Introduction The Income Tax Appellate Tribunal (ITAT) Delhi Bench delivered a landmark ruling in Sunil Kumar Jain vs. ITO (ITA No. 2429/Del/2023) on April 15, 2025, quashing reassessment proceedings for the Assessment Year (AY) 2012-13 due to procedural irregularities. This case highlights the critical importance of adhering to statutory requirements under the Income-tax Act, 1961, …
Background of the Case Smt. Yamini Kapoor, a Non-Resident Indian (NRI) residing at C-4, 6 Aurangzeb Road, Central Delhi-110001, with PAN CPDPK7608J, contested the CIT(A)’s decision affirming an addition of Rs. 8,51,000 as unexplained cash deposits under Section 69A read with Section 115BBE of the Income Tax Act, 1961 (the Act). The respondent was the …
Background of the Case Sanjeeta Chatterjee, a Non-Resident Indian (NRI) residing in Dubai since December 1997, challenged the orders of the Commissioner of Income Tax (Appeals) [CIT(A)], which upheld additions made by the Assessing Officer (AO) under Section 69A of the Income Tax Act, 1961. These additions stemmed from amounts credited to her Non-Resident External …
LLP annual compliance refers to the mandatory yearly filings every Limited Liability Partnership must complete with the Ministry of Corporate Affairs (MCA) and the Income Tax Department. Every LLP registered under the LLP Act, 2008 — whether active or dormant — must file Form 11, Form 8, and its Income Tax Return each year, regardless …
Continue reading “LLP Annual Compliance in India: A Complete Guide for 2025”
House Rent Allowance (HRA) is a vital component of salary packages for many employees in India, designed to help cover the cost of renting a home. Beyond its financial utility, HRA offers significant tax benefits under the Income Tax Act, 1961. However, recent notices issued by the Income Tax Department to taxpayers claiming HRA exemptions …
For Non-Resident Indians (NRIs), managing financial assets in India is a balancing act that often involves leveraging fixed deposits (FDs) as a secure and lucrative investment option, thanks to their competitive interest rates. However, when these fixed deposits reach maturity, many NRIs seek to transfer the proceedscomprising both the principal and accrued interestto their country …
The Permanent Account Number (PAN) is a critical financial identifier for individuals and entities in India, facilitating tax compliance, banking transactions, and investments. However, the Indian government’s mandate to link PAN with Aadhaar—a 12-digit unique identification number issued to Indian residents—has created significant hurdles for Non-Resident Indians (NRIs). While NRIs are technically exempt from this …
Introduction In a crucial judgment, the Income Tax Appellate Tribunal (ITAT) Ahmedabad has ruled in favor of the assessee, Mr. Sudhakar Ratan Shanker Gautam, by holding that severance compensation received due to employment termination is a capital receipt and not taxable under Section 17(3) of the Income Tax Act, 1961. This decision provides clarity on …
The Income Tax Department has recently uncovered significant foreign assets owned by Indian taxpayers. As taxpayers, we all aim to save on income tax through legitimate means, and the funds we pay as tax are used for the creation of assets, both domestic and foreign. When assets are located in India, the rules are more …
This appeal pertains to an order passed by the Ld. CIT(A)/NFAC, Delhi, on 27th May 2024, related to assessment year 2013-14. The case has undergone multiple rounds of litigation, with the current appeal being the second round before the Tribunal. The assessee has filed various details before the Assessing Officer though not according to his …
