Income Tax

  • Income Tax

Section 50C not apply where entire net sale consideration applied for acquiring new house

Section 50C has no application in case the entire net sale consideration has been applied for acquiring the new house…

5 years ago
  • Income Tax

No disallowance u/s 40A(3) where payments not claimed as expenditure

No disallowance u/s 40A(3) where payments not claimed as expenditure. ITAT deletes addition as alleged cash payment was made for…

5 years ago
  • Income Tax

Correction of minor head IDS challan for mistake by taxpayers or bank

Correction of minor head of IDS challan (111) by mistake by taxpayer or data entry mistake committed by bank branch…

5 years ago
  • Income Tax

Unutilized talk time on sale of prepaid cards not accrue as income in the year of sale

Amount received on sale of prepaid cards to the extent of unutilized talk time did not accrue as income in…

5 years ago
  • Income Tax

CBDT circular-Explanatory Notes to the Provisions of Finance Act 2018

Explanatory Notes to the Provisions of Finance Act 2018 CBDT has issued circular on the Explanatory Notes to the Provisions…

5 years ago
  • Income Tax

Extension of due date for furnishing report u/s 286 (4) of Income-tax Act 1961 

Extension of the due date for furnishing of report u/s 286 (4) of the Income-tax Act 1961 by constituent entity. Circular…

5 years ago
  • Income Tax

Mere earlier withdrawals no basis for explaining subsequent cash deposited in bank – ITAT

Merely cash withdrawals at one point of time cannot be a sole basis for explaining the cash deposit in future.…

5 years ago
  • Income Tax

Without further examining info from Investigation, AO can not conclude that income escaped assessment

AO should examined return of income and carry out initial investigation before coming to the conclusion that income has escaped…

5 years ago
  • Income Tax

Income Tax on Start Ups-No coercive measures to recover outstanding demand – CBDT

Determination of fair market value of unquoted equity shares of 'Start Up' companies under section 56(2)(viib) of the  Income-tax  Act,…

5 years ago
  • Income Tax

Manual filing application for lower/no TDS/TCS allowed for limited period-CBDT Order

Exception from online filing of application under section 197 and 206C (9) in the cases of NRIs and resident applicants…

5 years ago