Category: Income Tax
CBDT amends income tax rules for determining value of residential accommodation provided to the assessee by the employer CBDT notifies Rule for determination of value of perquisite in respect of residential accommodation provided by employer. The categorization and the limits of cities and population have now been based …
ITAT refused to admit additional evidence when were available with assessee before the completion of the assessment and no reasons was given as to why those were not filed before AO or CIT(A). ABCAUS Case Law Citation:ABCAUS 3794 (2023) (08) ITAT In the instant case, the assessee had …
Facility of income tax challan correction launched through e-filing portal The income tax department has launched facility of income tax challan correction through e-filing portal. Now corrections to income tax challans (ITNS 280) can be made by e-filing portal The steps required for making correction in challans are …
Interest income earned on fixed deposits of Clubs are taxable under Section 2(24) of the Income Tax Act and principle of mutuality does not apply to them – SC ABCAUS Case Law Citation:ABCAUS 3793 (2023) (08) SC Important Case Laws relied upon:Bangalore Club vs. Commissioner of Income Tax, …
Telegraphic transfer buying rate to be rate of exchange for the purpose of deduction of tax at source on income payable in foreign currency CBDT has amended income tax rule 26 to provide that telegraphic transfer buying rate shall be the rate of exchange for the purpose of …
CBDT issues Guidelines under clause (10D) of section 10 of Income-tax Act from AY 2024-25 Clause (10D) of section 10 of the Income-tax Act, 1961 (the Act) provides for income-tax exemption on any sum received under a life insurance policy, including the sum allocated by way of bonus …
Consideration used in section 48 does not have any reference to market value but only to consideration referred to in sale deeds as sale price of assets ABCAUS Case Law Citation:ABCAUS 3791 (2023) (08) ITAT Important Case Laws relied upon:Commissioner of Income tax vs Gillanders Arbuthnot & Co. …
Extension of Safe Harbour Rules to AY 2023-24 – Notification u/s 92CB. Income-tax 15th Amendment Rules 2023. CBDT has extended the benefit of Safe Harbour Rules to AY 2023-24. MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 58/2023 New Delhi, the 9th August, 2023 INCOME-TAX …
Income Tax Act provides complete machinery for assessment/reassessment of tax, assessee is not permitted to abandon that machinery and invoke jurisdiction of High Court under Article 226 ABCAUS Case Law Citation:ABCAUS 3790 (2023) (08) SC Important Case Laws relied upon:Gurinder Mohan Singh Nindrajog v. Commission of Income Tax, …
Tax on maturity of High Premium insurance policy to be on sum received minus premium paid though TDS u/s 194DA is contemplated on the gross Amount paid – ITAT ABCAUS Case Law Citation:ABCAUS 3789 (2023) (08) ITAT In the instant case, the assessee had challenged the order passed …
