Category: Income Tax
Telegraphic transfer buying rate to be rate of exchange for the purpose of deduction of tax at source on income payable in foreign currency CBDT has amended income tax rule 26 to provide that telegraphic transfer buying rate shall be the rate of exchange for the purpose of …
CBDT issues Guidelines under clause (10D) of section 10 of Income-tax Act from AY 2024-25 Clause (10D) of section 10 of the Income-tax Act, 1961 (the Act) provides for income-tax exemption on any sum received under a life insurance policy, including the sum allocated by way of bonus …
Consideration used in section 48 does not have any reference to market value but only to consideration referred to in sale deeds as sale price of assets ABCAUS Case Law Citation:ABCAUS 3791 (2023) (08) ITAT Important Case Laws relied upon:Commissioner of Income tax vs Gillanders Arbuthnot & Co. …
Extension of Safe Harbour Rules to AY 2023-24 – Notification u/s 92CB. Income-tax 15th Amendment Rules 2023. CBDT has extended the benefit of Safe Harbour Rules to AY 2023-24. MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 58/2023 New Delhi, the 9th August, 2023 INCOME-TAX …
Income Tax Act provides complete machinery for assessment/reassessment of tax, assessee is not permitted to abandon that machinery and invoke jurisdiction of High Court under Article 226 ABCAUS Case Law Citation:ABCAUS 3790 (2023) (08) SC Important Case Laws relied upon:Gurinder Mohan Singh Nindrajog v. Commission of Income Tax, …
Tax on maturity of High Premium insurance policy to be on sum received minus premium paid though TDS u/s 194DA is contemplated on the gross Amount paid – ITAT ABCAUS Case Law Citation:ABCAUS 3789 (2023) (08) ITAT In the instant case, the assessee had challenged the order passed …
When there is no other/separate source of income identified during the course of survey or during the course of assessment proceedings, any income arising to the assessee shall be treated to be out of the normal business of the assessee only ABCAUS Case Law Citation:ABCAUS 3788 (2023) (08) …
Exemption from TDS u/s 194I for payments of lease rents to units of ship leasing companies in IFSC CBDT has issued Notification No. 57 of 2023 dated 1st August 2023 providing exemption from TDS u/s 194I for payments of lease rents to units of ship leasing companies in …
CBDT notifies Form 3AF for furnishing details of Preliminary Expenditure u/s 35D. The Income-tax (Fourteenth Amendment) Rules, 2023. In the Income Tax Rules 1962, a new Rule 6ABBB has been added related to form of statement to be furnished regarding preliminary expenses incurred under section 35D. The rule …
Addition for cash payments made to builder for purchase of residential house – ITAT deletes addition for want of any clinching evidence ABCAUS Case Law Citation:ABCAUS 3787 (2023) (08) ITAT Important Case Laws relied upon:Dinesh Kumar Goyal vs. UOI & Others 453 ITR 535Laxmi Narain Agency vs. Income …
