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Income Tax Act

“Reasonable Cause” u/s 269SS of Income Tax Act shall be related to Meet Exigency of Business: ITAT deletes Penalty u/s 271D [Read Order]

Aparna. M

The Bangalore bench of Income Tax Appellate Tribunal (ITAT) while deleting the penalty under section 271D of Income Tax Act 1961 held that reasonable...

Reassessment Proceedings Not valid since it Violates Procedure Prescribed under Section 148A(b) of...

Case Digest: TDS on Commission and Brokerage under Section 194H of the Income Tax Act

Waiver of Loan is Not Business Income, Not Taxable u/s 28(i) of Income Tax Act: ITAT [Read Order]

Kerala Gramin Bank - No late fee interest us 234E(1) - processing on the period- before amendment - ITAT - Taxscan

Relief to Kerala Gramin Bank, No late fee interest u/s 234E(1)for processing on the period before...

Central Govt Notifies Finance Act, 2023 Applicable from 1st April [Read Finance Act]

The Central Government has notified the Finance Act, 2023 as the Parliament has approved the amended Finance Bill, 2023 applicable with effect from 1st April. The Rajya Sabha had given its...

Central - Govt - Notifies - Finance - Act - TAXSCAN

Cash Holding, Transfers and Storage: Know the Limits and Penalties under Income Tax Act

The Income Tax Act and Income Tax Rules impose various limits on physical cash transactions. Several Circulars issued by the Central Board of Direct Taxes (CBDT) provide relevant information...

TCS Rates under Income Tax Act for AY 2024-25 or FY 2023-24

The Tax Collection at Source or TCS is an extra amount collected as tax by a seller of specified goods from the buyer at the time of sale over and above the sale amount and is remitted to the...

Initiating Penalty u/s 271(1)(c) of Income Tax Act without Valid Notice is Invalid: ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ), ruled that initiating penalty under Section 271(1)(c) of the Income Tax Ac, 1961 without valid notice is invalid. The appellant,...

CAM Charges paid as part of Rent subject to TDS u/s 194I of Income Tax Act: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently in an appeal filed before it, held that CAM charges paid as part of rent, is subject to TDS u/s 194I of Income Tax Act. The...

Reasons recorded for Reopening Reassessment to be Examined on Standalone Basis to Determine validity of Proceedings u/s 147 of Income Tax Act: ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) recently observed that the reasons, as recorded forreopening the reassessment, are to be examined on a standalone basis to determine the...

Re-Assessment u/s 147 of Income Tax Act cannot be invoked to make Protective Addition: ITAT [Read Order]

The Indore Bench of the Income Tax Appellate Tribunal (ITAT), ruled that the Re-Assessment under Section 147 of Income Tax Act, 1961 cannot be invoked to make a Protective Addition. The Assessing...

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