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Income tax e-filing portal enabled mechanism for remitting old tax demands. Check status The Finance Minister while presenting Union Interim Budget 2024 proposed to withdraw disputed old outstanding income tax demands The year wise quantum of demand to be extinguished is as under: up to FY 2009-10 Up …
Penalty u/s 271B deleted as notices were uploaded on portal only, assessee being a divorcee lady could not access income tax portal In a recent judgment ITAT has deleted the penalty u/s 271B as the notices were uploaded on the portal only and assessee was a divorcee lady …
Income surrendered in relation to hospital building construction by doctor was not unexplained investment u/s 69 liable to higher tax u/s 115BBE – ITAT In a recent judgment ITAT has held that the surrender of income by a practicing doctor towards understatement of hospital construction expenses can not …
Minimum hotel room occupancy guarantee payments by OYO not liable to TDS u/s 194C – ITAT In a recent judgment ITAT has held that minimum hotel room occupancy guarantee payments by OYO rooms was not liable to TDS u/s 194C as payment to contractor ABCAUS Case Law Citation:ABCAUS …
It is quite reasonable and logical for a married daughter to keep her jewellery with her mother. ITAT deleted addition u/s 69 for jewellery found in locker In a recent judgment ITAT has deleted the addition of jewellery found in locker holding that it is quite reasonable and …
Registrar, Central Processing Center to examine e-forms, applications or documents filed with MCA Portal The Registrar of the Central Processing Center has been empowered to examine e-forms, applications or documents filed with MCA Portal in terms insertion of a new “Rule 10A – Central Processing Center” in the …
No Penalty u/s 271B for non Tax Audit when AO treated capital gain transaction as business income In a recent judgment, ITAT has deleted penalty u/s 271B for failure to get accounts audited u/s 44Ab of the Income Tax Act, 1961 (the Act) where Assessing Officer (AO) has …
Revised Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) were made applicable from 1st July, 2015 and revised version thereof were made applicable from 1st October, 2017 (“Existing version”). However, considering the legal amendments on the subject, SS-1 and SS-2 were subsequently …
ICAI revised Implementation Guide on reporting Audit Trail ICAI has issued an Implementation Guide on reporting Audit Trail under Rule 11(g) of the Companies (Audit & Auditors) Rules 2014 Revised Edition 2024 The Ministry of Corporate Affairs vide notification dated March 24, 2021 issued the Companies (Audit and …
Employee of IRCTC entitled to full exemption of leave encashment u/s 10(10AA)(i) being employed with Central Government company. In a recent judgment, ITAT has held that an employee employed with IRCTC Limited is entitled to 100 percent exemption of leave encashment u/s 10(10AA)(i) being employed with Central Government …
