Category: Income Tax
Prescribed class of persons for the purpose of section 50CA. Rule 11UAD. Section 50CA not to apply to transfer of unquoted shares of company/subsidiary MINISTRY OF FINANCE(Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 42/2020 New Delhi, the 30th June, 2020 G.S.R.423(E).—In exercise of …
Exemption from deeming provisions of section 56(2)(x). Rule 11UAC amended to include more exclusions apart from unauthorised colony in NCT of Delhi MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 29th June, 2020 G.S.R. 421(E).—In exercise of the powers conferred …
No bar in claiming deduction u/s 54F in reopening proceedings u/s 147. ITAT direct Assessing Officer to decide exemption afresh ABCAUS Case Law Citation:ABCAUS 3324 (2020) (06) ITAT In the instant case, the appeal of the assessee was directed against the ex parte order passed by the …
Allowances and Perquisites allowable to assessee who exercises option u/s 115BAC under New Tax Regime MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 38/2020 New Delhi, the 26th June, 2020 INCOME-TAX G.S.R. 415(E).—In exercise of the powers conferred by sub-section (2) of section 115BAC read …
Meaning of genuineness of trust activities – they should not be bogus, artificial or camouflaged and whether in accordance with objects – ITAT ABCAUS Case Law Citation:ABCAUS 3323 (2020) (06) ITAT Important case law relied upon by the parties:Baburam Education Society (2018) 96 taxmann.com 606 Meaning of Genuineness …
RERA Odisha and jharkahnd income exempted u/s 10(46)from AY 2020-21 to 2024-25 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No. 37/2020 New Delhi, the 25th June, 2020 S.O. 2041(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax …
CBDT issue Notification further extending time limit for filing ITRs, TDS/TCS returns, making investments etc. for AY 2020-21 & 2019-20 Govt extends various time limits under the Direct Tax & Benami laws, providing further relief to taxpayers for making compliances under these laws. Time limits had earlier been …
Maharashtra Electricity Regulatory Commission income exempted u/s 10(46) of Income Tax Act MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 23rd June, 2020 S.O. 2015(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of …
Greater Noida Industrial Development Authority authority income exempted u/s 10(46) of Income Tax Act, 1961 MINISTRY OF FINANCE(Department of Revenue)(Central Board of Direct Taxes) NOTIFICATION New Delhi, the 23rd June, 2020 S.O. 2014(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, …
Non-rejection of explanation in Assessment Order amounts to AO accepting it hence no reopening on change of opinion. SC upholds High Court judgment ABCAUS Case Law Citation:ABCAUS 3322 (2020) (06) SC In a recent judgment, the Hon’ble Supreme Court had dismissed the Special Leave Petition filed by the …
