpayer involved in this case […]
The capital gain exemption is not available for the residential house brought abroad post 1st April 2015. For the period prior to AY 2015-16 or to the introduction of the words “in India” in Section 54 of the Act vide Finance Act No. 2 of 2014, which came into effect on April 1, 2015, the […]
Buying residential house property prior to the last ITR filing date makes the taxpayer qualified for the deduction under section 54F of the Income Tax Act, the Chennai bench of the Income Tax Appellate Tribunal (ITAT) ruled. The petitioner is an individual and has submitted her Income tax return for the AY 2012-13 dated 01.06.2013, […]
The fee furnished via the taxpayer, Tata Consultancy Services (TCS), for the brand to Tata and Sons Ltd. is not capital in nature for the cause that the brand does not get owned via the taxpayer, Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled. There is no royalty that provides to get levied on […]
This summary highlights four important circulars issued in July 2023 regarding tax compliance. The first circular addresses the reconciliation of Input Tax Credit (ITC) between GSTR-3B and GSTR-2A, outlining how changes in rules have impacted ITC claims. The second circular discusses refund-related issues, clarifying that refunds are now limited to the ITC amount shown in […]
GST for the applicant does not get levied on the amount which shows the portion of canteen charges of the employees collected via the applicant to the canteen service provider (CSP), Gujarat Authority for Advance Rulings (AAR) articulated. The Applicant is involved in the production and distribution of mining and construction equipment in India, with […]
