About Income tax assessment Understanding the various assessments under the Income Tax Law is essential for every taxpayer. It is mandatory for taxpayers to provide the details of their income to the Income Tax Department by filing their return of income. After the income tax return is filed, the Income Tax Department processes it and …
Continue reading “Assessment Under Section 143(1) After Filing Income Tax Return”
If a wife is a doctor and has resources including returned income and tax-free income to invest in a house, the rent paid to her by her husband cannot be clubbed with his income under section 64. Additionally, the husband cannot be denied House Rent Allowance (HRA) exemption on the basis of rent so paid. …
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In a recent judgment by the Income Tax Appellate Tribunal in Ahmedabad, it was found that an assessee who had claimed deduction on housing loan interest of Rs. 1,50,000 under section 24(b) was wrongly disallowed the same by the Assessing Officer. The payment for the loan interest was made from the account of her husband, …
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 …
