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Over 6 lakh Employees under Income Tax Scanner for not paying Tax on HRA

The Income tax department has started investigating on over six lakh salaried persons for tax evasion by misusing the exemptions given as House Rent...

Cabinet approves Abolition of Institution of Tax Ombudsman

Gift from Brother-in-Law Exempted from Tax: ITAT Deletes Addition against Narotam Sekhsariya’s...

Income Tax Dept attaches Poes Garden residence of Jayalalithaa

Non-filers can submit Income Tax Returns within 21 Days: Important Points to Remember

Depreciation being Statutory Allowance can’t be disallowed by invoking S. 40(a)(ia): ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the depreciation, being a statutory allowance cannot be disallowed by invoking section 40(a)(ia) of the Income Tax Act. The...

Sale of Under-Construction Property is not Sale of Residential Property: Bombay High Court allows S. 54F Benefit [Read Judgment]

A division bench of the Bombay High Court has held that the sale of 'under construction property' cannot be regarded as the sale of residential unit fo0r the purpose of denying the benefit of...

Income Tax Returns filing and Refund is a One-day Affair from 2020

The income tax department to implement pre-filled income tax returns from the year 2020 making the return filing and refund process a one-day affair. The cabinet last day cleared an ambitious Rs...

Income Tax Dept sends Notices to Multinational Companies

In order to compensate the revenue leakage in the direct taxes, the income tax department has issued prosecution notices to the directors of several multinationals, ET reported. According to the...

Liquidated Damages paid for Non-Compliance of Business Obligations are allowable Expenditure: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) has held that the liquidated damages paid in nature of contractual liability on account of non-compliance of business obligations to customers are allowable as...

ITAT deletes Penalty against SBI for not deducting TDS on LTC to Employees on Foreign Travels [Read Order]

The Income Tax Appellate Tribunal (ITAT), Jaipur bench has deleted the penalty proceedings against the State bank of India ( SBI ) for not deducting TDS on LTC to its employees on travel outside...

Auditor can’t Issue Valuation Certificates to Auditee Company: ITAT [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has held that an internal auditor cannot issue valuation certificates to the companies they are auditing. The Tribunal, while...

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