Latest Tax Updates, News, Articles & Notifications
Stock difference should be taxed as business income and not unexplained investment: ITAT Chennai Ethiraj Hotel Mart (ITA No.: 1086/CHNY/2022) Facts: 1. The appellant/assessee operates in the wholesale trading sector, … Read More
Mere outsourcing of services to Indian subsidiary would not give rise to PE in India: ITAT Delhi M/s EXL Service. Com INC (ITA No. 4989/DEL/2014) Facts: 1. Exl India has … Read More
Deduction u/s 43B of IT Act for payments made to MSME: 1. Finance Act 2023 inserted clause (h) in Sec 43B, which says that any amount payable to Micro or … Read More
Taxation on income of foreign IPL players: The legal position and the mechanism is explained as below: 1. Section 115BBA of the Income Tax Act provides the answer: This section … Read More
All about Updated Return (ITR-U Form): Introduction: 1. Section 139(8A) under the Income Tax Act allows you a chance to update your ITR within two years. 2. Two years will … Read More
AO is unjustified in making addition U/S 68 in respect of cash receipts converted into sales: ITAT Chennai M/s.Sahana Jewellery- Exports Pvt. Ltd. Vs ITO (ITA No.999/Chny/2022) Facts: 1. The … Read More
Bona Sera Hospitality Pvt. Ltd Vs DCIT (ITAT Mumbai) (ITA No.1750/Mum/2023) Facts: 1. The assessee company is in the business of providing services of developing, installing and maintenance of software … Read More
Amended section provides that FMV of the capital assets transferred shall be deemed to be the consideration New Rule 11 UAD provides method of working out FMV which is higher … Read More
CBDT Circular 9 of 2021 dated 20th May 2021, has extended following due dates for Income Tax Compliance for AY 2021-22 (FY 2020-21) : 1. Due date for TDS return … Read More
In the case of transfer of long term capital asset, Income Tax on capital gains is determined by deducting indexed cost of acquisition/ improvement from the sale consideration. Finance Act … Read More
