Category: Income Tax
No automatic vacation of stay granted by ITAT beyond 365 days when delay in disposing appeal not attributable to assessee. Supreme Court upheld struck down of third proviso of Section 254(2A) as constitutionally invalid ABCAUS Case Law CitationABCAUS 3480 (2021) (04) SC Important case law relied referred:Income Tax …
CBDT amends Rule 10DA, 10DB and Form No. 3CEAB related to maintenance and furnishing of information by persons entering into international or specified domestic transactions  MINISTRY OF FINANCEDepartment of RevenueCENTRAL BOARD OF DIRECT TAXES Notification No. 31/2021 New Delhi, the 5th April, 2021  Income-tax  G.S.R …
For exemption u/s 54F usage of property i.e. residential or commercial has to be considered in deciding if assessee owns more than one residential property ABCAUS Case Law CitationABCAUS 3479 (2021) (04) HC Important case law relied referred:Malabar Industrial Co. Ltd. vs. Commissioner of income tax (2000) 109 …
Addition made for difference due to wrong journal entry. Assessee directed to file reconciliation to explain the difference-ITAT ABCAUS Case Law CitationABCAUS 3477 (2021) (04) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the addition made by the Assessing …
Addition made during survey for difference construction expenses between tally accounting package and manual register deleted by ITAT ABCAUS Case Law CitationABCAUS 3477 (2021) (04) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming addition made on the basis of …
CBDT releases Income Tax Return Preparation JASON Utilities for ITR-1 and ITR-4 for AY 2021-22 Form Description JSON Utility/ Validity Rule Validation Rules  ITR-1 For individuals being a resident (other than not ordinarily resident) having total income up to Rs.50 lakh, having Income from Salaries, one house …
No tax on salary income earned by non-resident Indian citizens in Gulf countries – Finance Minister The Union Finance Minister has clarified that the Finance Act, 2021 hasn’t brought in any additional or new tax on hardworking Indian workers in Saudi/UAE/Oman/Qatar. It has merely incorporated general definition of …
The Government of the Republic of India and the Government of the Islamic Republic of Iran entered into Agreement for Avoidance of Double Taxation and the Prevention of Fiscal Evasion The existing taxes to which the Agreement shall apply are in particular: (a) in the case of the …
Chairman/Vice-Chairman of Settlement Commission entitled to claim compensation not exceeding three months’ pay and allowances for the premature termination of term of office MINISTRY OF FINANCE(Department of Revenue) NOTIFICATION New Delhi, the 31st March, 2021 G.S.R. 245 (E).—In exercise of the powers conferred by the proviso to article …
Tax Audit Report can be revised by CA for recalculation of disallowance u/s 40 or 43B on payments made after furnishing of report in Form 3CD MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 28 /2021 New Delhi, the 1st April, 2021 (INCOME-TAX) G.S.R. 246(E).––In …
