Manner and contents of assessment order framed not determinative whether or not reopening is a case of change of opinion – Supreme Court ABCAUS Case Law CitationABCAUS 3653 (2023) (02) SC Important Case Laws covered:Commissioner of Income Tax v. Kelvinator India Limited reported in 320 ITR 561 SCCommissioner …
Frequently Asked Questions (FAQs) on Income Tax e-Verification Scheme 2021. The FAQs on the e-Verification Scheme, 2021 (hereafter ‘FAQs’) aim to provide general guidance in understanding the procedures and processes of the e-Verification Scheme, 2021 issued vide CBDT Notification no. 137/2021 dated 13.12.2021. According to …
There is no legal authority by or under which the revenue-authorities can make a lump-sum disallowance. Lump sun disallowance made without rejecting books of account deleted. ABCAUS Case Law CitationABCAUS 3652 (2023) (02) ITAT Important Case Laws relied upon:ACIT vs. Genda Lal Hazarilal & Company 134 Taxmann 384 …
Capital Gain Exemption u/s 54 and 54F for investment in residential house limited to Rs. 10 crores Section 54 and section 54F of the Income-tax, 1961 allows deduction on the Capital gains arising from the transfer of long-term capital asset if an assessee, within a period of one …
Increase in threshold limits for presumptive taxation schemes u/s 44AD and section 44ADA Under the existing provisions of Section 44AD of the Income Tax Act 1961 a presumptive income scheme is provided for small businesses. This scheme applies to certain resident assessees (i.e.,an individual, HUF or a …
Income Tax basic exemption limit and tax slabs for individuals & HUFs for AY 2024-25 The basic income tax exemption limit and tax slabs for individuals can be broadly categoriesd as under: (i) Optional Simplified Personal Tax Regime (New Tax Regime) under section 115BAC, and (ii) Those not …
