Cardinals of tax filing
Those who invests in assets such as immovable property, shares, loans, deposits in bank in the name of children and…
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Today's
Unwarranted additions- Need for Provision to Annex Computation of Income and Supporting Notes with ITR and Tax Audit Report ......Read More
Yesterday's 54F exemption is protected even in multiple ownership of residential properties ......Read More
Yesterday's 54F exemption is protected even in multiple ownership of residential properties ......Read More
Opportune time to take advantage of new window to update taxes
With the beginning of new financial year starting April 1, 2022 a new return window is now made open to…
......Read MoreIncorrect content of notice-Challenge 148/148A jurisdictions upfront for gathering/tossing wrong facts/information
Notice issued on the basis of wrong keeping of facts suffered dismissal by the Tribunal in [2022] 95 ITR (Trib)…
......Read MoreDiscount vs rent
The Gujarat High Court in [2022] 19 ITR-OL 438 (Guj) came to the rescue of the taxpayer when the revenue…
......Read MoreIPO expenses
The Tribunal in [2022] 27 ITR (Trib)-OL 1 (ITAT[Ahm] held that where the expenditure had been incurred for study of…
......Read MoreLimitation band
Section 26 of the Benami Property Transactions Act, 1988 deals with adjudication of benami property. Sub-section (7) thereto reads the…
......Read MoreEffect of varying treatments in books and income tax
Varying treatments to an expenditure in the books/balance sheet and income tax return could sometime prove into a disastrous tax…
......Read MorePreconditions to notice for reassessment
The tax officer has both powers to assess or reassess incomes. By the ruling in [2019] 16 ITR (Trib)-OL 35…
......Read MoreLong term lease fail to meet business tests…rentals assessable under house property/other sources
Of the property lease transaction the objects in the memorandum or deed alone may not decide the head under which…
......Read MoreFailure to challenge even one particular ITAT order can prove detrimental to revenue in their appeals before Courts
The High Court in [2020] 429 ITR 570 (Kar) has been very emphatic in stating that it is not open…
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