Category: Income Tax
Condonation of delay in submission of ITR-V or EVC within 120 days by providing reason for delay at income tax efiling website-Steps required As of now for e-filed return which is not digitally signed, the taxpayer is required to either send a signed copy of Income Tax Return …
How to change wrong personal details filled in income tax return. For wrong personal details (i.e. Bank Account, Address, Mobile number and e-mail id) filled inadvertently in the ITR, there is no need to revised the return. Income Tax E-filing website has added a new feature to correct such wrong …
Approval by CIT even before recording reasons by AO for reopening u/s 147 may reflect premature approval but need not render initiation of proceedings as non-est or void -High Court Prelude: Section 147 of the Income Tax Act, 1961 contains enabling provisions for re-assessment of income escaping assessment. …
Expenditure on Construction and improvement on leased building-Revenue or capital. Enduring benefit cannot be a conclusive test and it cannot be mechanically applied-High Court Prelude: Section 29 of the Income tax Act, 1961 (the Act) provides that the profits and gains of business or profession shall be computed …
Interest on bank fixed deposit not credited to account taxable on mercantile basis. It is no defense that TDS was not deducted by bank and hence accrual did not arise -High Court Prelude: Taxation of interest on fixed deposits made with banks have often been seen the litigation. One …
Income Tax Department advisory to deduct and pay TDS on rent u/s 194IB under which individual/HUF are obliged to deduct if rent exceeds Rs. 50000/- per month. In order to widen the scope of tax deduction at source, the Finance Act, 2017 w.e.f. 1st June, 2017 has inserted …
Income Tax notice can now be served at address available on the records of govt, , bank, post office, insurance companies etc. Improper\illegal service of Income Tax notices/communication has helped assessees to win a cases by challenging the assumption of jurisdiction. Section 282 of the Income Tax Act, …
Gratuity provision allowed even though fund was approved by Commissioner in next year. Assessee cannot be denied benefit merely for delay at the hands of CIT – High Court Prelude: Gratuity is an allowable deduction under the Income Tax Act, 1961 (the Act) and provision for the same …
Presumption u/s 132(4A)-No further proof u/s 37 of expenses recorded in books seized was required as department failed to rebut presumption-High Court Prelude: Section 132(4A) provides for the presumption that where during the course of a search proceedings, any books of account, documents, money, bullion, jewellery or other …
Tax component of tax free salary is taxable as salary not income from other sources under section 195A which provides for grossing up-High Court Recently Hon’ble High Court has held that tax component on tax free salary paid by the employer is part of salary and not assesseble …
