Who is mandated to file a TDS return under Section 194-IA? Any buyer involved in the payment of sales consideration for the acquisition of immovable property is required to deduct tax under Section 194-IA. This deduction is applicable only if the seller, receiving the payment, is a resident in India. When does Section 194-IA come …
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Tax regulations in India impose certain responsibilities on individuals and entities involved in the transfer of virtual digital assets. Section 194S outlines the obligations related to tax deduction at source for such transactions. This provision applies to both residents and non-residents who are responsible for making payments in consideration for the transfer of virtual digital …
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Introduction: In a recent decision, the Income Tax Appellate Tribunal (ITAT) Delhi Bench “G” set aside the order of the Commissioner of Income Tax (Appeals)-Faridabad and ruled in favor of the assessee, Mr. Vishnu Aggarwal, in relation to the assessment year 2013-14. The appeal, ITA No. 358/Del/2017, primarily contested the addition of Rs. 39,17,853/- to …
Introduction: In a significant legal triumph, Meena Nayyar recently secured a favorable outcome in four separate income tax appeals before the Income Tax Appellate Tribunal (ITAT), Delhi Bench ‘E’. The appeals, spanning assessment years 2011-12 through 2015-16, were filed against the orders of the ld. CIT (Appeals)-27, New Delhi, dated 29.08.2019. Background: The crux of …
Introduction As March 2024 approaches, salaried employees find themselves at a crucial juncture for tax planning. With the end of the financial year looming, now is the ideal time to assess and implement strategies that can optimize tax liabilities. This blog will guide salaried individuals through a comprehensive checklist of actions to take before the …
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Introduction As we approach the end of the financial year in March 2024, business professionals are presented with a critical opportunity for strategic tax planning. This blog aims to provide businesspersons with a comprehensive checklist of actions to take before the closing of March 2024, offering insights to make informed decisions and optimize tax savings. …
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Introduction Dealing with tax matters can be intricate and, at times, challenging. If you find yourself dissatisfied with an order issued by the Assessing Officer, there are avenues available to challenge it through the appeals system. This blog post aims to provide clarity on the options available to taxpayers for appealing orders, with a focus …
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Introduction: In a recent landmark decision, the Income Tax Appellate Tribunal (ITAT) issued a significant verdict in the case of Ajay Kumar Aggarwal versus ACIT, Central Circle-13, New Delhi. The appeals (ITA Nos. 4002 to 4009/Del/2017) cover Assessment Years 2007-08 to 2014-15, and the order, pronounced on April 5, 2023, carries considerable implications for the …
Introduction: The Income Tax Appellate Tribunal, Delhi Bench, recently ruled on the matter of Reloy Shield Private Limited (the appellant) against the Deputy Commissioner of Income Tax, Circle 19 (1), New Delhi (the respondent). The appeal, registered as I.T.A. No. 972/Del/2023, pertains to the assessment year 2020-21 and challenges the order of the Commissioner of …
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Introduction: Taxpayers often find themselves entangled in the complex web of income tax notices and litigations, navigating through a myriad of rules, regulations, and legal nuances. In such intricate scenarios, the services of a qualified Chartered Accountant (CA) become indispensable. CAs play a pivotal role in assisting taxpayers in understanding, responding to, and resolving income …
