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The New Delhi Bench of the Income Tax Appellate Tribunal (ITAT), denied the assessment order as void ab initio since there was no deviation in income returned by the taxpayer Super Brands Ltd [UK]. On the furnished tax return by the taxpayer, the assessing officer has assumed the jurisdiction, and legal notices were provided and […]
The Income Tax Appellate Tribunal, Bangalore Bench, in the petition furnished to it ruled that there shall be no disallowance that has incurred under section 14A when no exemption of the income would be earned via the taxpayer. The mentioned observation was incurred via Tribunal if the petition was made to it via taxpayer UKN […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) removed the charge of late fees of Rs 40,000 concerning the period of the tax deduction before 1/06/2015. The two-member bench of Rahul Chaudhary (Judicial Member) and M. Balaganesh (Accountant Member) laid on the decision of Karnataka for the case of Fatehraj Singhvi Vs. Union […]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) ruled that any sum filed to the employee as a bonus or commission for the services furnished required to be permitted as a deduction. The bench of Saktikit Dey sees that the reasonableness of the payment or the sufficiency of services provided by the employee […]
Usually, companies take the risk of losing the tax credits (TDS and TCS) because of a lack of regular reconciliation between books of accounts and government records Form 26AS. The year-on-year TDS credit lock-up is directed to inefficiencies in the working capital, which would be the major subject to think about for CFOs and tax […]
A chartered accountant is a most important profession; a CA is needed in all companies and businesses. He just computes and quotes all the financials of the company and helps in filing the Income tax return, GST compliance, auditing, corporate finance, business recovery, etc, followed by important dates for their clients as per the statutory […]
Apex court, under the income tax act, if the educational trusts or societies make a profit then the same shall not be entitled to claim for the exemption. The bench of Chief Justice of India UU Lalit, Justices S Ravindra Bhat, and PS Narasimha mentioned that these educational trusts or societies must only be related […]
The Chandigarh Bench of the Income Tax Appellate Tribunal ( ITAT ), Judicial Member Diva Singh ruled in favor of the taxpayer and set aside the order refusing the levied penalty. There were 2 kinds of payments that the taxpayer has incurred for which the current action would be invoked. Related to it the same […]
An Introduction of Section 44B The taxpayer is an NRI and has the business of furnishing the services provides by the plant and machinery on hire for the mineral oils extraction. A Short Summary of Section 44BB (1) Irrespective of the opposite held in sections 28 to 41 and sections 43 and 43A, for the […]
