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It was ruled by the Kerala High Court that the South Indian Bank is entitled to the deduction envisaged u/s 36(1)(viii) of the Income Tax Act concerning the long-term finance furnished by it for the construction and purchase of houses in India for residential purposes. The appellant-bank/assessee South Indian Bank Ltd is in the business […]
At present the income tax portal is undergoing issues related to payment which prevents the assesses, CAs, and tax filers from finishing their transactions. Filers are prompted with error messages when trying to make any payments. ICAI has addressed the problems of the CBDT. Representations have been sent by the ICAI before the finance ministry […]
In the Modi 3.0 regime, Finance Minister Nirmala Sitharaman will present her first budget on July 23 in Parliament. It will be her 7th straight budget presentation with an interim one presented in February this year. Taxpayers, particularly those in the middle class, are anticipating the Modi government’s tax relief measures with just a fortnight […]
The Raipur Bench of the Income Tax Appellate Tribunal (ITAT) sets aside income tax reassessment completed without furnishing a copy of the reasons. The Tribunal found that the Commissioner of Income Tax (Appeals)[ CIT(A) ] had not regarded the adjournment request of the taxpayer as neither additional submission nor legal grounds / additional grounds assailed […]
In the case of National Contracting Company (India) Private Limited vs. Deputy Commissioner of Income Tax (DCIT), the Chennai Income Tax Appellate Tribunal (ITAT) delivered a ruling. On June 24, 2024, the decision, pronounced, addresses the problem of whether a wrong classification in an Income Tax Return (ITR) can result in the refusal of a […]
Coimbatore District Small Industries Association (Codissia) has requested the Union govt to revise income tax and GST for small businesses. A memorandum has been provided by Codissia to Union finance minister Nirmala Sitharaman, asking for petrol, diesel, and electricity to be drawn under the GST. It has been wished by the organization that the finance […]
Like every year, SAG Infotech brings exclusive discounts on its wide range of software solutions designed for CA professionals and experts. On the occasion of CA (Chartered Accountant) Day on July 1, 2024, the company offers a flat 50% discount on select tax, ROC/MCA, and payroll software, except GST. The company product portfolio includes Genius, […]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has ruled that submission of Form-67 is not obligatory to claim foreign tax credit (FTC). The bench of Sudhir Pareek (Judicial Member) and S. Rifaur Rahman (Accountant Member) has marked that filing Form-67 is a procedural or directory provision and is not a compulsory requirement. Thus, […]
The Ministry of Finance, Department of Revenue, and Tax Research Unit opted for a proactive step for inclusive policy-making by asking for recommendations from Industry and Trade Associations for the forthcoming Budget 2024-25. The official communication, referenced as F. No.334/1/2024-TRU, was issued dated June 12, 2024. Concerning drafting the proposals for the union budget of […]
