Category: Income Tax
Cost Inflation Index for FY 2020-21 notified by CBDT. Up-to-date Cost Inflation Index Table / Chart from FY 2001-02 to FY 2020-21 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 32/2020 New Delhi, the 12th June, 2020 Income-Tax S.O.1879(E).—In exercise of the powers conferred by …
CBDT makes 272 transfer/postings in the grade of Assistant / Deputy Commissioner of Income Tax. CBDT has made 215 transfer/postings in the grade of Assistant / Deputy Commissioner of Income Tax. In addition, 41 transfer/postings of review cases has also been made. Further 16 transfer/postings have been done …
Exemption u/s 54F allowed as vendor insisted for execution of two sale deeds to avoid TDS as agreement for purchase of property was not disputed ABCAUS Case Law Citation:ABCAUS 3319 (2020) (06) ITAT In the instant case, the appeal was filed by the assessee against the order passed …
No penalty u/s 271E where persons are properly identified and transactions are genuine as there can be no attempt to evade tax – ITAT ABCAUS Case Law Citation:ABCAUS 3318 (2020) (06) ITAT Important case law relied upon by the parties:Industrial Enterprises vs. DCIT 73 ITD 252ADIT vs. Kumari …
155 Assistant Commissioners of Income Tax (Probationers) posted on completion of training at National Academy of Direct Taxes (NADT) The CBDT has given postings to 155 Assistant Commissioners of Income Tax (Probationers) in the level 10 in the pay matrix of Rs. 56100 – 177500/- on successful completion …
Deduction u/s 80-O was rightly denied as assesse worked only as an agent of foreign enterprises – Supreme Court ABCAUS Case Law Citation:ABCAUS 3317 (2020) (06) SC Important case law relied upon by the parties:E.P.W. Da Costa and Ors. v.Union of India: (1980) 121 ITR 751 (Delhi)Capt. K. …
Period of limitation under Rule 68B for sale of attached immovable property-Supreme Court admits SLP due to contrary view of High Courts ABCAUS Case Law Citation:ABCAUS 3316 (2020) (06) SC Important case law relied upon by the parties:M.U. Joshi Vs. Tax Recovery Officer & Ors.Noorudin Vs. Tax Recovery …
CBDT notifies Income Tax Returns (ITRs) Forms for AY 2020-21. Download Notification CBDT notifies ITRs for AY 2020-21 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 31/2020 New Delhi, the 29th May, 2020 INCOME-TAX G.S.R. 338(E).—In exercise of the powers conferred by section 139 read …
Expenditure for earning interest income allowed u/s 57(ii) as nexus between loan taken and amount invested in FDR not was doubted ABCAUS Case Law Citation:ABCAUS 3315 (2020) (05) ITAT Important case law relied upon by the parties:CIT Vs. RajendraPrasad Moody, 115 ITR 519 (SC) astern Investments Ltd. v. …
CBDT notifies Form of Annual Information Statement u/s 285BB by inserting rule 114-I. This will replace the existing Form 26AS of TDS/TCS The Finance Act 2020, in order to extend the scope of Form 26AS beyond the information about tax deducted, inserted a new section 285BB regarding Annual …
