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BOT projects are Intangible Assets: ITAT allows 25% Depreciation on Road Construction [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT), consisting of M. Balaganesh (Accountant Member) and Vimal Kumar (Judicial Member), has...

ITAT Weekly Round Up

Income Tax Notice and Order Lacking Signature by Proper Officer cannot be Sustained: Telangana HC...

[Taxscan 360] Income Tax Returns Filing: Who, Which, Why, Where, How, and When?

Modified Income Tax Reassessment Proceedings under Finance Act 2021 ignored while issuing Notice:...

Income Tax Order u/s 148 unsustainable without Sanction u/s 151: Bombay HC [Read Order]

The Bombay High Court has ruled that an order issued under Section 148A(d) of the Income Tax Act, without proper sanction as required by Section 151, must be declared illegal. Section 151 outlines...

ICAI submits Representation for Income Tax Rebate in STCG u/s 111A and LTCG u/s 112

The Direct Tax Committee of the Institute of Chartered Accountants of India ( ICAI ) has presented a case to the Ministry of Finance for permitting a rebate under section 87A of the Income Tax Act on...

ITAT allows Deduction u/s 54 of Income Tax Act for Investment made in New Residential Property [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) allowed the claim for tax deduction under Section 54 of the Income Tax Act, 1961, for an investment in a new residential property. The...

A Road Map to File ITR For NRIs

A good majority of the Indian Population is working abroad, so it is very important to know the taxability of the Income of these groups. Filing Income Tax Returns ( ITR ) for Non-Resident Indians...

Section 44 AD of Income Tax Act, 1961 A Complete Analysis to Presumptive Taxation Scheme

Every Taxpayer wants a simplified and hassle-free method to comply with tax regulations. Presumptive taxation is a simplified method of taxation designed to ease the compliance burden for small...

Benefit u/s 80G of Income Tax Act Cannot be Denied due to Technical Error in Making Application For Final Approval: ITAT [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) held that the benefit of Section 80G of the Income Tax Act, 1961 cannot be denied due to technical errors that occurred in making the...

Karnataka HC Quashes Income Tax Reassessment Notice Issued to Non-Existing Entity [Read Order]

The Karnataka High Court has quashed the Income Tax reassessment notice issued to non-existing entities. The court held that the authorities may examine contentions raised on merits after approval of...

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