Category: Income Tax

Clipped from: https://www.thehindubusinessline.com/todays-paper/tp-news/unpaid-taxes-prompt-it-raids-at-inframarket/article65235730.ece ‘Officials became suspicious after company raised enormous capital’ Offices of B2B marketplace for construction materials, Infra.Market were subjected to raids by tax authorities

Clipped from: https://www.business-standard.com/article/pf/are-you-paying-rent-to-wife-or-parent-you-can-claim-hra-exemption-on-it-122031600938_1.html Exemption can also be claimed on rent paid despite owning a house, provided a few conditions are met The Income Tax Appellate Tribunal, Delhi, recently

Clipped from: https://www.taxscan.in/date-of-possession-shall-be-considered-to-allow-capital-gain-exemption-itat/159703/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Date%20of%20Possession Top Stories By Rasheela Basheer – On March 10, 2022 9:24 pm The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the date of

Clipped from: https://economictimes.indiatimes.com/news/economy/finance/tax-department-reopening-old-tax-assessments-based-on-algorithm/articleshow/90191453.cms Synopsis The Income Tax (I-T) department has begun the process of reopening old assessments, albeit with a difference this year. The new rule,

Clipped from: https://www.taxscan.in/income-tax-department-issues-annual-information-statement-ais-handbook/160533/ Top Stories By Rasheela Basheer – On March 13, 2022 12:07 pm The Directorate of Income Tax (Systems) has issued an Annual Information Statement (AIS) Handbook

Clipped from: https://economictimes.indiatimes.com/wealth/tax/how-to-get-a-tax-deduction-of-up-to-rs-9-5-lakh-just-by-investing-in-nps/articleshow/81545208.cms Have you used up tax-saving deductions like sections 80C, 80D and 80TTA of the Income-tax Act, 1961? Are you looking for more options

Clipped from: https://www.business-standard.com/article/pf/it-s-time-to-deduct-tds-if-rent-exceeds-rs-50-000-say-analysts-122031001602_1.html Applicable rate is 30% for non-resident landlords, 5% for rest If you live on rent, you could be liable to deduct tax deducted at source

Clipped from: https://www.taxscan.in/deposit-in-no-lien-escrow-account-will-not-constitute-actual-payment-no-income-tax-deduction-allowable-orissa-high-court/159894/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=lien Top Stories By Rasheela Basheer – On March 11, 2022 3:32 pm A division bench of the Orissa High Court has held that deposit of amount

Clipped from: https://www.taxscan.in/capital-gain-to-be-determined-as-per-share-of-parties-in-property-internal-family-arrangement-need-not-be-considered-itat-read-order/159457/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Capital%20Gain Top Stories By Taxscan Team – On March 10, 2022 10:02 am The Income Tax Appellate Tribunal (ITAT), Chennai bench has held that the capital gains shall be

Clipped from: https://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/assessees-face-month-end-deadline-to-comply-with-i-t-requirements/article65206032.ece Non-compliance to lead to penalty Income tax assessees have a little over three weeks to comply with three important requirements. These compliances include

Clipped from: https://www.thehindubusinessline.com/todays-paper/tp-opinion/scope-for-taxing-unexplained-income-gets-wider/article65202825.ece Every year amendments proliferate, revamping or clarifying the already complicated law. A case in point is amendments to Section 68 proposed by Budget

Clipped from: https://www.taxscan.in/section-80ic-deduction-allowable-to-income-from-interest-on-electricity-deposit-recovery-from-transporters-and-sundry-balances-of-vendors-written-off-itat/158573/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Section%2080 Top Stories By Taxscan Team – On March 6, 2022 2:43 pm The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the deduction under

Clipped from: https://www.thehindubusinessline.com/todays-paper/tp-others/itr-for-those-trading-in-stocks/article65194517.ece If you are into buying or selling of shares, it will be considered a business activity I am getting some income from buying

Clipped from: https://www.taxscan.in/reasonable-apprehension-of-coercion-by-gst-dept-mandatory-to-conduct-proceedings-through-cctv-cameras-delhi-hc-refuses-to-quash-summons/157718/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=CCTV Top Stories By Rasheela Basheer – On March 3, 2022 9:32 am In a significant ruling, the Delhi High Court has refused to quash the summons