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The Income Tax Appellate Tribunal (ITAT), Pune bench held that the income generated from the selling of software license could not be categorised as royalty considering the provisions of the Income Tax Act, 1961. The Assessing Officer, while finalizing the assessment proceedings carried against the assessee, observed that Rs.86,05,13,407/- was accepted by the assessee towards […]
The new income-tax portal 2.0, which was launched on June 7, is most probably going to add more private banks to its list for payment of income tax, fees, penalty, and refunds under the umbrella of the Income Tax Act 1961. The portal shall also provide multiple payment options that include Unified Payment Interface (UPI) […]
The Central Board of Direct Taxes (CBDT) has notified the Income Tax (17th Amendment) Rules, 2021 that further amends the Income Tax Rules, 1962. As per the notification, the deductor while preparing statements of tax deducted at source shall provide facts and figures related to the amount paid or credited on which tax has not […]
The Income Tax Department has launched its new E-filing portal on June 7th, 2021. Consequently, these days, it is creating an awareness and learning campaign on how to proceed for registration and re-registration of Digital Signature Certificate (DSC) on the new Income Tax e-filing portal. Latest Update Download Income Tax Software What Exactly is DSC […]
“The Income Tax Appellate Tribunal (ITAT), Delhi Bench upheld the decision of addition as the assessee failed to utilize the amount in the capital gain account within the statutory period.” Here, in this case, the assessee, Avtar Krishen Jalla is an individual. It was observed by the Assessing Officer that during the time of assessment […]
Case Name Vandna Pharma Industries Vs Commissioner of Goods and Service Tax (Delhi High Court) Appeal Number W.P.(C) No. 5228/2021 Date of Judgement/Order : 07/05/2021 In this writ petition, the petitioner has asserted that its application for the refund of tax credit Get to know about official GST refund process under GST regime as finalized […]
In a recent decision that is taken by The Central Board of Direct Taxes (CBDT), the Common Sharing of Information by the Income Tax Authorities with Scheduled Commercial Banks has been allowed. This step taken by the Government shall ease the lenders’ inconvenience and difficulty of deciding TDS deductibility on various payments made to their […]
Due to the increasing devastation of Second Covid, The deadline for various tax compliances has been extended. “The last date for issuing Form 16 has been stretched to July 15, 2021.” While there are so many due dates in general, let us check out all: And the last date of filing income tax returns Get […]
In a recent ruling passed by The Income Tax Appellate Tribunal (ITAT), Mumbai bench it was held that income tax cannot be levied on forex gains that arise against repayment of an interest-free loan by relatives. While carrying the scrutiny of the income tax return that had been filed by the assessee, the Assessing Officer […]
