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Income Tax on Diwali Gifts: All You Need to Know

Taxscan Team

Festivals are the face and essential part of our culture. Diwali is an occasion where a great deal of gifting happens. Some companies even give...

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]

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

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

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,...

Income Tax Law does not bar Partners to draw Remuneration from More than One Firms: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Kolkata bench has held that the income tax law does not prohibit a partner from drawing remuneration/ salary from more than one partnership firm. During the...

TDS deductible on Salary of Missionaries / Nuns: Madras High Court [Read Judgment]

A two-judge bench of the Madras High Court has held that the provisions of the Income Tax Law are apolitical and areligious in character, and salaries and grants-in-aid to nuns and missionaries are...

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