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What is IT Section 80IAC? The Government of India has taken the initiative of Startup India to enhance the startup environment in the country. The major purpose of the same is to make an environment facilitative to the growth and development of startups in India. Section 80IAC of the Income Tax act, it furnishes tax […]
The yearly payment of lease rentals will be subject to TDS under section 194-I of the Income Tax Act of 1961, according to the Delhi bench of the Income Tax Appellate Tribunal (ITAT). The firm being assessed, Ajnara India Ltd., is in the business of planning and building infrastructure and real estate projects. In order […]
Input Tax Credit (ITC) cannot be denied owing to the cancellation of the GST Registration with retrospective effect, according to a decision by a division of the Calcutta High Court (HC). The respondents in the writ petition are LGW Industries Limited & Ors. Although the respondents/writ petitioners had requested a broader relief in the writ […]
Income Tax Appellate Tribunal (ITAT) of Amritsar bench, engaged via M.L. Meera (Accountant Member) and Anikesh Banerjee (Judicial Member) kept the decision of the Commissioner of Income Tax (Appeals) National Faceless Appeal Centre (NFAC) for imposing the late fee on the taxpayer on filing Tax Deduction Source (TDS) late. The taxpayer furnished an appeal in […]
Delhi High Court ruling mentioned that the division bench of Justices Manmohan and Manmeet Pritam Singh Arora, in a Writ Petition, refused the proceedings of the department, the order issued and notice circulate under Sections 148A(d) and 148A(b) of Income Tax Act, 1961 respectively on the different and separate basis. Under section 148 of the […]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) refused the claim towards the deduction as the ITR was not able to furnish post to the last date specified under Section 80AC of the Income Tax Act 1961. The assessing officer does not permit the claim for the deduction under Section 80P(2)(d) of the Income […]
The Judicial Member Kuldip Singh of Mumbai ITAT Bench has revoked the reopening of the assessment via AO because of the absence of valid reasons along with the tangible materials and removed the incurred other things. The taxpayer is involved in the manufacturing of steel wool, filed a plea to the ITAT to set aside […]
The assesses who overlooked the date of filing the ITR on 31st July 2022 should file their late ITR by 31st December. Tax experts mentioned that “This deadline applies to all types of taxpayers, including individual, corporate, audit, and non-audit.” A late return could get furnished for the former year at any time three months […]
The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) stated the taxpayer hospital is levying on the grounds of commercial rates from the patients and is not qualified for registration as a charitable organization under Section 12A of the Income Tax Act. The two-member bench of Laliet Kumar (Judicial Member) and R.K. Panda (Accountant […]
