Month: May 2023
CBDT has notified new Income Tax Rule 133 for furnishing details of TDS u/s 194BA in quarterly TDS Statements . Salary Certificate Form 16 revised form AY 2024-25 The CBDT has notified the Income-tax (Fifth Amendment) Rules, 2023 prescribing furnishing details of TDS u/s 194BA in the quarterly …
CBDT issues FAQs / Guidelines clarifying provisions of TDS u/s194BA on winnings from online games – Read Circular The Finance Act 2023 inserted a new section 194BA in the Income-tax Act, 1961 (the Act) with effect from 1st April 2023. The new section mandates …
Exemption u/s 54B denied for investment in agricultural land made in the name of wife. ITAT followed decision of jurisdictional High Court ABCAUS Case Law Citation:ABCAUS 3748 (2023) (05) ITAT Important Case Laws relied uponCIT vs Dinesh Verma 60 taxmann.com 461 (P&H)Commissioner of Income Tax Vs Vegetable Products …
Income Tax relief u/s 90 for tax paid in a foreign country can not be denied for mere delay in filing Form No. 67 as the provision not mandatory but directory- ITAT ABCAUS Case Law Citation:ABCAUS 3747 (2023) (05) ITAT Important Case Laws relied upon:Hertz Software India (P.) …
CBDT proposes changes to Rule 11UA in respect of ANGEL TAX- Also proposes to notify Excluded Entities In the Finance Act, 2023, an amendment has been introduced to bring the consideration received from non-residents for issue of shares within the ambit of section 56(2)(viib) of the Income-tax Act, …
Merely because assessee accepted disallowance made by Assessing Officer, it cannot automatically lead to conclusion that assessee under reported income under Section 270A – ITAT ABCAUS Case Law Citation:ABCAUS 3746 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in …
No TCS on payments using international Debit or Credit cards upto Rs 7 lakh per financial year under Liberalised Remittance Scheme (LRS) The Ministry of Finance has issued a clarification on applicability of Tax Collection at Source to small Debit/Credit Transactions under LRS. As per the Press release …
RBI issues 15 Question & Answers (FAQs) on Withdrawal of Rupees 2000 Denomination Banknotes 1. Why are ₹2000 denomination banknotes being withdrawn? The ₹2000 denomination banknote was introduced in November 2016 under Section 24(1) of RBI Act, 1934 primarily with the objective to meet the currency requirement of …
RBI to withdraw Rs. 2000 Denomination Banknotes from Circulation but Will continue as Legal Tender The Rs. 2000 denomination banknote was introduced in November 2016 primarily to meet the currency requirement in view of demonetisation. The objective of introducing Rs. 2000 banknotes has been stated to met banknotes in …
Disallowance u/s 50C can not be made by CPC by adjustment u/s 143(1) as it infringes statutory right of objection provided in section 50C – ITAT ABCAUS Case Law Citation:ABCAUS 3745 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) …