Economic Survey 2023 Higher Tax Buoyancy visible in Economy despite Tax Rationalization [Read Report]
The Economic Survey 2023, tabled before the parliament by the Financial Minister Nirmala Sitharaman reviewed the performance of the Indian economy to...
![Transfer of Jurisdiction after completion of Assessment: Orissa HC restores matter to Kolkata Income Tax Circle [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Jurisdiction-Assessment-Orissa-High-Court-Tax-Income-Tax-Income-Tax-Circle-Taxscan.jpg "Transfer of Jurisdiction after completion of Assessment: Orissa HC restores matter to Kolkata Income Tax Circle [Read Order]")
![Provisions of S. 54F of Income Tax Act are Benevolent Provisions, requires Liberal Interpretation: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Provisions-Income-Tax-Act-Income-Tax-Tax-Benevolent-Provisions-ITAT-taxscan.jpg "Provisions of S. 54F of Income Tax Act are Benevolent Provisions, requires Liberal Interpretation: ITAT [Read Order]")
![Calcutta HC Allows Revision to Rectify Mistake of Offering Exempted Income to Tax by an Old Lady [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Calcutta-High-Court-Rectify-Mistake-Revision-Mistake-Exempted-Income-Tax-Old-Lady-taxscan.jpg "Calcutta HC Allows Revision to Rectify Mistake of Offering Exempted Income to Tax by an Old Lady [Read Order]")
![Credit of Dutch Tax Paid Allowable u/s 90 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Dutch-Tax-Tax-Credit-Income-Tax-Act-Income-Tax-taxscan.jpg "Credit of Dutch Tax Paid Allowable u/s 90 of Income Tax Act: ITAT [Read Order]")
![Taxing Statute shall be Strictly Interpreted: CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Taxing-Statute-Tax-CESTAT-Customs-Excise-Service-Tax-taxscan.jpg "Taxing Statute shall be Strictly Interpreted: CESTAT [Read Order]")
Failure to Update Income Tax Portal cannot cause any Prejudice to Assessee: Bombay HC Quashes Proceedings [Read Order]
The Division bench of the Bombay High Court held that failure to update Income Tax Portal could not cause any prejudice to assessee and quashed the assessment proceedings. Advocate Nishant Thakkar...
![Failure to Update Income Tax Portal cannot cause any Prejudice to Assessee: Bombay HC Quashes Proceedings [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Income-Tax-Portal-Income-Tax-Tax-Bombay-High-Court-taxscan.jpg "Failure to Update Income Tax Portal cannot cause any Prejudice to Assessee: Bombay HC Quashes Proceedings [Read Order]")
Portfolio Management Company cannot determine Performance Fee on Estimate Basis to pay Advance Tax: ITAT deletes Excess Interest u/s 234C [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) in a recent ruling deleted the excess interest under Section 234C of the Income Tax Act 1961 observing that the Portfolio Management Company...
![Portfolio Management Company cannot determine Performance Fee on Estimate Basis to pay Advance Tax: ITAT deletes Excess Interest u/s 234C [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Portfolio-Management-Company-Portfolio-Management-Performance-Fee-Advance-Tax-Tax-ITAT-Interest-Income-Tax-taxscan.jpg "Portfolio Management Company cannot determine Performance Fee on Estimate Basis to pay Advance Tax: ITAT deletes Excess Interest u/s 234C [Read Order]")
ITAT Allows NRI to Rectify Income Tax Return after 7 Years as Tax Benefit was Not Claimed by Mistake [Read Order]
Income Tax Appellate Tribunal (ITAT) recently allowed non -resident Indian (NRI) vto rectify Income Tax Return after seven years as tax benefit was not claimed by mistake. P.R.Mohanty who had...
![ITAT Allows NRI to Rectify Income Tax Return after 7 Years as Tax Benefit was Not Claimed by Mistake [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/ITAT-NRI-Income-Tax-Return-Tax-TAXSCAN.jpg "ITAT Allows NRI to Rectify Income Tax Return after 7 Years as Tax Benefit was Not Claimed by Mistake [Read Order]")
Over 24,000 Techies Lost Job in First 15 Days of 2023: Know the Tax Implications after being Laid Off
The start of 2023 has been difficult for technology employees worldwide, with 91 companies laying off over 24,000 tech staff in the first 15 days of the month. This is a sign of worse times to come....
Executing Agency Supply of Goods & Services to Dept requires to ‘Issue Tax Invoice’ on Contract Value: AAR [Read Order]
According to a ruling by the West Bengal Authority for Advance Ruling ( AAR ), the applicant is required to produce a tax invoice on the contract value as established by the department while acting...
![Executing Agency Supply of Goods & Services to Dept requires to ‘Issue Tax Invoice’ on Contract Value: AAR [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Agency-goods-and-services-Tax-Invoice-Tax-Contract-Value-Taxscan.jpg "Executing Agency Supply of Goods & Services to Dept requires to ‘Issue Tax Invoice’ on Contract Value: AAR [Read Order]")