Category: Income Tax
Penalty for late filing TDS return us 272A(2)(k) quashed as accountant had changed during the year and assessee was not aware of the delay. In a latest judgment, ITAT Mumbai quashed the penalty u/s 272A(2)(k) for late filing TDS return quashed as accountant had changed during the year …
Tax on Distributed income of Domestic Company for shares Buy-Back. Determination of amount as per Rule/section 115QA MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 94/2016 New Delhi, the 17th October, 2016 INCOME-TAX G.S.R. 982(E).—In exercise of the powers conferred by section 115QA …
Tax audit ITR Due date extension Jammu Kashmir AY 2016-17 to 31-12-2016 for all categories of assessees. CBDT order u/s 119 F.No. 225/195/2016/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, ITA.II Division New Delhi, the 18th October, 2016 Order under …
Public Sector Company Deemed Demerger on Shares Transfer by Central Government MINISTRY OF FINANCE Department of Revenue CENTRAL BOARD OF DIRECT TAXES Notification No. 93/2016 New Delhi, the 14th October, 2016 (INCOME-TAX) S.O. 3204(E).— In exercise of the powers conferred by Explanation 5 to clause (19AA) of section …
Difference in CPC Demand and Central Action Plan CAP-1. Income Tax Department study shows PrCCIT Regions -wise unreconciled differences. Directorate of Income Tax has issued a letter to all Principal Chief Commissioners of Income Tax (PrCCIT) stating that it has observed noticeable differences in the amount of demand as reported …
Partnership salary allowed in profit loss ratio as per deed. Remuneration clause provided the manner of quantifying as per CBDT Circular No. 739 – ITAT ABCAUS Case Law Ctation 1035 (2016)(10) ITAT Important Judgments Cited: Assistant Commissioner of Income Tax Vs. M/s. DCS International Trading Durga Dass Davki …
No Penalty 271(1)(c) even if quantum proceedings upheld additions. Merely because a bona fide explanation did not find favour, it would not justify the levy of concealment penalty-ITAT ABCAUS Case Law Citation: 1034 (2016) (10) ITAT Brief Facts of the Case: A search operation u/s 132 of the Income Tax Act, …
IDS 2016 Clarification Instruction No. 11 of 2016 F.No.142/8/2016-TPL(Part) Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) *** New Delhi, the 13th October, 2016 To, All Principal Chief Commissioners of Income-tax Sub.: The Income Declaration Scheme, 2016 – reg. Representations have been …
Applicability of TDS us 194-I to lump sum lease premium paid for acquisition of long term lease Circular No. 35 /2016 F. No. 275/29/2015-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi 13th October, 2016 Subject: Applicability  of …
Income Tax Department vindictively disallowed agricultural income claim of Jayalalithaa. Â Sasikala also gets relief from ITAT ABCAUS Case Law Citation: 1033 (2016) (10) ITAT Brief Facts of the Case(s): In both the cases, among other thing, the claim of agricultural income was disallowed by the Assessing Officer (AO) …
