Tag: Section

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

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 income. […]

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

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 Source link

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

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. 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

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 for […]

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

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 and […]

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

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 petitioner […]

At the stage of issue of Section 148 notice sufficiency or correctness of material need not be considered

Facts and Issue of the Case Present writ petitions have been filed challenging the notices dated 30th March, 2021 issued under Section 148 of the Income Tax Act (hereinafter referred to as ‘the Act’) and the orders disposing of the objections dated 11th February, 2022 for the Assessment Years 2016-17 & 2017-18. As per the […]

CBDT notifies Somnath Temple as place of historic importance for Section 80G

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 29/2022-Income Tax S.O. 1770(E).— In the exercise of the powers conferred by clause (b) of sub-section (2) of section 80G of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies “The Somnath Temple managed by Shree Somnath […]

HC: Section 148 notice for failure to record reason for issue of notice quashed

Facts and issue of the case Petitioner aggrieved by issuance of notice under Section 148 of the Income Tax Act, 1961 (in short ‘I.T. Act’) has filed this writ petition seeking following relief :- In the light of the facts and illegality committed by the respondents the Hon’ble High Court may graciously be pleased to […]

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