The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the advance tax would not be payable by the assessee if he is above 60 years having no business income. An information was received
The Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) in the case of Daikin Industries Ltd. v. ACIT partly allowing the appeal held that unless the payer actually deducts tax at source,
As a result of demonetisation and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns(ITRs) filed. The number of Returns filed as on 05.08.2017 stands at 2,82,92,955 as against
In N. Venkatanathan v. DCIT, the ITAT Mumbai noted that assessee is entitled to adjustment of cash seized and offered for taxation towards its liability for taxes including advance tax. In the instant case, AO
A bench comprising Vijay Pal Rao (JM) and Vikram Singh Yadav (AM) of Income Tax Appellate Tribunal (ITAT) recently declared that Interest u/s 234B of the Income Tax Act can be levied on ground of
The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that no interest under section 234B can be levied on the assessee-payee on the ground of non-payment of advance tax. The appellant, M/s Huawei Technologies Co.
The Income Tax Appellate Tribunal (ITAT), Delhi Bench ruled that the interest payable under Section 234C is applicable on default in payment of advance tax installment on returned income, and not on assessed income. The
In Kumudam Publications Pvt Ltd v. CBDT, the division bench of the Delhi High Court held that the declarant under the Income Declaration Scheme, 2016 is entitled to claim credit of advance tax amounts paid
In a recent ruling, the Income Tax Appellate Tribunal (ITAT), Bangalore bench has directed the Assessing Officer to re-verify the calculation of interest under section 234C of the Income Tax Act, 1961 on the basis
While allowing Interim relief, Madras High Court has ordered not to proceed against actor Arvind Swamy over a notice seeking Rs 96.41 lakh as advance tax for the assessment year 2018-19. Arvind Swamy, an Indian film actor,
The Delhi High Court in a recent case held that cash seized on search under section 132 of the Income Tax Act, 1961 can be treated as advance tax. The department had seized 50 Lakhs
A two-judge bench of the Bombay High Court has held that the advance tax or the self- assessed tax paid by the assessee cannot be set off against tax liability arising IDS declaration for lack
The Salary, Allowances and Pension of the members are regulated under the provisions of the Salary, Allowances and Pension of Members of Parliament Act, 1954. The exemptions provided to the members are provided for in
While hearing the case of Commissioner of Income Tax vs M/s Baby Marine Exports, the High Court of Kerala held that if refund of advance tax is made but re-assessment leads to determination of escapement
In Pr. Commissioner of Income Tax v. Sh. Surinder Kumar Khindri, the division bench of the Punjab and Haryana High Court held that the cash seized during search can be adjusted against the advance tax liability
