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Frequently Asked Questions (FAQs) on Income Tax e-Verification Scheme 2021. The FAQs on the e-Verification Scheme, 2021 (hereafter ‘FAQs’) aim to provide general guidance in understanding the procedures and processes of the e-Verification Scheme, 2021 issued vide CBDT Notification no. 137/2021 dated 13.12.2021. According to …
There is no legal authority by or under which the revenue-authorities can make a lump-sum disallowance. Lump sun disallowance made without rejecting books of account deleted. ABCAUS Case Law CitationABCAUS 3652 (2023) (02) ITAT Important Case Laws relied upon:ACIT vs. Genda Lal Hazarilal & Company 134 Taxmann 384 …
Capital Gain Exemption u/s 54 and 54F for investment in residential house limited to Rs. 10 crores Section 54 and section 54F of the Income-tax, 1961 allows deduction on the Capital gains arising from the transfer of long-term capital asset if an assessee, within a period of one …
Increase in threshold limits for presumptive taxation schemes u/s 44AD and section 44ADA Under the existing provisions of Section 44AD of the Income Tax Act 1961 a presumptive income scheme is provided for small businesses. This scheme applies to certain resident assessees (i.e.,an individual, HUF or a …
Income Tax basic exemption limit and tax slabs for individuals & HUFs for AY 2024-25 The basic income tax exemption limit and tax slabs for individuals can be broadly categoriesd as under: (i) Optional Simplified Personal Tax Regime (New Tax Regime) under section 115BAC, and (ii) Those not …
Direction for Special Audit u/s 142(2A) of CA firm quashed by ITAT as without meeting prerequisite of section 142(2A) ABCAUS Case Law CitationABCAUS 3651 (2023) (02) ITAT Important Case Laws relied upon:Sahara India Firm vs. Commissioner of Income Tax (2008) 300 ITR 403(SC)Rajesh Kumar vs. PCIT (2006) 287 …
Union Budget 2023-24. Direct Tax Highlights The Union Finance Minister Ms. Nirmala Sitharaman will present Budget 2023-24 in Parliament tomorrow on 1st February 2023 at 11 AM. The Budget Session of the Parliament has begun today. Watch live budget speech and live updation of Tax Proposals at this …
Once income suffered TDS it cannot be said to be undisclosed income – ITAT ABCAUS Case Law CitationABCAUS 3650 (2023) (01) ITAT Important Case Laws relied upon:Samson Maritime Ltd. vs CITMak Data 258 ITR 593 (SC)Dharmendra Textiles Processors (2007) 295 ITR 244CIT vs Vidyagauri Natwar Lal, 238 ITR …
Govt amends maturity period of Kisan Vikas Patra (KVP) and pre-maturity amount The Govt. has notified the Kisan Vikas Patra (Amendment) Scheme, 2023 with effect from 1st day of January, 2023. Amendments have been made to Kisan Vikas Patra Scheme 2019 It has been provided inter alia that …
If one proceeding is saved, other has to be quashed – interesting judgment of ITAT on reassessment and penalty proceedings. ABCAUS Case Law CitationABCAUS 3649 (2023) (01) ITAT This interesting judgment of the ITAT deals with one quantum-appeal filed by assessee against the order passed by Commissioner of …
