The ITAT in Jaipur recently dismissed the Revenue’s appeal and held that the Assessee, an individual service provider of online advertisement, digital marketing and web design for consultancy charges, was not liable for disallowance under Section 40(a)(ib) of the Income Tax Act, 1961. The Assessee was initially subjected to disallowance of Rs. 8.89 Crore for …
E-Proceeding in the context of income tax refers to the process of conducting income tax assessments and other related activities, such as filing tax returns and making tax payments, electronically. This process aims to make the income tax system more efficient, convenient, and accessible for taxpayers. E-Proceeding typically involves the use of online portals and …
Continue reading “Received Income Tax Notice?: A Detailed Guide on E-Proceeding with FAQs”
The Petitioner in this case is a person who earns income from various sources such as salary, income from house property, business/profession, and other sources. The Petitioner is an Actor by profession and is also a partner in two partnership firms named M/s Zorabian Sales and Marketing and M/s Zorabian Foods. The Petitioner had filed …
Continue reading “Partner Remuneration is Not added to Turnover for Calculating Tax Audit Limit”
In the recent case of PCIT v. Boeing India (P) Ltd. (2023) 146 taxmann.com 131 (Del.), the issue at hand was whether the foreign company, who had deputed one of its employees to look after the affairs of the Indian company, was liable for tax under Section 195 of the Act, once the nature of …
The issue of whether the salary of a non-resident seafarer, which was earned for services rendered outside of India, would be included in the total income of the assessee is a matter of legal concern. Despite the fact that the assessee mistakenly indicated that the salary had accrued in India while filing their income tax …
The Delhi High Court has ruled against the Assessee in a case involving the payment of bonuses by a private limited company to its directors. The company had paid a bonus of Rs. 1 Cr. each to its two directors, who held 50% of the equity shares each, during the assessment years 2011-12 and 2014-15. …
The Mumbai ITAT has ruled in favor of the assessee, holding that the liaison office (LO) of a Swiss company’s subsidiary in India does not qualify as a permanent establishment (PE). As a result, the addition of business income of Rs. 1.50 crore, attributed to 50% of the income from repairs and maintenance and integrated …
The Bangalore ITAT has upheld the expenses incurred by the assessee-company, Honeywell Technology Solutions (P) Ltd, for the assessment year 2011-12. The company, engaged in the business of software development and IT enabled services, incurred a total of Rs. 32.87 crore on the maintenance of computer licenses, purchase of software, legal and professional charges, and …
Leave Travel Allowance (LTA) or Leave Travel Concession (LTC) received by an individual from their employer is eligible for income-tax exemption, subject to the conditions outlined in Section 10(5) of the Income-tax Act, 1961, along with Rule 2B. This tax exemption is limited to the actual travel costs incurred by the employee. In order to …
Continue reading “Leave Travel Allowance (LTA): A Guide on LTA Tax Exemption”
The ITAT in Bangalore has recently issued a judgement in the case of Biplab Adhya v. ITO, related to the assessment year 2019-20. In this case, the Assessee, an individual and a non-resident, filed their income tax return declaring an income of Rs. 3,16,670, which was subject to scrutiny. During the assessment, the Assessing Officer …
