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There are more than 7.9 million MSMEs in India dated 27th March 2022, as per the Ministry of Micro, Small, and Medium Enterprises. Nearly 30% of the country’s manufacturing production comes from MSMEs. In the 2022 Statista report, there are nearly 110 million Indians who worked in MSMEs in the financial year 2016. As compared […]
The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the amended return furnished is not amounting to the non-filing of the return and the refusal of a lower tax rate under section 115BAA of the Income Tax Act,1961 is not correct. The taxpayer, M/s.Ujjivan Small Finance Bank Limited is a small finance […]
The Income Tax Appellate Tribunal (ITAT), Delhi bench headed via Mr Challa Nagendra Prasad, Judicial Member has discarded the imposition of penalty under section 271(1)(c) without citing a specific charge in the notice issued under section 274. The petitioner, Mr Atul Kumar Bansal has furnished a petition with respect to the confirmation of the imposition […]
The Pune bench of the Income Tax Appellate Tribunal (ITAT), the interest on income tax cannot be permissible as a deduction under section 40(a)(ii) of the Income Tax Act, 1961. The taxpayer, Rajendra Sukhdev Mirgane, is a Builder and Contractor who filed the income return showing a total income of Rs 2.18 cr. At that […]
The Patna bench of the Income Tax Appellate Tribunal (ITAT) recently ruled that as per the provisions of the Income Tax Act, 1961 no income tax is payable on compensation for the compulsory acquisition of land by the Government. This came in a case where Shri Suresh Prasad is the assessee who had received compensation […]
In this article, we are giving a deep explanation about intimations under income tax section 245 for outstanding tax demand. Through the assistance of E-filing of income tax returns (ITR), it is simpler for the assessee and the tax department to file the taxes. The processing of ITRs, providing intimation under Section 143(1), furnishing the […]
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, […]
Supporting the impact of higher import duties on solar modules and cells, the government has started providing incentives to the domestic solar industry. But it seems that there is no intention of the government to provide tax relief to the importers of solar modules, for support, the government is open to validating the workable plans […]
Through the motive to make it effective for the one’s income assessees, the centre would work to rectify the 2-year former exceptions free income tax regime, furnishing fewer tax rates post to the failure of the new system to attain the benchmark. Finance Ministry, seems to remove the old personal income tax regime, that provides […]
