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The income tax Appellate Tribunal (ITAT) stated that the AO is taking the rental income via commercial properties as the income beneath the head ‘House Property’ rather than the Income from Business. The taxpayer is the owner of Discovery Estates Pvt. Ltd. which owned the construction businesses of the commercial complex and also earning the […]
The Central Board of Direct Taxes (CBDT) has once again delayed the “Tax Audit Clause 30C and 44” till the date 31st Mar 2022 due to the pandemic COVID-19. For the fourth time, The CBDT has once again provided an extension to the aforesaid due date for filing Form 3CD. As per the Income Tax […]
In response to several representations received by The Central Board of Direct Taxes (CBDT) for seeking clarification on the ‘search case’ mentioned in the Vivad Se Vishwas Act 2020, CBDT has examined the aforesaid provision and issued proper clarifications on the same. As per CBDT, search case includes within its purview either assessment or reassessment […]
Now, you shall not be paying taxes in the way you used to pay in FY 2021-2022. Noteworthy changes in the Income-tax regime that shall be operative from 1st April 2021 include the following: No requirement of tax filing for senior citizens above 75, Pre-filled IT forms, Tax on interest on PF, Income tax return […]
On Wednesday, Finance Minister Nirmala Sitharaman moved 127 amendments in Lok Sabha. One of the amendments approved by Lok Sabha relates to the increase in the exemption limit of provident fund to Rs 5 lakh given the condition that the employer has not contributed to the PF corpus. As per a consultant in a leading […]
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 […]
Revenue from direct tax collection, amidst fiscal stress provided relief to the government. It is moving nearby to the amended Budget target for 2020-21 and might receive a stimulus from the final installment of the payment of advance tax. Its deadline ended on Monday. The revenue from net direct tax declined to 5 percent year-on-year […]
From FY 2020-21 onwards, taxpayers can have the choice within the double income tax scheme i.e. the newer and the old one and the latest concessional. This choice is synonymous with shopping in the market where we have the option to purchase one product or the other from our pocket/budget of shopping. If the taxpayer […]
It’s a great setback to the Bank of India(BOI) and a lesson for other banks operating overseas. The Mumbai bench of the Income-tax Appellate Tribunal (ITAT) has issued orders not to refund foreign taxes aggregating to Rs. 182.64 crore paid by the Bank of India (BOI) as the bank suffered financial loss and does not […]
