Category: Income Tax
Penalty 271(1)(c) deleted as employee was misguided by employer cooperative bank that interest income was exempt ABCAUS Case Law Citation:ABCAUS 3155 (2019) (09) ITAT Important case law relied upon by the parties:Badshah Parshad Vs. CIT, 127 ITA 601 (Patna)Rave Entertainment P.Ltd. Vs. CIT, 376 ITR 544 (All)Garden Silk …
CBDT specifies Income Tax authorities to perform, concurrently, powers and functions of the AO, to facilitate Centralised E-assessment proceedings MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 72/2019 New Delhi, the 23rd September, 2019 (Income-tax) S.O. 3435(E).—In pursuance of the powers conferred by sub-sections (1), …
CBDT directions for handling startups grievances and addressing tax related issues CBDT directions for handling startups grievances In August 2019, a Startup Cell had been created at the CBDT level for handling redressal of grievances of Startups and addressing its tax related issues. In furtherance of the above, …
An order passed in ignorance of binding precedents is erroneous. ITAT deleted penalty u/s 271(1)(c) when in subsequent year it was deleted on similar facts ABCAUS Case Law Citation:ABCAUS 3153 (2019) (09) ITAT Important case law relied upon by the parties:CIT vs. Reliance Petro Products Pvt Ltd (322 …
TDS payable as at year end is allowable expenditure in cash basis of accounting. it can not be said that the above sum had not been paid by the assessee ABCAUS Case Law Citation:ABCAUS 3152 (2019) (09) ITAT In the instant case, an appeal was filed by the …
Exemption from TDS on cash withdrawals u/s 194N to commission agents/traders of Agriculture Produce Market Committee (APMC) Exemption from TDS on cash withdrawals to commission agents/traders of Agriculture Produce Market Committee MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 70/2019 New Delhi, the 20th September, …
CBDT allows higher depreciation on motor cars, buses, lorries & taxis with retrospective effect in a bid to support slump struck automobile sectors CBDT allows higher depreciation on automobiles with retrospective effect MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 69 /2019 New Delhi, the …
Jurisdiction of PCIT / CIT extended in respect of specified cases/persons in the addition to their existing jurisdiction. MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 71/2019 New Delhi, the 20th September, 2019 (Income-tax) S.O. 3426(E).—In exercise of the powers conferred by sub-section (1) and …
Copy of the Taxation Laws (Amendment) Ordinance 2019 promulgated by the President. List of Amendments  in income-tax act, 1961 & the Finance (No.2) Act, 2019 The Taxation Laws (Amendment) Ordinance 2019 has been promulgated by the President of India and it has come into force at once i.e., …
TDS u/s 194N-Cash Replenishment Agencies & franchise agents of White Label ATM Operators exempted from TDS on cash withdrawal MINISTRY OF FINANCE(Department of Revenue) NOTIFICATION New Delhi, the 18th September, 2019 Notification No. 68/2019 S.O. 3356(E).—In exercise of the powers conferred by clause (v) of proviso to section …
