Category: Income Tax
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 …
Income Tax Return Statistics for AY 2015-16 released. The Report is generated from e-filed and verified ITRs & paper returns captured in system up to 30th September 2017 Press Information Bureau Government of India Ministry of Finance 20-December-2017 12:27 IST Release of Income Tax Return Statistics for AY …
Income Tax Departmental Representatives not to seek adjournments in cases listed before ITAT-CBDT Taking a serious note of the adverse view taken by the Hon’ble Delhi High Court, CBDT has asked all Pr CCITs to direct Department Representatives (DR) not seek adjournments in cases listed before ITAT without a substantial cause …
Registration of trust us 12A not involve enquiry into actual activities or application of funds, etc. which may be examined at the stage of assessment. High Court ABCAUS Case Law Citation: ABCAUS 2149 (2017) (12) HC The Challenge/Grievance: This income tax appeal was filed under Section 260-A of …
Order passed by AO before expiry of the date of hearing fixed was in violation of the principles of natural justice and cannot stand to the test of law-High Court ABCAUS Case Law Citation: ABCAUS 2146 (2017) (12) HC The Challenge/Grievance: The petitioner was aggrieved by the impugned …
