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The Chandigarh Bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that the taxpayer could not be stated to maintain the stock enrolled along with the books of accounts on the basis of not uploading the same on the income tax portal which does not permit the bulk uploads and permit the manual […]
The Income Tax Appellate Tribunal ( ITAT ), Mumbai Bench, in a petition furnished to it stated that there would be no addition incurred on the basis of a typographical error in the ITR via the taxpayer. ITAT, before-mentioned observation when a plea was chosen before it via the taxpayer, as against the order on […]
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the payment that the taxpayer has made to the non-resident supplier shall be the royalty amount and is bounded on the taxpayer’s portion to deduct tax at source. The two-member bench of T.R. Senthil Kumar (Judicial Member) and Annapurna Gupta (Accountant Member) has […]
Recently the Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) stated that the equalization levy is not eligible to be payable on the payments of advertising when the target audiences, as well as the advertisers, are located outside of India. The bench of Dr S. Seethalakshmi (Judicial Member) and Rathod Kamlesh Jayantbhai (Accountant Member) […]
The taxpayer has filed the appeal towards the Income Tax Appellate Tribunal ( ITAT ), Visakhapatnam Bench, which ruled that the satisfaction is to be recorded by the Assessing Officer (AO), prior to the issue of a notice under section 153C of the Income Tax Act, 1961. The aforesaid observation was made by the tribunal […]
The Kolkata Bench Income Tax Appellate Tribunal (ITAT) does not have ordered any TDS on payment of fees for technical services (FTS) to non-residents not having a Permanent Establishment (PE) in India. The two-member bench of Rajpal Yadav (Vice President) and Rajesh Kumar (Accountant Member saw that the payment incurred to the non-resident recipients who […]
The Income-tax department has undertaken search operations at over 100 locations in various states such as Maharashtra, Delhi, Haryana, and Uttar Pradesh. They performed Income-tax surveys in different locations all over Delhi. As per the tax administrators, the held investigation was performed because of some alleged mismatches in funding these bodies. The searches were performed […]
Latest Amendments Under Section 44AB Section 44AB of the Income Tax Act, 1961 was inserted which come into force from the date 1.4.1985 (AY 1985-86) and additional revisions were incurred over time. Currently, the section exists 44AB under the AY 2022-23. Latest Update An Audit of the Individual’s Accounts Relating Businesses or Professions According to […]
Employees’ Provident Fund is a government-sponsored savings plan for employees of the formal sector who work in companies with more than 20 employees. Besides serving as a retirement plan, it also serves as an emergency fund. Each year, the Employees’ Provident Fund Organization (EPFO), a government agency established by the Employees’ Provident Fund Act of […]
