Category: Income Tax

ITAT gives telescoping benefit of business income declared when the assessee was only an entry operator and addition was made for commission income In a recent judgment , the Income Tax Appellate Tribunal has directed AO to give benefit of telescoping for the business income declared when the …

Condonation of delay for ITRs claiming deduction u/s 80P from AY 2018-19 to AY 2022-23 Circular No. 13/2023 F. No.173/21/2023-ITA-IGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes New Delhi the 26th July, 2023 Sub:- Condonation of delay under clause (b) of sub-section (2) of section …

ITAT remands appeal dismissed by CIT(A) for mentioning wrong section in Form No. 35 and grounds of appeal and form 35 not matching to each other ABCAUS Case Law Citation:ABCAUS 3782 (2023) (07) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) …

ITD examining ITR of salaried assessee claiming refunds – Precautions for Tax Consultants/ Tax Practitioners  Income Tax Department is scanning allowances and deductions claimed by Salaried Taxpayers claiming refunds Recently, the Income Tax Department caught an Income Tax refund scam in Andhra Pradesh and Telengana. The scam amounts …

CBDT urges NRIs with inoperative PAN to intimate NRI status to jurisdictional Assessing Officer  Income Tax Department has issued an advisory for Non Resident Indians whose PAN are inoperative. According to the advisory,  if any NRI’s PAN is still inoperative, he/she is requested to intimate his/her NRI status …

Delay in deposit of PF/ESI for disallowance u/s 36(1)(va) to be calculated from the month of actual payment of salary not accrual. ITAT remands case for examination ABCAUS Case Law Citation:ABCAUS 3781 (2023) (07) ITAT Important Case Laws relied upon:Checkmate Pvt. Ltd. vs. CITKanoi Paper and Industries Ltd. …

Amendment of Income tax Rules to include IFSC related proposals in Finance Act 2023 (Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 51/2023 New Delhi, the 18th July, 2023 G.S.R. 519(E).—In exercise of the powers conferred by clause (XI) of the proviso to clause (x) of sub-section …

Amendment in Income Tax Rules in view of IFSC related proposals in Finance Act 2023 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 50/2023 New Delhi, the 17th July, 2023 G.S.R. 514(E).— In exercise of the powers conferred by clause (i) of sub-section (3) of …

In faceless regime, normally there cannot be a case of prejudice of lack of enquiry because there is application of mind by multiple officers and not by a single officer – ITAT ABCAUS Case Law Citation:ABCAUS 3780 (2023) (07) ITAT Important Case Laws relied upon:Cinecita Pvt. Ltd. 137 …

CBDT clarifies taxability of income earned by a non-resident investor from off-shore investments in investment fund routed through an Alternative Investment Fund Circular No. 12 12023 F.No.225/79/2019-ITA-IIGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes North-Block. New Delhi. dated the 12th July.2023 Subject: Clarification regarding taxability …