Tag: Section

A deposit under Section 35F is different from a debit in a GST electronic credit book.

[ad_1] The Allahabad Court of Appeal for Customs, Excise and Services Taxes (CESTAT) held that the required deposit under section 35F of the Central Excise Act, 1944 could not be debited to GST electronic credit book. Applicant M/s Johnson Mathey Chemical India Pvt. OOO contested an appeal order dated 25 January 2022 issued by the […]

Banks seek clarification on section 194 from tax department

[ad_1] According to a recent update, several banks have contacted the Central Board of Direct Taxes (CBDT) to seek clarity on competencies Section 194R of the Income Tax Actbecause they fear that the newly introduced provision will enable them to deduct 10% withholding tax about incentives provided to large business customers using credit cards. Section […]

Related party transaction excluded from said section 92BA on information technology

[ad_1] The Mumbai Income Tax Court of Appeal (ITAT) ruled that a domestic transaction through an affiliated party is not a described domestic transaction under section 92BA. Applicant Giraffe Developers Pvt Ltd has a construction business. During the evaluation of the investigation, the appraiser estimated the total income of the NIL post in Rs to […]

What are the Income Tax Deductions under Section 80 CCD(1B)?

[ad_1] Section 80 CCD (1B) gives an additional deduction of ₹ 50,000 over and above the ₹1,50,000 deduction permitted under Section 80C. The Income Tax Act allows you a variety of deductions that can assist you lessen your income. There are a number of approved investments and expenses that you can deduct from your taxable […]

Section 194R – Benefits or Privileges TDS

[ad_1] The Treasury Act 2022 introduced a new section 194R to the Income Tax Act of 1961 (hereinafter referred to as the “Act”) effective July 1, 2022. A summary of section 194R is as follows: Personal responsibility for withholding tax – Any person responsible for providing to a resident any benefit or privilege, whether convertible […]

The disallowance under Section 14A is not significant for calculating Book Profit

[ad_1] The disallowance under Section 14A is not significant for calculating Book Profit – Faceless Compliance June 6, 2022 The disallowance under Section 14A is not significant for calculating Book Profit [ad_2] Source link

Registration under Section 12A cannot be denied due to the receipt of funds from a foreign entity.

[ad_1] Registration under Section 12A cannot be denied due to the receipt of funds from a foreign entity. – Faceless Compliance June 6, 2022 Registration under Section 12A cannot be denied due to the receipt of funds from a foreign entity. [ad_2] Source link

No Section 24 deduction if there is no evidence that the property was ready to let out.- Section 24 interest for commercial property building

[ad_1] No Section 24 deduction if there is no evidence that the property was ready to let out.- Section 24 interest for commercial property building – Faceless Compliance June 4, 2022 No Section 24 deduction if there is no evidence that the property was ready to let out.- Section 24 interest […]

Section 143(1) intimation adjustments on arguable reasons are not permitted.

[ad_1] Facts and Issue of the case This appeal by Assessee is filed against the order of Learned Commissioner of Income Tax (Appeals)-National Faceless Appeal Centre (NFAC), New Delhi [Ld. CIT(A)”, for short], dated 10.05.2021 for Assessment Year 2018-19. Grounds taken in  this appeal of Assessee are as under: That having regard to the facts […]

Allahabad High Court has declared the AO’s Section 148A(d) judgement to be clearly erroneous and unlawful.

[ad_1] Facts and Issue of the case  This writ petition has been filed praying for the following relief:“(a) Issue a writ order or direction in the nature of Certiorari quashing the impugned order dated 31.03.2022 (Annexure-4 to the writ petition) passed by the assessing authority for the Assessment Year 2018-19 under Section 148A(d) against the […]

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