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No 'Occasion' required for 'Gift' under Income Tax Law: ITAT deletes Addition towards Gift from NRI Brother [Read Order]

Taxscan Team

While delivering an assessee-friendly ruling, the Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that there is no occasion required...

Revenue Secretary Tarun Bajaj Hints Major Revamp in Income Tax Law

Income Tax on Diwali Gifts: All You Need to Know

Income Tax Return: CBDT enables E-filing of Updated ITR- 1 to ITR-7

Income Tax Law does not prohibit Assessing Officer to go beyond the Reasons based on which...

Payment for Transponder Services does not amount to 'Royalty': ITAT [Read Order]

The Income Tax Appellate Tribunal, Mumbai has held that the payment for transponder services would not amount to royalty under the provisions of Income Tax Law and the relevant Double Taxation...

[Book Review] CSR, ESG & Charitable Institutions authored by Dr. KS Ravichandran

Along with Related Party Transactions & Independent Directors, Corporate Social Responsibility (CSR) has been one of the most deliberated concepts of the Companies Act, 2013. Interestingly, CSR...

CSR, ESG & Charitable Institutions - Dr. KS Ravichandran - Book - Book Review - Taxscan

Significant changes in Income Tax Law in the year 2021

Mandatory Linking of PAN and Aadhaar The CBDT notified the deadline to link your Permanent Account Number with your Aadhaar number. The last date to link Permanent Account Number (PAN) with...

Key Alterations in Tax Audit Report applicable for AY 2020-21: All You Need to Know

The income tax law mandates an audit called ‘Tax Audit’. Section 44AB of the Income-tax Act, 1961 contains the provisions for the tax audit of an entity. As per these provisions, tax audit shall...

Loss from Share Transactions cannot set off from Capital Gain from Sale of Property: ITAT

In a significant ruling, the Income Tax Appellate Tribunal (ITAT), Jaipur bench has held that the income tax law does not permit the assessee to set off the amount of loss from the sale of share...

Assessee allegedly betrayed by the Counsel: ITAT grants fresh opportunity to Assessee to produce Evidence [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT), has recently allowed an illiterate assessee a fresh opportunity to produce the documents before the assessing officer since he was not...

ICMAI requests Govt to allow Cost Accountants to appear as Authorized Representatives under Income Tax Law [Read Representation]

The Institute of Cost Accountants of India (ICMAI) has requested the Central Government to include the cost accountants fraternity to appear as authorized representatives under the Income Tax Act,...

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