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The issuance of the process has been quashed by the Bombay High Court which is served on the directors of the company, M/s. Hubtown Ltd., for offences punishable u/s 276B and 278B of the Income Tax Act for the delay in depositing the TDS as the TDS deducted by the company had already been deposited […]
The addition on the interest income received out of the fixed deposits has been deleted by the Mumbai Bench of Income Tax Appellate Tribunal (ITAT). The bench of Kavitha Rajagopal (Judicial Member) and B R Baskaran (Accountant Member) has marked that Assessing Officer (AO) is unable to corroborate the fact that the FD made by […]
The Finance Bill 2024 includes changes to Section 148A of the Income-Tax (I-T) Act, which relates to the time limits for issuing notices to reopen assessments. Currently, the Income-Tax Department can reopen assessments under Section 148A for up to 10 years (equivalent to 11 financial years) if the income exceeds Rs 50 lakh. In contrast, […]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the AO failed to specify whether the penalty was for concealment or inaccurate particulars in the notice issued under Section 274 and Section 271(1)(c) of the Income Tax Act. The bench of Suchitra Kamble (Judicial Member) and Makarand V. Mahadeokar (Accountant Member) has […]
The deduction under Section 54F of the Income Tax Act on the construction of the new dwelling/residential unit has been permitted by the Chennai Bench of Income Tax Appellate Tribunal (ITAT). The bench of Aby T. Varkey (Judicial Member) and Amitabh Shukla (Accountant Member) has marked that the taxpayer had released the burden to prove […]
For the FY 2024-25, the gross direct tax collections of the Indian government witnessed a rise of 24% YoY to Rs 8.13 lakh crore, as per the information of the Central Board of Direct Taxes (CBDT). This straight rise arrives in comparison to Rs 6.55 lakh crore collected during the same period in the previous […]
The rent received from renting out the building to the Department of Social Welfare for running the boys’ hostel for the weaker section is waived from the GST (Goods and Services Tax), Karnataka Authority for Advance Rulings (KAAR) noted. The petitioner, K.A. Sujith Chandan, leased a building to the Department of Social Welfare, Government of […]
Individuals who are accountable for making payments like salary, commission, interest, professional fees, rent, and other specified categories are mandated to deduct TDS (Tax Deducted at Source) before making the disbursement under the norms mentioned in the Income Tax Act. Also, it is obligatory to ensure the remittance of the TDS amount deducted to the […]
A crucial amendment in the taxation of the rental income from the residential property is been introduced in the Union Budget 2024. Finance Minister Nirmala Sitharaman to curb tax evasion has obligated that this income could merely be declared under the ‘Income from House Property’ (IHP) head and not under the ‘Profits and Gains from […]
