Category: Income Tax
CBDT clarifies taxability of income earned by a non-resident investor from off-shore investments in investment fund routed through an Alternative Investment Fund Circular No. 12 12023 F.No.225/79/2019-ITA-IIGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes North-Block. New Delhi. dated the 12th July.2023 Subject: Clarification regarding taxability …
Requirement of compulsorily filing income tax return even when income is not taxable or income is below exemption limit Question 1: do not have any income, do I need to file Income Tax Return? Question 2: I have income below the exemption limit, do I need to file …
Security deposit given for renting a premise could not be treated as revenue expenditure when the deposit if foregone – Supreme Court dismissed SLP. ABCAUS Case Law Citation:ABCAUS 3779 (2023) (07) SC Important Case Laws relied upon:Commissioner of Income Tax vs. Triveni Engg. & Industries Ltd. 343 ITR …
Non verification of source of investment made in mutual funds rendered assessment order erroneous and prejudicial to the interest of the Revenue – ITAT ABCAUS Case Law Citation:ABCAUS 3778 (2023) (07) ITAT Important Case Laws relied upon:Infinity Infotech Parks Ltd vs. DCITNarayan Tatu Rane vs. ITO In the …
CIT(A) has no jurisdiction to allow or reject claim of immunity from penalty u/s 270AA – ITAT In an important judgment ITAT has held that First Appellate Authority has no jurisdiction to enter into the question of allowing or rejecting claim of the immunity from imposition of penalty …
CBDT clarification & FAQs on changes in Tax Collection at Source (TCS) on Liberalised Remittance Scheme (LRS) and on purchase of overseas tour program package Circular No. 10 of 2023 F. No. 370142/23/2023-TPLGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes(TPL Division) New Delhi, dated 30th June, …
Extension of due date for submission of TDS/TCS Statements for quarter ended June 2023 CBDT has extended due date for submission of certain TDS/TCS Statements for quarter ended June 2023 Read CBDT Corrigenda (Circular No. 11/2023) Click Here >> Circular No. 9 /2023 F. No. 370149/109/2023-TPLGovernment of IndiaMinistry …
Donations can not be said anonymous u/s 115BBC as receiver of donation has to maintain identity of the donors to the extent of name and address only. No addition can be made for anonymous donation on the ground that confirmations from donors had not been filed – ITAT …
The fact that assessee was a rural lady and never been in a tax-payer category in itself is sufficient that she has no unexplained money In a recent judgment ITAT has held that a rural lady who never been in a tax-payer category in itself is sufficient to …
Arm’s Length Price allowable variation limits u/s 92C notified for AY 2023-24 MINISTRY OF FINANCE(Department of Revenue) Notification No. 46/2023 New Delhi, the 26th June, 2023 INCOME-TAX S.O. 2777(E).—In exercise of the powers conferred by the third proviso to sub-section (2) of section 92C of the Income-tax Act, …
