TDS on sale of Immovable Property – Section 194IA

TDS on sale of Immovable Property – Section 194IA If you are selling or buying any immovable property , meaning any plot , land ,...

Income Tax Assessment Order without DIN Number is Liable to be Quashed – Delhi...

Author Comments - The Delhi Income Tax Tribunal recently held that where the assessment orders are passed without mentioning the DIN number on the...
Dividend Tax Scrappage to Heavily Benefit Foreign MNC Parent Companies – An In-depth Income Tax Law Analysis on Changes by Budget 2020

How DDT Scrapping will Heavily Benefit Foreign MNC Parent Companies – A Legal Perspective

Dividend Tax Scrappage to Heavily Benefit Foreign MNC Parent Companies – An In-depth Income Tax Law Analysis on Changes by Budget 2020 Applicable Income...

I-T dept to bring 1 crore new people under tax net this fiscal

The income tax department has launched an ambitious drive to bring under its net one crore new taxpayers after the government recently asked the...
Taxpayer Is Entitled To Deduction On Capital Gains U/s 54 – Developer Made Mistake can’t penalize allotee

Taxpayer Is Entitled To Deduction On Capital Gains U/s 54 – Developer Made Mistake...

While overturning the findings of CIT(A) that the assessee does not satisfy the condition laid down u/s 54 of the Income tax Act, 1961...

Income Tax Scrutiny Guidelines for Financial Year 2014-15

nstruction No: 6/2014 dated 03.09.2014 Subject: Compulsory manual selection of cases for scrutiny during the Financial Year 2014-15 1. In supersession of earlier Instructions on the...
Income tax department issues warning against this fake SMS

Income tax department issues warning against this fake SMS

NEW DELHI : After the income tax return (ITR) filing season is over, taxpayers have started to get tax refunds in their bank accounts. Miscreants...
Major Angel Income Tax Relaxation for Startups

Major Angel Income Tax Relaxations for Startups

The Government of India introduced 'Start-up India' initiative for creating a conducive environment for the start-up companies in India. The CBDT inserted Section 80-IAC...

ITR filing rules for children 2023: When is it mandatory to pay taxes and...

Income Tax Return filing rules for children 2023: Check ITR and taxation rules for children for AY 2023-24 Age is not an excuse when it...
ITR Filing: NRIs feel double taxation the biggest challenge in return filing, says survey

ITR Filing: NRIs feel double taxation the biggest challenge in return filing, says survey

A recent survey has highlighted the complexities of tax compliance for NRIs and OCIs. India has the world’s largest overseas diaspora, with approximately 32...

Changes for NGO/ Society/Trust in Budget 2023

APPLICATION OF CORPUS  A fund Will Be Treated as a Corpus Only If Followed by a Specific Written Direction of The Donor. In The Absence...
Power to survey granted only to Investigation Directorates and TDS Comissionerates: CBDT.

Power to survey granted only to Investigation Directorates and TDS Comissionerates: CBDT.

On 13th August 2020, the Central Board of Direct Taxes issued an order under Section 119 of the Income Tax Act, 1961 which talks...

Procedure, Formats and Standards for ensuring secured transmission of electronic communication

Procedure, Formats and  Standards for ensuring secured transmission of electronic communication DGIT(S)/DIT(S)-3/AST/Paperless Assessment Proceedings/96/2015-1 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax...

Treatment of Capital Gains arising on sale of Residential Property

Treatment of Capital Gains arising on sale of Residential Property For all those persons who are buying residential properties and selling such residential properties at...

Applicability of TDS on year end provisions

The question which has arisen many a times is that how TDS Provisions can be applied where Payee is not known as TDS...

Sale of Agricultural Land Even If Held as Investment is Not Liable to Income...

Sale of Agricultural Land Even If Held as Investment is Not Liable to Income Tax Citation :- Shri Vanit Kumar Inderkumar Gupta Versus The Jt. Commissioner...
Updates that Matter (UTM) by Charteredonline

Updates that Matter (UTM – No. 42)

We are pleased to update you vide UTM’s (Key Update Alerts). Please find hereunder our “Updates that Matter (UTM # No. 42)”, A. GST –Guajarat...
55 Queries Replied on Vivad Se Vishwas Scheme

CBDT Issues Fresh FAQ’s on Vivad Se Vishwas Scheme

CBDT issues further clarification on provisions of the Direct Tax Vivad se Vishwas Act, 2020 by way of FAQs vide Circular No. 21/2020 dated...
AO Fails To Scrutinize Cash Payments By Assessee Under Lens Of Sec 40A; Indore ITAT Upholds Revisional Interference U/s 263

AO Fails To Scrutinize Cash Payments By Assessee Under Lens Of Sec 40A; Indore...

On finding a lack of inquiry on the part of AO in allowing cash sales, which renders the assessment order erroneous so far as...

Income Tax :- Restriction on issuance of manual refunds by assessing officer

The functionalities for passing orders u/s 143(1)(a)/143(3)/154/ appeal effects/penalty etc. exist on the system and, progressively, AOs are mostly issuing orders on the system...
Profit from Sale of Listed Shares - Whether Business Income or Capital Gain?

Profit from Sale of Listed Shares – Whether Business Income or Capital Gain?

Query. I have earned profit from sale of listed shares which were kept for more than 12 months. Whether it will be treated as...
GST On Development Rights

No TDS for Long-Term Property Lease Premium – Mum ITAT

Ruling in BoI case to benefit several BKC lessees In a huge relief to corporates in Mumbai’s Bandra Kurla Complex (BKC), Mumbai’s Income-tax Appellate Tribunal...

CBDT Circular On Non-Chargeability Of Interest U/s 234A On S. A. Tax

The CBDT has issued Circular No. 2/2015 dated 10.02.2015 on the issue of chargeability of interest u/s 234A of the Income-tax Act, 1961 on...
45 Day Rule Made for MSME's Benefit is Hurting MSME's very Badly - Here's Why, How and How to Act for MSME's

45 Day Rule Made for MSME’s Benefit is Hurting MSME’s very Badly – Here’s...

While the government has intended to protect MSMEs and ensure timely payments, this new regulation has raised concerns in the market and has led to...
MCA relaxed the Deposit Norms for Startup Companies

Income Tax Department Sends Notices to Startups Eyeing New Angel Tax on Foreign Investors

The Income Tax Department is working on the guidelines for applicability of the “angel tax” provisions which were extended to foreign investors effective April...

Income Tax on Agricultural Income & Sale of Agricultural Land

Income Tax on Agricultural Income Income Tax Capital Gain Sale of Agricultural Land, Calculation on Agricultural Income   CA Ankit Gulgulia (Jain) Mr. Mohit Jain  As per Section 10(1) “Incomes not...

CA’s opinion does not necessarily make claim “bona fide”

Chadha Sugars Pvt. Ltd vs. ACIT (ITAT Delhi) S. 271(1)(c): CA’s opinion does not necessarily make claim “bona fide” The assessee obtained the opinion of a...
ITAT

ITAT order to refund Rs70.53 lakh to the assessee including TDS

The Income Tax Appellate Tribunal (ITAT), Pune Bench ordered the  Refund of Rs. 70.53 Lakhs and said that the IT Settlement Commission’s Order granting...
Have a tax query? Get it answered straight from Income Tax officers

Have a Tax query?? This is how you can get answered straight from Income...

If you have any query related to ITR filing, processing, etc., you can directly approach the income tax department by filling up a simple...

Payment made towards security services provided by a contractor cannot be regarded as fees...

This Judgement has been Submitted by CA.Ritesh Daga PUNE - TRIBUNAL GlaxoSmithKline Pharmaceuticals Ltd. v.ITO (TDS) Payment made towards security services provided by a contractor cannot be...