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The tax refund claim cannot be rejected based on a mismatch between Special Additional Duty of Customs and Value Added Tax (VAT), Chennai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) ruled. The bench of M. Ajit Kumar (Technical Member) has marked that minor discrepancies in the description cited in the invoice vis-à-vis […]
Tax deduction u/s 54 of Income Tax Act 1961 ( ITA ) is permissible even if proceeds from the sale of old property are not reinvested in the acquisition of new asset/property, the Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) ruled. The taxpayer, Jignesh Jaysukhlal, owns a residential property, which he decided to sell. […]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) supported the Commissioner of Income Tax (Appeals) ‘s judgment to organize Rs. 129.03 lacs, including income from staff loans and miscellaneous income, as business income instead of income from other sources, affirming that this income was related to the business. Gujarat Urja Vikas Nigam […]
Maharashtra’s Authority for Advance Rulings (MAAR) has stated that the Reserve Bank of India will not required to file the GST on fines, and penalties collected from its controlled institutions. RBI has moved to MAAR to obtain the advance rulings on two questions first whether the penalties, late fee/ penal interest, find the nature, levied […]
Numerous employers are facing difficulties due to Income Tax Department notices demanding unpaid taxes from employees who did not meet the May 31 deadline to connect their PAN and Aadhaar numbers, with some companies receiving tax demands for employees earning below the taxable income limit. This April the revenue department mentioned that PANs will become […]
The income tax department has furnished 10,000 reopening notices to the companies and individuals in major cities asking for explanations for the differences in their notified incomes. Alongside the Central Board of Direct Taxes’ (CBDT) current directive to track rampant cash transactions in sectors like hotels, luxury brand sales, hospitals, and IVF clinics, suggesting the […]
The Central Board of Direct Taxes (CBDT) mentioned clarifying the problems in answer to the misinformation that the recent revision to Section 230(1A) of the Income-tax Act, 1961, does not need all Indian citizens to have an income tax clearance certificate (ITCC) before travelling to other countries. As per the Central Board of Direct Taxes […]
The Delhi High Court, the deduction u/s 80-IA(7) of the Income Tax Act cannot be denied for the mere failure of the taxpayer to digitally file an audit report. It was noted by the bench of Justice Yashwant Varma and Justice Ravinder Dudeja that the audit report was duly provided to the AO and was […]
In a recent development, the Central Board of Direct Taxes (CBDT) has issued a directive to the Income Tax department, underscoring the imperative need for “non-intrusive” monitoring of widespread cash transactions in sectors such as luxury brand sales, hotels, hospitals, and IVF clinics. This directive forms a pivotal component of the CBDT’s Central Action Plan […]
