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The Ahmedabad bench Income Tax Appellate Tribunal ( ITAT ) ruled that the Tax Deduction at Source ( TDS ) credit must not be refused if the income from the sale of agricultural property was not declared in the Income Tax Return (ITR). Dhirajlal Savailal Shah, the taxpayer at the time of the AY 2017-18, […]
Via e-campaign, persons/entities holding influential financial transactions will be disclosed through email/SMS to encourage them to calculate and deposit their due advance tax on or before 15.03.2024 On specific financial transactions embarked by persons/entities at the time of Financial Year (F.Y.) 2023-24, the Income Tax Department has obtained specific data. Based on the analysis of […]
The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) ruled that marketing services directed via the US entity in India do not levy tax in India a Fee for Technical Service (FTS). The addition made by the Assessing officer is been deleted by the bench. The assessee AD2PRO Media Solutions Pvt. Ltd. provides marketing […]
The government has released a press release on the topic of implementation of the E-Verification Scheme 2021 which offers a solution for taxpayers who are facing mismatch issues by responding on the new ITR portal. The scheme addresses the difference between the assessed ITR and their related financial records. By executing this scheme, taxpayers can […]
The Bangalore Bench of the Income Tax Appellate Tribunal ruled that the TDS cannot be taken isolatedly in any assessment year without offering the affiliated income for taxation. The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has followed that the taxpayer will be qualified for the Tax Deducted at Source credit corresponding […]
In a ruling that has captured the attention of tax professionals and businesses alike, the Income Tax Appellate Tribunal (ITAT) in Delhi furnished its verdict on the case between GSR Industries and the Deputy Director of Income Tax (DDIT). This case judged dated 26 December 2023, rotates about diverse problems related to income tax assessment […]
The Income Tax Appellate Tribunal (ITAT) Bangalore in its recent ruling on the Hubli Electricity Supply versus Deputy Commissioner of Income Tax (DCIT) case highlighted the intricate factors of section 43B of the Income Tax Act. This case underscores the complexities involved in how businesses handle taxes, duties, cesses, or fees, and how it impacts […]
The Income Tax (IT) department will exempt the old tax demand of up to R1 lakh for any assessee under the Income Tax Act wealth Tax Act or Gift Tax Act, as per the notification. In the interim budget speech, Finance Minister Nirmala Sitharaman announced the withdrawal of petty tax demands of R10,000 a year […]
A circular via the GST department might be furnished to address the dispute of the spate of notices sent before the Indian arms of the foreign firms asking for the tax salaries filed to immigrants via the local unit. As per the circular input tax credit (ITC) must not be held back from 2017 to […]
