The Delhi High Court has overturned an order that rejected an application made by an individual Assessee seeking immunity from penalty proceedings under Section 270AA. The Court found that the Assessee was not given an opportunity to be heard, as mandated by Section 270AA(4), before their application was dismissed. The Assessee had filed a return …
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Introduction: A one-person company (OPC) is a type of business entity where a single individual can operate a company as a separate legal entity. It is a hybrid between a sole proprietorship and a private limited company that provides the benefits of limited liability while allowing the entrepreneur to retain complete control of the business. …
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Non-Resident Indians (NRIs) often face unique tax and financial challenges due to their status as non-residents. They may not be familiar with the tax laws and regulations of India, and may face difficulties in managing their finances and investments in India. This is where the services of a Chartered Accountant (CA) in Faridabad can be …
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Non-Resident Indians (NRIs) are individuals who live and work outside of India but maintain strong ties to their home country. As an NRI, it can be challenging to navigate the complex Indian tax laws and financial regulations. This is where a Chartered Accountant (CA) in Gurgaon can be of great assistance. In this article, we …
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The Income Tax Appellate Tribunal (ITAT) in Chennai has ruled in favor of the assessee in the case of A. Jesu Rajendran v. ITO. The dispute arose when the revenue authorities assessed the profit derived from the transfer of property as short-term capital gains and invoked Section 50C to determine the value of the property …
Working abroad can be an exciting opportunity, but before leaving your home country, there are important things to consider. If you are an Indian citizen working overseas for more than 181 days, you will be classified as a Non-Resident Indian (NRI). This classification has implications for your financial accounts and investments back in India. In …
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In the case of Anagha Vijay Deshmukh v. DCIT, the assessee had filed her income tax return electronically for the relevant assessment year claiming carry forward of long-term capital loss. She later filed a revised return claiming the same loss at a higher amount. However, the lower authorities denied her claim on the grounds that …
The Mumbai Income Tax Appellate Tribunal (ITAT) has held that while computing capital gains on the transfer of a capital asset received under a will, the indexed cost of acquisition has to be computed with respect to the year in which the first owner held the asset. The ITAT relied on a jurisdictional High Court …
The PCIT v. Dipak Govindbhai Dalwadi case (2023) 147 taxmann.com 393 (Guj.) highlights an important issue regarding the imposition of taxes on the sale of land. The case involves an assessee who entered into an agreement to sell his land for Rs. 95,00,000/- in 2008, with registration taking place in 2012. The Assessing Officer found …
The Income Tax Act allows residents of India to deduct the income tax paid in the United States from their tax liability, as per the provisions of the Double Taxation Avoidance Agreement (DTAA) between India and the United States. Rule 128(9) of the Rules, which does not provide for the disallowance of Foreign Tax Credit …
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