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No deduction of income-tax under Chapter XVII on payments received by a credit guarantee fund established and wholly financed by the Central Government and managed by the National Credit Guarantee Trustee Company Limited MINISTRY OF FINANCE(Department of Revenue) Notification No. 2/2025 New Delhi, the 2nd January, 2025 (INCOME-TAX) S.O. …
No deduction of income-tax under Chapter XVII on the payments received by the National Credit Guarantee Trustee Company Limited MINISTRY OF FINANCE (Department of Revenue) Notification No. 1/2025 New Delhi, the 2nd January, 2025 (INCOME-TAX) S.O. 19(E).—In exercise of the powers conferred by sub-section (1F) of section 197A …
No deduction of tax to be made under the provisions of section 194Q of the said Act by a buyer, in respect of purchase of goods from a Unit of International Financial Services Centre- CBDT MINISTRY OF FINANCE(Department of Revenue) Notification No. 3/2025 New Delhi, the 2nd January, …
Revision u/s 263 upheld as AO accepted creditworthiness of lender merely on the basis of acknowledgement of ITRs In a recent judgment, ITAT Pune has upheld the revision u/s 263 where Assessing Officer accepted the creditworthiness of the lender merely on the basis of the copies of the …
Clarification regarding treatment & accounting of refund of TDS pertaining to Foreign Contribution The Ministry of Home Affairs (FCRA Division) has issued a clarification regarding refund of TDS pertaining to Foreign Contribution. The clarification has been issued in response to the repesentation received from Associations over the difficulties …
Delay of 1 and ½ years cannot be considered as inordinate delay unless negligence or want of due diligence on the part of assessee is shown – ITAT In a recent judgment, ITAT Cuttack while condoning the delay in filing appeal observed that delay of 1 and ½ …
MCA extends date for filing Form CSR-2 for the financial year 2023-2024 to 31.03.2025 MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 31st December, 2024 G.S.R. 794(E).— In exercise of the powers conferred by sub-sections (1) and (3) of section 128, sub-section (3) of section 129, section 133, …
If amount of TDS has already been deposited though belatedly, to allow the proceeding u/s 276B/278B will be abuse of process of law – High Court In a recent judgment/order Hon’ble Jharkhand High Court has quashed criminal proceedings u/s 276B and 278B of the Income Tax Act, 1961 …
No move by Income Tax Department to use Digi Yatra data to track tax evaders Income Tax Department (CBDT) has clarified that some news articles have appeared stating that Digiyatra data will be used to crack down on tax evaders. In this connection it is clarified that as …
Incorrect claim or erroneous claim not willful evasion, in certain circumstances can be erroneous interpretation of law. In a recent judgment/order Hon’ble Supreme Court dismissed the SLP of the Revenue against the order of Karnataka High Court quashing proceedings u/s 276C of the Income Tax Act, 1961 holding …
