Search results for: Income Tax Act

The Central Board of Direct Taxes (CBDT) directed that the Indian Laws and the double tax avoidance treaties give enough security to NRIs and expats who were helpless in India because of Covid-19 from the possibility to furnish taxes in 2 countries on a similar income in FY21. CBDT told in the circular provided on […]

Under section 50C of the Income Tax Act the Income Tax Appellate Tribunal (ITAT) Bangalore, has eliminated the addition performed by the revenue department. The taxpayer Ayi Vaman Narasimha Acharya has furnished the income return Easy guide to file income tax return for the FY (financial year) 2019-20. Also, we added the document checklist related […]

Beneath section 10(46) of the Income Tax Act 1961, the Central Board of Direct Taxes (CBDT) declared the income of the Haryana state pollution control board is privileged. The central government has a permit beneath section 10(6) for the income tax act declared ‘Haryana State Pollution Control Board’ (PAN AAAJH0446F), a board controlled through the […]

The Income Tax Appellate Tribunal (ITAT), Bangalore court held that the taxpayer in concern to the entitled for availing a deduction of reward paid prior to the appellate authorities. The taxpayer is the owner of FNF India Private Ltd asked the issue with respect to non-grant of the deduction for gratuity amounting to Rs.17,87,315. AO […]

The Income Tax Appellate Tribunal (ITAT), Mumbai held that the procurements towards the Book Profit not applicable during no income tax payable on the normal procurements of the Act. The taxpayer is the owner of Batliboi Limited is a public ltd firm that makes machine tools, textile machines, Air conditioning & Refrigeration work, Casting & […]

The practitioners of the income tax have urged that the budget proposal to scrap the income tax Settlement Commission (ITSC) is providing the one-time life opportunity to the worried assessee. Despite the council expecting the move will ease the tax administration, ease in compliance, and cut the litigation, tax experts availed any noncompliance consisting of […]

The Income Tax Appellate Tribunal (ITAT), Chennai ruled that simple interest received for late payment will not be recognized as income made through the business operations, entitled for deduction. Via taxpayer owner of M/s NLC India Ltd appeal for the assessment, years is the disallowance of the additional income for calculating the deduction under section […]

The difficulty which is faced by the NRIs as it is nowhere mentioned in the budget and the issues that the firms might run into the subsequent urging to refuse the Income Tax Settlement Commission (ITSC) have triggered court cases. The Supreme court has asked the tax council Central Board of Direct Taxes (CBDT) to […]

The Finance minister shows the first budget in the digital form in the parliament. Also, there is no amendment which has been urged to the personal tax rates the budget consists of several advantages methods and proposals to directed the simplicity of the agreement for the assessees. The budget indeed urges the taxation of particular […]