When filing income tax, there are several situations that can result in a person being liable to pay interest, such as when there are delays or defaults in the process. The different situations that can lead to paying interest are defined by specific sections of the law, with each section applying to different circumstances. Sections …
Revised Income Tax Return (ITR) is a way for taxpayers to correct errors or omissions in the original Income Tax Return (ITR) they filed. The Income Tax Department allows taxpayers to revise their Income Tax Return (ITR) within a certain timeframe, usually before the end of the assessment year or before the assessment is completed, …
The case at hand involves a housing society registered under the Maharashtra Cooperative Societies Act, which filed its return for the assessment year 2013-14, declaring a total income of Rs.11,39,990/- and claiming a deduction of Rs.2,62,10,090/- under Section 80P of the Act. Upon scrutiny assessment, the Assessing Officer issued a notice seeking details of various …
Continue reading “Reassessment Under Section 148 Based on Change in Opinion is Not Justified”
In a recent case of Prime ABGB (P) Ltd. v. National Faceless Appeal Centre, New Delhi, the court held that the Commissioner of Income Tax (Appeals) cannot pass an ex-parte order merely because the grounds of appeal were not attached at the time of filing the memo of appeal in Form No. 35 due to …
As a salaried individual who has foreign income, receiving an income tax notice can be a daunting experience. However, it’s essential to understand that foreign income is subject to taxation in your home country, just like your domestic income. If you’ve received an income tax notice for your foreign income, the first step is not …
In a recent judgment, the Delhi Income Tax Appellate Tribunal (ITAT) dismissed the appeal filed by the Revenue and upheld the Commissioner of Income Tax (Appeals) order, which granted the Section 54F benefit to the Assessee. The case pertained to the assessment year 2013-14 when the Revenue computed the long-term capital gains of Rs. 1,23,01,476/-. …
The Assessee in this case was involved in trading cryptocurrency and had made investments worth Rs. 4,65,72,546 towards the purchase of cryptocurrency during the assessment year 2018-19. However, the source of these investments was not verified and the Assessee had only declared a nominal income of Rs. 5,46,500 in the ITR filed. The Directorate of …
In a recent tax dispute, the issue of deductibility of car expenses by a partner was brought to light. The assessee in question was a partner in five different firms and received a share of profit, remuneration, and interest from each. The partner had claimed a deduction for the interest paid on their car loan …
The Income Tax Appellate Tribunal (ITAT) Chennai recently delivered a judgement in the case of DCIT, Trichy. v. Srinivasan Devendran. The case pertained to a civil contractor who had a turnover of Rs. 74 crores from PWD contracts, which was reflected in Form 26AS and had been subjected to Tax Deducted at Source (TDS). However, …
The taxation rules for interest earned on fixed deposits held with a bank have been clarified by the recent Krishna Kumar Agrawal v. ITO (2023) case. According to section 44AD, an assessee can disclose income from their business and receive the benefit of presumptive taxation. However, if an assessee earns interest on FDR/deposits held with …
