Category: Income Tax
Penalty u/s 271(1)(c) confirmed despite non specifying charge in the notice as assessee not raised it before CIT(A) and changed stand before ITAT ABCAUS Case Law Citation: ABCAUS 3050 (2019) (07) ITAT Important Case Laws Cited/relied upon by the parties: CIT v. Zoom Communication (P) Ltd. Sundaram Finance …
No Revision u/s 263 when assessment order was void and did not exist in law for not following procedure laid down by Supreme Court in GKN Drivesshaft ABCAUS Case Law Citation: ABCAUS 3049 (2019) (07) ITAT Important Case Laws Cited/relied upon by the parties: CIT Vs. VSNL (2012) …
Deity is a juristic person having status of individual, Tax rates/slabs as applicable to an individual would apply. Section 167B not applicable. ABCAUS Case Law Citation: ABCAUS 3048 (2019) (07) ITAT Important Case Laws Cited/relied upon by the parties: Official Trustee of West Bengal Vs. CIT (1974) 93 …
Tax rates for individuals having taxable income from Rs. 2 cr – 5 cr and Rs. 5 cr & above to be increased by around 3 % and 7 % respectively due to increase in surcharge. Direct Tax revenue increases by over 78 % in FY2018-19 from …
Prosecution u/s 276CC-increase in threshold of tax payable, TDS to be considered in determining tax liability payable The existing provisions of section 276CC of the Income Tax Act, inter alia, provide that prosecution proceedings for failure to furnish returns of income against a person shall not proceeded against, …
Cancellation of registration u/s 12AA of Trust/Institution on violating any other law which was material for the purpose of achieving its objects Section 12AA of the Act prescribes for manner of grating registration in case of trust or institution for the purpose of availing exemption in respect of …
Tax Incentives given to start-ups in Union Budget 2019-20. carried forward and set off of losses, relaxation of conditions of section 54GB Section 79 of the Income Tax Act provides conditions for carry forward and set off of losses in case of a company not being a company …
Payment from NPS Trust on closure of account to be exempt up to 60% of total amount payable at the time of closure or his optingout of the scheme.-Incentives to National Pension System (NPS) subscribers (i) Under the existing provisions of section 10 of the Act, any payment …
Deduction u/s 80EEB for interest on loan taken for purchase of electric vehicle With a view to improve environment and to reduce vehicular pollution, the Union Budget 2019-20 has proposed to insert a new section 80EEB in the Income Tax Act so as to provide for a deduction …
Deduction u/s 80EEA for interest up to 150000 on loan taken for affordable house property The Union Budget 2019-20 has proposed to insert a new section 80EEA in the Income Tax Act so as to provide a deduction in respect of interest up to one lakh fifty thousand …