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Blocking of E-Way Bill for GST Non-filers to be implemented from August: CBIC [Read Notification]

The Central Board of Indirect Taxes and Customs (CBIC) has extended the date from which the non-filers of GST returns would be blocked from generating...

Subsidy received under Technical Upgradation Fund Scheme is Capital Receipt: ITAT [Read Order]

Income Tax Department issues ₹64,700 Cr Refund in Current Fiscal, says FM Nirmala Sitharaman

GST Evasion: Govt proposes to integrate FASTag Bank Mechanism with E-Way Bill and Logistic Data...

UP Police arrests 4 Persons for GST Evasion

Karnataka High Court quashes Income Tax Notices against Infosys [Read Judgment]

In a big relief IT giant Infosys, the Karnataka High Court has quashed Income Tax Notices against Infosys Limited. The Petitioner has challenged the proceedings initiated by the respondent under...

No Deduction in respect of Delayed Payment of EPF: Kerala HC disallows Harrisons Malayalam’s Plea [Read Judgment]

The Kerala High Court has recently dismissed the deduction claim made by Harrisons Malayalam wherein it was held that the deduction under Section 36(1)(va) of Income Tax Act cannot be granted if such...

CBDT identifies Issues to keep in Mind by AO for Assessment of Firms [Read Circular]

The Central Board of Direct Taxes (CBDT) has identified certain issues to be kept in mind by the Assessing Officers for the assessment of firms. “Instances have been noticed where the interest in the...

Income Tax Dept simplifies disclosure of LTCG from Stocks, Equity Mutual Funds Simpler, Updates ITR-5

The Income Tax department has updated the ITR-5 in order to simplify the disclosure of Long-term capital gain from stocks, mutual funds. The Finance Bill 2018 reintroduced tax on LTCG made from listed...

Depreciation not allowable on Office Premises Let Out If It is already assessed as House Property Income: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the assessee is not eligible to claim depreciation on office premises granted on the lease as business expenditure if it is...

Tax Practitioners from Jalandhar submits Pre-Budget Memorandum to FM

The Income Tax Bar, Jalandhar has submitted a pre-budget memorandum to the Finance Minister suggesting changes to be included in the Union Budget 2019. The Income Tax Bar, Jalandhar is a registered...

Penalty can’t be levied for Rejection of Bonafide Claim: Bombay High Court [Read Order]

The division bench of the Bombay High Court has held that penalty cannot be levied under the Income Tax merely on the ground that a deduction claim was rejected by the department. The assessee is a...

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