Author: administrator

Guidelines for Customs field formations  in maintaining ease of doing business while engaging in investigation into tax evasion cases in import or export Instruction No.27/2024-Customs F. No. 394/39(14)/2018-Commr.(lnv.-Cus.)Government of IndiaMinistry of Finance,Department of RevenueCentral Board of Indirect Taxes and Customs(Investigation-Customs) New Delhi, 01 November, 2024 ToAll Principal Chief …

CBDT issues guidelines and monetary limits of the income-tax authorities for reduction or waiver of interest paid or payable u/s  220(2)  Circular No. 15/2024 F. No.  400/08/2024-IT(B)Government of India Ministry of Finance Department of RevenueCentral Board of Direct Taxes******** New Delhi, 4th November, 2024 Subject: Order under section …

Registration u/s 80G does not make a trust purely charitable so as to tax anonymous donations u/s 115BBC(1) – High Court  In a recent judgment, Hon’ble Bombay High Court has held that merely by registration u/s 80G a trust can not be said to be a charitable trust …

ITAT allows benefit of New Tax Regime holding that Form No. 10IE is not mandatory but directory in nature  In a recent judgment, ITAT Pune has held that that it is not a mandatory requirement for filing of Form No.10IE but directory in nature. ITAT allowed benefit of …

CBDT notifies e-Form for rollback of APA & claim of expenditure on agricultural extension project E-Form notified for application for rollback of Advance Pricing Agreement and application for approval for application u/s 35CCC(1) of Income Tax Act 1961 for claiming weighted deduction for expenditure on agricultural extension project. …

ITAT allows rectification application u/s 154 treating the first demand notice as deemed date of intimation u/s 143(1) In a recent judgment, ITAT Rajkot allowed delayed rectification application u/s 154 treating the first demand notice for recovery proceedings as deemed date of intimation u/s 143(1) for limitation purpose.  …

There is no willful default of furnishing inaccurate particulars of income if disallowance made u/s 40(a)(ia) In a recent judgment, ITAT Cuttack has held that where a disallowance is made by invoking the provisions of section 40(a)(ia) of the act for default for non-deduction of TDS, it cannot …

CBDT Instruction No. 20/2003 regarding timely disposal of appeals is also applicable to faceless regime – ITAT In a recent judgment, ITAT Raipur held that CBDT Instruction No. 20/2003 related to timely disposal of appeals is also applicable to faceless regime. The ITAT set aside the appellate order …

CBDT extends condonation of delay in filing return for claiming deduction u/s 80P for AY 2023-24 F. No.173/92/2024·ITA-1Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes Circular No 14/2024 New Delhi, the 30th October, 2024 Sub: – Condonation of delay under clause (b) of sub-section (2) …

Unexplained credits in bank statements are taxable under section 69 – High Court In a recent judgment, Hon’ble Madras High Court has held that unexplained credits in bank statements are taxable under section 69 as this provision applies to unexplained investments that are not recorded in books of …