The Income Tax Appellate Tribunal (ITAT) in Chennai has allowed an appeal by an individual Assessee engaged in the film distribution business and also Managing Director of Kural TV Creations (P) Ltd, deleting the addition made by the Revenue under Section 40A(3). The ITAT held that Section 40A(3) is not applicable in cases where the …
The Mumbai Income Tax Appellate Tribunal (ITAT) recently issued a judgement in the case of Ajay Parasmal Kothari v. ITO concerning the taxability of receipts received by an individual from a builder for alternate accommodation and hardship during redevelopment. The ITAT allowed the Assessee’s appeal and held that the receipt from the builder is compensation …
The Income Tax Department has issued a notification on July 29th stating that the time limit for e-verification or hard copy submission of ITR-V has been reduced to 30 days from August 1st. This means that taxpayers need to verify their returns within 30 days from the date of filing to complete the process. The …
Continue reading “E-verification of ITR: 30 Days Timeline for E-verification of Returns”
Filing an income tax return is a legal obligation for every taxpayer in India. It is a way to report your income and taxes paid during the financial year to the Income Tax Department. Filing ITRs has several benefits, including facilitating tax compliance and helping individuals claim tax refunds, if eligible. Additionally, it helps individuals …
Continue reading “File Income Tax Return, Steps to File ITR 1 and ITR 4”
India is a land of opportunities and offers an attractive market for entrepreneurs looking to start a business. With a growing middle class and a large population, India offers a vast market for businesses across various sectors. Setting up a business in India can be a complex process, but with the right guidance and support, …
Taxation is an essential part of any business or individual’s financial planning. The tax laws and regulations in India are complex, and it requires specialized knowledge and expertise to navigate them. This is where tax consultants come in. They are professionals who specialize in providing tax-related advice to businesses and individuals. In this article, we …
Books of accounts refer to the systematic and comprehensive record-keeping of financial transactions of a business. They are a critical part of maintaining accurate financial records and complying with tax laws and regulations. Essentially, they serve as a company’s financial diary, documenting every financial transaction that the business engages in. The term “books of accounts” …
Presumptive taxation is a tax system that uses indirect means to determine an individual’s tax liability instead of traditional rules based on their financial records. This method assumes that an individual’s income is at least equal to the amount resulting from applying the indirect method, hence the term “presumptive.” By implementing presumptive taxation, taxpayers can …
The Jaipur Income Tax Appellate Tribunal (ITAT) has directed the Assessing Officer (AO) to pass an order on the merits of chargeability of salary earned by a non-resident Assessee through employment in Kenya, which was inadvertently offered to tax in India. The ITAT opines that the AO should have guided the non-resident and have passed …
Continue reading “Non-Resident Taxation: Jaipur ITAT Directs AO to Pass Order on Merits”
Tax planning is an essential aspect of personal financial management, and can help individuals minimize their tax liability while maximizing their financial resources. In this article, we will discuss some effective tax planning strategies that individuals can use to reduce their tax burden and achieve their financial goals. The first step in effective tax planning …
