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To prevent litigation the Income tax department diminishes the time duration required for the tax officers to decide on the refunds adjustments against outstanding tax dues to 21 days. The notice circulated by the Directorate of Income Tax (Systems) that the time limit has been reduced to 21 days, which was 30 days for the […]
The Directorate of Income Tax (Systems) furnished the Instruction No. 06 of 2022 on November 28, 2022, to the Assessing Officers to answer for the intimation under tax section 245 issued by CPC, Bengaluru for a reduction in the time limit for furnishing the response to intimation under income tax section 245 by Assessing Officers. […]
There is a tax levied on the severance pay proposed to the laid-off employees, and certain options would be made for them to claim the income tax exemptions/relief. The below-mentioned options are available for those employees who are finding tax exemptions on severance payments under the income tax rules. Retrenchment Tax Exemption Under Section 10(10B) […]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT), TDS credit must be permitted when the taxpayer provides the income concerned to the TDS beneath the provisions of the income tax act, 1961. The taxpayer, N C Rajagopal has claimed TDS credit amounting to Rs. 45,59,855/-, whereas DCIT, CPC has permitted credit for Rs. […]
The ITAT Ahmedabad Bench stated that when exemption claimed on Long Term Capital Gain via a co-owner has been accepted, then Capital Gain Exemption under tax section 54 of the Income Tax Act,1961 is permitted for the taxpayer. The taxpayer was represented by Shri Parin Shah and the revenue was represented by Shri Atul Pandey. […]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) stated the interest obtained via fixed deposit receipt (FDR) would get taxed and not as income via the business but as additional income in Income Tax Act 1961. In the request to the ITAT Shri Mahaveer Jain and Shri Charmi Shroff emerged as the petitioner […]
With the new technology upgradation, the income tax department upgraded its systems, and the assessee in the country pays their tax online from their homes or offices. Through the start of the e-pay tax feature, the council makes the process easier. The same utility supports the assessees to incur their payments via the internet through […]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) ruled that the provisions of section 50C of the Income Tax Act, 1961 shall be subjected to be applied merely to the seller of the property and not to the buyers. The concern would be the taxpayer firm is a limited liability partnership firm who […]
The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that the rental income could not be drawn under the tax when the taxpayer does not in any lease agreement with the tenants. The taxpayer was shown by Ms Urvashi Shodhan and Shri Rakesh Jha represents the revenue. On the verification of […]
