Budget 2024: Expects Additional Deduction for NPS
The Interim Budget 2024 which was presented by FM Nirmala Sitharaman, was expected to make certain changes to the National Pension System ( NPS )....
![Disallowance u/s 14A can be made only in Respect of Investments that yielded Tax-Free Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Disallowance-Investments-Tax-Free-Income-ITAT-Investments-that-Yielded-Tax-Free-Income-taxscan.jpg "Disallowance u/s 14A can be made only in Respect of Investments that yielded Tax-Free Income: ITAT [Read Order]")
![CBDT exempts Chennai Metropolitan Water Supply and Sewerage Board from Income Tax u/s 10(46) [Read Notification]](https://www.taxscan.in/wp-content/uploads/2024/01/CBDT-Chennai-Metropolitan-Water-Supply-Sewerage-Board-Income-Tax-TAXSCAN.jpg "CBDT exempts Chennai Metropolitan Water Supply and Sewerage Board from Income Tax u/s 10(46) [Read Notification]")
![Interest Bearing Funds Not Applied for the Purpose of Making Investments: ITAT Deletes Disallowance u/s 14A r.w.r 8D(2)(ii) of Income Tax Rules [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Interest-Funds-Investments-Interest-Bearing-Funds-Not-Applied-for-the-Purpose-of-Making-Investments-ITAT-taxscan.jpg "Interest Bearing Funds Not Applied for the Purpose of Making Investments: ITAT Deletes Disallowance u/s 14A r.w.r 8D(2)(ii) of Income Tax Rules [Read Order]")
![Failure to prove the Interest bearing Funds being used for Investments giving rise to exempt Income: ITAT directs Re-computation of Disallowance under Rule 8D(2)(iii) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Failure-prove-interest-bearing-funds-investments-rise-exempt-income-ITAT-directs-re-computation-disallowance-taxscan.jpg "Failure to prove the Interest bearing Funds being used for Investments giving rise to exempt Income: ITAT directs Re-computation of Disallowance under Rule 8D(2)(iii) [Read Order]")
Non adherence to RBI Circular Prior to Issue of Audit Report is Professional Misconduct: ICAI Reprimands CA along with Fine of Rs 1 lakh
The Institute of Chartered Accountants of India (ICAI), reprimanded a Chartered Accountant (CA), imposed a fine of Rupees one lakh and held that non-adherence to Reserve Bank of India (RBI) Circular...
CBDT clarifies taxability of Income earned by Non-Resident Investor from off-shore Investments routed through Alternative Investment Fund [Read Circular]
The Central Board of Direct Taxes (CBDT) has clarified the taxability of Income earned by Non-Resident Investor from off-shore Investments in Investment Fund routed through Alternative Investment...
![CBDT clarifies taxability of Income earned by Non-Resident Investor from off-shore Investments routed through Alternative Investment Fund [Read Circular]](https://www.taxscan.in/wp-content/uploads/2023/07/CBDT-CBDT-clarifies-taxability-of-Income-Income-investments-taxscan.jpg "CBDT clarifies taxability of Income earned by Non-Resident Investor from off-shore Investments routed through Alternative Investment Fund [Read Circular]")
![Undisclosed Investments in Unaccounted Stock should be Taxed Separately: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Undisclosed-Investments-Unaccounted-Stock-Investments-Taxed-Separately-ITAT-Taxscan.jpg "Undisclosed Investments in Unaccounted Stock should be Taxed Separately: ITAT [Read Order]")
Borrowed Funds not utilized for making Investments: Calcutta HC quashes proceedings against Century Enka [Read Order]
The Calcutta High Court quashed proceedings against Century Enka Limited on the ground that borrowed funds were not utilized for making investments. The appeal was filed by the revenue under...
![Borrowed Funds not utilized for making Investments: Calcutta HC quashes proceedings against Century Enka [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Borrowed-Funds-Investments-Calcutta-High-Court-Century-Enka-Taxscan.jpg "Borrowed Funds not utilized for making Investments: Calcutta HC quashes proceedings against Century Enka [Read Order]")
Donations and Investments made for Charity and Educational Purposes are Deductible: ITAT deletes Additions [Read Order]
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) held that, the donations and investments made for charity by the assessee-trust for charitable purposes and educational purposes in...
![Donations and Investments made for Charity and Educational Purposes are Deductible: ITAT deletes Additions [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/Donations-Investments-Charity-ITAT-taxscan.jpg "Donations and Investments made for Charity and Educational Purposes are Deductible: ITAT deletes Additions [Read Order]")