Introduction: As the complexities of income tax regulations continue to evolve, so do the mechanisms for ensuring accuracy and transparency in tax assessments. A recent development in this realm is the provision under sub-section (20) of section 155, which empowers taxpayers to rectify errors related to the credit of tax deducted at source in the …
In the realm of income tax filing, understanding the intricacies of Section 143(1) and the subsequent intimation process is crucial. In this blog post, we’ll explore frequently asked questions to shed light on what intimation under Section 143(1) entails. What is Intimation under Section 143(1)? Intimation involves the meticulous processing of income tax returns by …
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Introduction Small business owners play a vital role in the economy by contributing to job creation and economic growth. To support and incentivize their efforts, governments often provide various tax benefits and deductions. In the financial year 2024-25, the Indian government has introduced a range of provisions aimed at helping small business owners reduce their …
In India, determining an individual’s income tax liability hinges significantly on their residential status. This complex subject has several categories and conditions that determine whether someone is considered a resident or non-resident for tax purposes. To unravel this intricate web, we’ll delve into each category in detail. 1. Indian Citizens Visiting India with Income Less …
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Brief: In a significant ruling, the Madhya Pradesh High Court has quashed reassessment proceedings initiated against an assessee, Mr. Nitin Nema, based on a sale consideration of Rs. 72.05 lakhs for the assessment year 2016-17. The High Court held that the actual income chargeable to tax may be lower than the threshold for reopening assessments …
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The Mumbai Income Tax Appellate Tribunal (ITAT) has ruled that the maintenance charges for Nostro Accounts are not liable to be treated as interest under Section 2(28A) of the Income Tax Act. Additionally, the ITAT determined that Section 195, which pertains to Tax Deducted at Source (TDS), is not applicable to these charges. The case …
The Ministry of Finance has recently announced that there will be no extension in the deadline for filing income tax returns. This decision comes amidst the approaching deadline of July 31 for filing income tax (I-T) returns for the financial year 2022-23 (assessment year 2023-24). Revenue Secretary Sanjay Malhotra clarified that there is no proposal …
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The Hyderabad Income Tax Appellate Tribunal (ITAT) has ruled in favor of employees of IBM India Pvt. Ltd., stating that the foreign assignment allowance topped up to their Travel Currency Card by IBM India is not taxable in India. The ITAT decision was based on the co-ordinate bench ruling in Bodhisattva Chattopadhyay v. CIT (2019) …
The Panaji ITAT upheld the CIT(A) order confirming the disallowance of interest paid on a loan used to compensate the Assessee’s family members as per an arbitral award on a family settlement. The Assessee claimed a deduction of the interest against the long-term capital gains (LTCG) arising from the sale of a capital asset. However, …
The taxpayer’s argument is that the expenditure on foreign travel should not be disallowed because it was incurred to secure donations from donors who were located abroad. The taxpayer has provided evidence of Foreign Contribution Regulation Act (FCRA) receipts for the relevant assessment year, which were submitted along with the records. It is evident that …
