Category: Income Tax

Allowability of deduction u/s 80TTB for SB interest to senior citizens not have fixed deposit interest income  The ITR utilities provided by the income tax efiling website have been programmed to disallow the deduction u/s 80TTA to senior citizens (base on the input of date of birth) by …

Transfer u/s 2(47)(v) is complete when possession of immovable property taken over in part performance of contract  ABCAUS Case Law Citation: ABCAUS 3051 (2019) (07) ITAT In The instant case, the Revenue had filed the appeal against the order passed by the CIT(A) in directing to treat the …

CBDT exempts income of Chhattisgarh Building and Other Construction Workers’ Welfare Board MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 52/2019 New Delhi, the 4th July, 2019 S.O. 2378(E).—In exercise of the powers conferred by clause (46) of section 10 of the 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 …