Category: Income Tax
👌Petty dispute relief scheme: Govt to waive interest, fee, penalty, too | Economy & Policy News – Business Standard
https://www.business-standard.com/economy/news/govt-to-withdraw-interest-penalty-along-with-principal-of-petty-tax-demand-124021901007_1.html Clipped from: https://www.business-standard.com/economy/news/govt-to-withdraw-interest-penalty-along-with-principal-of-petty-tax-demand-124021901007_1.html The withdrawal does not entitle taxpayers to take credit or refund Interest, penalty, fee, cess, and surcharge on taxpayers, besides the principal
Withdrawal of small IT demands not to entail credit, refund, says IT Dept – The Hindu BusinessLine
https://www.thehindubusinessline.com/economy/withdrawal-of-small-it-demands-not-to-entail-credit-refund-says-it-dept/article67863531.ece Clipped from: https://www.thehindubusinessline.com/economy/withdrawal-of-small-it-demands-not-to-entail-credit-refund-says-it-dept/article67863531.ece CBDT sets ₹1 lakh threshold per assessee for withdrawal of old tax demands Remission and extinguishment of small income-tax demands will not
Agriculture: Subsidise, but tax the rich farmers – The Hindu BusinessLine
https://www.thehindubusinessline.com/opinion/agriculture-subsidise-but-tax-the-rich-farmers/article67861248.ece lipped from: https://www.thehindubusinessline.com/opinion/agriculture-subsidise-but-tax-the-rich-farmers/article67861248.ece Zero subsidy, no tax; or high subsidies, 10 per cent tax? Rich farmers must choose So the farmers of Punjab are protesting
👌👌👌👌👌👌👌Section 80P Deduction not eligible on FDR Interest from Bank of Baroda: ITAT Ahmedabad
https://taxguru.in/income-tax/section-80p-deduction-eligible-fdr-interest-bank-of-baroda-itat-ahmedabad.html Clipped from: https://taxguru.in/income-tax/section-80p-deduction-eligible-fdr-interest-bank-of-baroda-itat-ahmedabad.html Matar Taluka Local Board Teachers Co-operative Credit Society Ltd. Vs DCIT (ITAT Ahmedabad) Introduction: In a significant ruling by the Income Tax Appellate
CBDT issues Circular Condoning Delay for Claiming Deduction u/s 80P for A.Y. 2018-19 to A.Y. 2022-23
Clipped from: https://www.taxscan.in/cbdt-issues-circular-condoning-delay-for-claiming-deduction-u-s-80p-for-a-y-2018-19-to-a-y-2022-23/303773/ The Central Board of Direct Taxes (CBDT) vide circular number 13/2023 issued on 26th July 2023 condemned the delay for claiming the deduction under Section
Which outstanding tax demands would be withdrawn, as announced by the FM? – Income Tax News | The Financial Express
https://www.financialexpress.com/money/income-tax-which-outstanding-tax-demands-would-be-withdrawn-as-announced-by-the-fm-3395172 Clipped from: https://www.financialexpress.com/money/income-tax-which-outstanding-tax-demands-would-be-withdrawn-as-announced-by-the-fm-3395172/ The Finance Minister in her Budget speech put forth the proposal for waiver of old unreconciled trivial tax outstanding, which is in
👌Section 80P(2)(d) deduction allowable to Co-Op Society on Interest Income from co-op banks
https://taxguru.in/income-tax/section-80p2d-deduction-allowable-co-op-society-interest-income-co-op-banks.html Clipped from: https://taxguru.in/income-tax/section-80p2d-deduction-allowable-co-op-society-interest-income-co-op-banks.html Reserve Bank Staff and Officers Vs ITO (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT) Mumbai has provided a significant ruling on
Compliance in sale of property by Non Resident Indian ( NRIs)
https://taxguru.in/income-tax/compliance-sale-property-resident-indian-nris.html Clipped from: https://taxguru.in/income-tax/compliance-sale-property-resident-indian-nris.html As the real estate market in India continues to attract investments from Non-Resident Indians (NRIs), it’s imperative for both buyers and sellers
Implications of Not Claiming Exemptions under Section 115BAC
https://taxguru.in/income-tax/implications-claiming-exemptions-section-115bac.html Clipped from: https://taxguru.in/income-tax/implications-claiming-exemptions-section-115bac.html Introduction: Section 115BAC offers taxpayers an alternative tax regime with certain conditions. However, opting for this regime comes with implications, especially in terms
Faceless Tax Assessment: Impact, Benefits & Redressal Measures: Govt. Response
https://taxguru.in/income-tax/faceless-tax-assessment-impact-benefits-redressal-measures.html Clipped from: https://taxguru.in/income-tax/faceless-tax-assessment-impact-benefits-redressal-measures.html Introduction: The introduction of faceless tax assessment under section 144B of the Income-tax Act, 1961, marks a significant milestone in India’s tax administration.
Section 43B(h): Impact on Expenses under Income Tax Act & MSME Regulations
https://taxguru.in/income-tax/section-43bh-impact-expenses-income-tax-act-msme-regulations.html Clipped from: https://taxguru.in/income-tax/section-43bh-impact-expenses-income-tax-act-msme-regulations.html Introduction: Delve into the transformative nuances brought about by Section 43B(h) of the Income Tax Act, effective from April 1, 2023. This section,
Implications of amendment in Section 43B to taxpayers and SMEs
https://taxguru.in/income-tax/implications-amendment-section-43b-taxpayers-smes.html Clipped from: https://taxguru.in/income-tax/implications-amendment-section-43b-taxpayers-smes.html Introduction: Explore the implications of the recent amendment in Section 43B of the Income Tax Act, focusing on deductions tied to payments made
Complete Analysis of Section 43B(h) of Income Tax Act w.r.t. MSME Payment
https://taxguru.in/income-tax/complete-analysis-section-43b-h-income-tax-act-w-r-t-msme-payment.html Clipped from: https://taxguru.in/income-tax/complete-analysis-section-43b-h-income-tax-act-w-r-t-msme-payment.html Introduction: Explore the nuances of Section 43B(h) of the Income Tax Act, which delineates the tax implications of payments to Micro and Small
All about Section 43B(h) of income tax act 1961 with illustrations
https://taxguru.in/income-tax/section-43b-h-income-tax-act-1961-illustrations.html Clipped from: https://taxguru.in/income-tax/section-43b-h-income-tax-act-1961-illustrations.html Section 43B(h) of the Income Tax Act, 1961 is a new provision that was introduced by the Finance Act 2023 to ensure timely payments
👌Denial of deduction claimed u/s 80P(2)(d) of IT Act regard to interest received from Co-Operative Banks /Scheduled Banks : ITAT Directs Readjudication
Clipped from: https://www.taxscan.in/denial-of-deduction-claimed-u-s-80p2d-of-it-act-regard-to-interest-received-from-co-operative-banks-scheduled-banks-itat-directs-re-adjudication-read-order/373205/ By Aparna. M – On February 9, 2024 4:02 pm – 2 mins read The Bangalore bench of Income Tax Appellate Tribunal ( ITAT ) directed re adjudication upon
Income Tax vis a vis AIS — Mismatches
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I-T dept will erase petty tax demands on its own, says CBDT chairman
https://www.business-standard.com/budget/news/i-t-dept-will-erase-petty-tax-demands-on-its-own-says-cbdt-chairman-124020201129_1.html Clipped from: https://www.business-standard.com/budget/news/i-t-dept-will-erase-petty-tax-demands-on-its-own-says-cbdt-chairman-124020201129_1.html He said only the base figure of the demand (Rs 25,000 and Rs 10,000) will be the “deciding factor” for such cases
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