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Authority for Advance Ruling (AAR) Karnataka has held that no deduction towards property tax The constant demand from the public has made BBMP extend the deadlines for availing a 5% rebate on property tax from earlier April 30 to current May 31, 2020. Read more from the rent value of immovable services (RIS) is allowed. […]
The Delhi High Court has ruled that a document issued by revenue authorities or any government body certifying the agricultural status of the land is not a sale deed. A division bench consisting of Justices Vibhu Bakhru and Swarana Kanta Sharma stated that the primary purpose of a sale deed is to document the transaction […]
The Apex court dismissed 93 appeals contesting the application of the Tax Deduction at Source (TDS) on the salaries furnished to the nuns and priests of the Catholic Church who are working as teachers in aided institutions. The bench, which included Chief Justice of India DY Chandrachud and Justices JB Pardiwala and Manoj Misra, was […]
It was carried that the Income Tax Appellate Tribunal (ITAT) carried the provisions of section 80P of the Income Tax Act, confirming its role in boosting the growth of cooperative societies. The ruling was created in the appeal related to the AY 2015-16 in which the Principal Commissioner of Income Tax (PCIT) had modified an […]
The Central Board of Direct Taxes (CBDT) has introduced a new tax form called 12BAA, particularly made for the disclosure of non-salary income and inclusion of information on Tax Collected at Source (TCS). As per the guidelines, these forms with the norms emphasized in the Union Budget 2024 will streamline the offsetting of Tax Deducted […]
There shall be a systematic verification of high-risk refund claims in income tax returns for the AY 2024-25 (financial year ending March 31, 2024), following a standard operating procedure (SOP). the purpose is to find out if the wrong refund claim has been incurred in an organized way or via a single person. As per […]
It was carried by the Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) that interest income made through the deposits with co-operative banks entitled to a deduction under Section 80P(2)(d) of the Income Tax Act,1961. With earlier rulings the decision aligns that permit such deductions, stressing that only interest from co-operative banks, not […]
The Madras High Court quashed the income tax addition as a wrongful deduction u/s 194-IB rather than Section 194C of the Income Tax Act, 1961. Three additions have been offered by the respondents to the income shown, however, the additions were dismissed without enough reasoning. The assessment proceedings started following the applicant’s ITR filing for […]
FM Nirmala Sitharaman incurred that there would be no reduction in tax rates under the old regime, addressing calls via assesses for identical rate reduces both old and new regimes. The minister said that the government does not force anyone to switch from the old to the new tax regime. What Amount Do I Required […]
