Category: Income Tax
Assessment order passed in the name of a deceased individual is invalid: ITAT Jaipur
https://taxguru.in/income-tax/assessment-order-passed-name-deceased-individual-invalid-itat-jaipur.html Clipped from: https://taxguru.in/income-tax/assessment-order-passed-name-deceased-individual-invalid-itat-jaipur.html Birdi Chand Vs ITO (ITAT Jaipur) As it is evident from the fact that the legal heir of late Shri Birdi Chand
Fix mismatches between Form 26AS and 16 before income tax filing | Personal Finance – Business Standard
https://www.business-standard.com/finance/personal-finance/correct-form-26as-and-form-16-mismatches-before-income-tax-filing-124052701203_1.html Clipped from: https://www.business-standard.com/finance/personal-finance/correct-form-26as-and-form-16-mismatches-before-income-tax-filing-124052701203_1.html Form 26AS is a consolidated tax statement showing taxes deducted, tax credits, income sources, and tax deducted at source (TDS) and tax
👍👍👍👍👍I-T dept notifies cost inflation index for FY25 to compute capital gains | India News – Business Standard
https://www.business-standard.com/india-news/i-t-dept-notifies-cost-inflation-index-for-fy25-to-compute-capital-gains-122061500544_1.html Clipped from: https://www.business-standard.com/india-news/i-t-dept-notifies-cost-inflation-index-for-fy25-to-compute-capital-gains-122061500544_1.html The cost inflation index (CII) is used by a taxpayer to compute gains arising out of the sale of capital assets after
👍👍👍👍👍Delhi HC Invalidates GST Order for Lack of Consideration of Petitioner’s Reply
https://taxguru.in/goods-and-service-tax/delhi-hc-invalidates-gst-order-lack-of-consideration-petitioners-reply.html Clipped from: https://taxguru.in/goods-and-service-tax/delhi-hc-invalidates-gst-order-lack-of-consideration-petitioners-reply.html RPJ Polymers Vs Union Of India & Ors (Delhi High Court) RPJ Polymers, the petitioner, challenged an order dated 28.12.2023 issued under
👍👍👍👍👍Improper service of Section 148 notice renders assessment order invalid
https://taxguru.in/income-tax/improper-service-section-148-notice-renders-assessment-order-invalid.html Clipped from: https://taxguru.in/income-tax/improper-service-section-148-notice-renders-assessment-order-invalid.html Mandeep Malli Vs ACIT (ITAT Amritsar) The Income Tax Appellate Tribunal (ITAT) Amritsar presided over the case of Mandeep Malli vs. ACIT,
Interest received from Co-operative Banks– is not taxable — Courtesy Taxguru
https://taxguru.in/income-tax/section-80p2d-deduction-dividend-co-op-banks-credit-society.html Clipped from: https://taxguru.in/income-tax/section-80p2d-deduction-dividend-co-op-banks-credit-society.html Mahapalika Kshetra Madhyamik Shikshak Sahakari Pat Sanstha Maryadit Vs CIT(A) (ITAT Mumbai) Dividend which is earned by the Society registered under Maharashtra
Income Tax Act Section 132(8-A): Bank Account Freezing Expires in 60 Days
https://taxguru.in/income-tax/income-tax-act-section-1328-a-bank-account-freezing-expires-60-days.html lipped from: https://taxguru.in/income-tax/income-tax-act-section-1328-a-bank-account-freezing-expires-60-days.html Pooja Trading Co. Vs DCIT (Inv) & Anr. (Delhi High Court) Introduction: In a recent ruling, the Delhi High Court addressed the legality
👍👍👍👍👍👍👍Assessment Based on Mere Unverified Third Party Statement Bad in Law: ITAT Mumbai
https://taxguru.in/income-tax/assessment-based-unverified-third-party-statement-bad-law-itat-mumbai.html Clipped from: https://taxguru.in/income-tax/assessment-based-unverified-third-party-statement-bad-law-itat-mumbai.html Kundal Raghubir Bhandari Vs ITO (ITAT Mumbai) In this case, the Income Tax Appellate Tribunal (ITAT) Mumbai reviewed an appeal filed by
👍👍👍👍👍👍👍Analysis of Section 43B(h) of Income-tax Act, 1961
https://taxguru.in/income-tax/analysis-section-43bh-income-tax-act-1961.html Clipped from: https://taxguru.in/income-tax/analysis-section-43bh-income-tax-act-1961.html In order to protect and promptly make payments to the MSEs, Clause (h) in Section 43B, inserted vide the Finance Act 2023, provides
👍👍👍👍👍Section 43B deduction cannot be denied merely for not claiming in tax audit report
https://taxguru.in/income-tax/section-43b-deduction-denied-claiming-tax-audit-report.html Clipped from: https://taxguru.in/income-tax/section-43b-deduction-denied-claiming-tax-audit-report.html Maruti Enterprise Vs ADIT(CPC) (ITAT Rajkot) The case of Maruti Enterprise versus the Assistant Director of Income Tax (CPC) (ITAT Rajkot) revolves
👍👍👍👍👍Notice for Reopening Assessment u/s 148 of IT Act without DIN is Invalid: Bombay HC
Clipped from: https://www.taxscan.in/notice-for-reopening-assessment-u-s-148-of-it-act-without-din-is-invalid-bombay-hc/397570/ It is settled that if DIN is not mentioned in the letter/notice/order, the reason for not mentioning the DIN and the approval from
👍👍👍👍👍Section 143(3) Assessment Order Void Ab Initio If Notice Issued by Non-Jurisdictional ITO
https://taxguru.in/income-tax/section-1433-assessment-order-void-ab-initio-notice-issued-non-jurisdictional-ito.html Clipped from: https://taxguru.in/income-tax/section-1433-assessment-order-void-ab-initio-notice-issued-non-jurisdictional-ito.html YKM Holdings Pvt. Ltd. Vs ACIT (ITAT Delhi) The case of YKM Holdings Pvt. Ltd. vs ACIT (ITAT Delhi) delves into the
👍👍👍👍👍Frequently Asked Questions while Filing Income Tax Return (Part-2)
https://taxguru.in/income-tax/frequently-asked-questions-filing-income-tax-return-part-2.html Clipped from: https://taxguru.in/income-tax/frequently-asked-questions-filing-income-tax-return-part-2.html Dear friends, in continuation of my earlier article on topic “FAQ’s generally asked while Filing Income Tax Return” in Today’s article, we
File tax return in mid-June, once all necessary information is available | Personal Finance – Business Standard
https://www.business-standard.com/finance/personal-finance/file-tax-return-in-mid-june-once-all-necessary-information-is-available-124050600878_1.html Clipped from: https://www.business-standard.com/finance/personal-finance/file-tax-return-in-mid-june-once-all-necessary-information-is-available-124050600878_1.html Only taxpayers with single source of income or simple finances should file early Taxpayers are filing their income tax returns (ITRs) early
👍👍👍Income Tax penalty amount not recoverable from legal representatives of accused
https://taxguru.in/income-tax/income-tax-penalty-amount-recoverable-legal-representatives-accused.html Clipped from: https://taxguru.in/income-tax/income-tax-penalty-amount-recoverable-legal-representatives-accused.html Beantkaur Avtarsingh Juneja Vs ITO (ITAT Nagpur) The case of Beantkaur Avtarsingh Juneja versus the Income Tax Officer (ITO), Nagpur, has sparked
Old vs New Tax Regime: Who should move to the New Tax Regime from the old one? – Income Tax News | The Financial Express
https://www.financialexpress.com/money/income-tax-old-vs-new-tax-regime-who-should-move-to-the-new-tax-regime-from-the-old-one-3467156 Clipped from: https://www.financialexpress.com/money/income-tax-old-vs-new-tax-regime-who-should-move-to-the-new-tax-regime-from-the-old-one-3467156/ Transitioning from the old tax regime to the new one primarily hinges on key factors such as income level, potential tax savings,
👍👍👍I-T dept starts drive to dispose of appeals, 0.54 million at last count – Money News | The Financial Express
https://www.financialexpress.com/money/i-t-dept-starts-drive-to-dispose-of-appeals-0-54-mn-at-last-count-3464102 Clipped from: https://www.financialexpress.com/money/i-t-dept-starts-drive-to-dispose-of-appeals-0-54-mn-at-last-count-3464102/ The large pendency is even as the Central Board of Direct Taxes (CBDT) has laid emphasis on disposing of income tax appeals
Tax Query: Set-off Rules for Capital Loss Under the New Tax Regime
I have a query regarding new tax regime for the AY 2024-25. I have been following the old tax regime, and reported long-term capital loss
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