This appeal, filed by Mr. Ashok Kumar Pandey, pertains to the assessment year 2013–14 and challenges the order passed by the National Faceless Appeal Centre (NFAC), Delhi, under Section 250 of the Income Tax Act, 1961. The dispute primarily revolves around the determination of the appellant’s residential status under the provisions of the India-USA Double …
The Income Tax Appellate Tribunal (ITAT), Pune Bench “A,” recently deliberated on a notable case concerning the taxation regime opted by Mr. Akshay Nitin Malu, a businessman engaged in cloth manufacturing. This case, ITA No.1651/PUN/2024, pertained to the assessment year 2022–23 and presented a critical examination of the taxpayer’s choice between the old and new …
Introduction The Income Tax Appellate Tribunal (ITAT), Pune Bench “A,” recently delivered a significant judgment on January 2, 2025, concerning the imposition of penalties under Section 271B of the Income Tax Act, 1961. This case involved Dr. Murugesh Shantveerya Hiremath, a renowned cardiologist, who appealed against the penalty imposed for failing to file the tax …
The Income Tax Department frequently runs campaigns and issues clarifications regarding the reporting of foreign assets and foreign income in the income tax return. This indicates that, in the future, the Income Tax Department will take strict action if foreign income and assets are not reported in the income tax return. Recently, the Income Tax …
In India, rental income from house property is charged under the head “Income from House Property.” However, before the income is taxed, certain deductions are allowed under Section 24 of the Income Tax Act, which can reduce the taxable income. These deductions help ease the tax burden on property owners and encourage investment in real …
Continue reading “Deductions from Income from House Property”
The presumptive taxation scheme under Section 44ADA is a simplified method of calculating taxable income for professionals. This scheme is designed to reduce compliance burdens by eliminating the need for maintaining detailed books of accounts and providing a straightforward way to compute income. Eligibility for Section 44ADA Professionals can opt for the presumptive taxation scheme …
Continue reading “Section 44ADA – Presumptive Taxation Scheme for Professionals”
The Income-tax Act, 1961, provides various provisions to ease the tax compliance burden for small taxpayers, particularly for those engaged in business or profession. Under normal circumstances, taxpayers are required to maintain books of accounts, which can be a time-consuming and tedious task. To simplify tax calculations for small businesses, the Income-tax Act has introduced …
In a recent decision, the Income Tax Appellate Tribunal (ITAT) in Delhi dealt with an appeal filed by the Assessee, Mr. Vikas from Gurgaon, regarding a delay in filing an appeal before the CIT(A) for the Assessment Year 2012-13. The appeal before the ITAT was directed against the order passed by the National Faceless Appeal …
Continue reading “ITAT Condones Delay of Over 3 Years in Filing CIT Appeal”
Income tax law is complex, and at times, disputes arise between taxpayers and the authorities. A recent case before the Income Tax Appellate Tribunal (ITAT) in Delhi, titled Hirdey Ram vs. DCIT, ITA NO. 319/Del/2022 sheds light on issues related to the rectification of errors in tax assessments under Section 154 of the Income Tax …
In a significant development, the Central Board of Direct Taxes (CBDT) has revised the monetary limits for filing income tax appeals by the Department before the Income Tax Appellate Tribunal (ITAT), High Courts, and the Supreme Court. This move is part of the broader effort to reduce litigation and bring greater certainty to taxpayers’ income …
