Category: Income Tax
Form 26AS amounts not income if not credited in books of accounts of the assesssee. It is a well settled law that the bank account is not books of account of the assessee. Â Mere issue of TDS certificate does not establish any income-ITAT. ABCAUS Case Law Citation: 1003 …
Higher GP rate adoption for mere fall in rate from preceding year. It cannot be a sole reason for choosing higher rate as per Assessing Officers convenience – ITAT ABCAUS Case Law Citation: 1002 2016 (08) ITAT Assessment Year: 2010-11 Date/Month of Judgment: July 2016 Brief Facts of the …
AO statutorily required to compute capital gain us 48 not 50C. Deduction us 54EC also allowable on capital gain computed u/s 48 not on deemed cost of consideration u/s 50C-ITAT ABCAUS Case Law Citation: 1001 2016 (08) ITAT AY: 2009-10 Brief Facts of the Case: The appellant assessee …
Additions u/s 28(iv) not apply to benefits received in cash-money. ITAT quashed additions made by Assessing Officer alleging opening balances of customers advances as bogus. ABCAUS Case Law Citation: 1000 2016 (08) ITAT The Prelude: It has bee widely held in numerous judgments that additions u/s 68 can not …
Streamlining process of NOC Port Clearance Certificate voyage return and assessment of Foreign Shipping Companies Circular No. 30/2016 F. No: 500/05/2014-FTD-I Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Foreign Tax & Tax Research Division – II FT & TR-V Section New …
ICAI PAN Details updation link to avoid deactivation of income tax efiling account login by Income Tax Department for name and DOB mismatch  It is learnt that Income Tax Department is following up with chartered accountants who are required to be registered with income tax e-filing website for …
e-filed forms 10A 10G time barring on 31082016 which were filed during 01-02-2016 to 29-02-2016. Instruction for taking necessary action. DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Center, Ground Floor, E-2, Jhandewalan Extension, New Delhi- 110055 F. No. System/ITBA/Exemption Module/e-filing/2016-17/7535 Â Â Â Â Â Â Â Â Â …
Husband Wife treated single unit for capital gains deduction u/s 54 54F. Compensation paid to husband to vacate house owned by wife not allowable – ITAT ABCAUS Case Law Citation: 996 (2016) (08) ITAT Assessment Year: 2011-12 Date/Month of Judgment/Order: August 2016 Brief Facts of the Case: The  assessee …
Government-embassies etc exempt from TCS us 206C (1D) on cash purchase of goods and services by new Rule 37CB. MINISTRY OF FINANCE Department of Revenue CENTRAL BOARD OF DIRECT TAXES Notification No. 75/2016 New Delhi, the 19th August, 2016 INCOME-TAX S.O. 2747(E).— In exercise of the powers conferred …
Consultant-Visiting Doctors TDS. Salary u/s 192 or professional fee u/s 194J. Remuneration of consultant doctors was salary liable to TDS u/s 192 while that of visiting doctors as professinal fee liable to TDS u/s 194J – ITAT ABCAUS Case Law Citation: 993 2016 (08) ITAT Assessment years: 2011-12, 2012-13 …
