‘Reason to Believe’ sufficient to issue Notice u/s 148 of IT Act: Delhi HC
The Delhi High Court has observed that the sufficiency or correctness of the material is not a thing to be…
Category: Income Tax Articles
No tax on accumulated EPF interest on FY21 closing balance
A section of the taxpayers had alleged that there was lack of clarity on whether the interest on the closing…
Belated deposit of Employees PF/ESI contribution can’t be added to employer’s taxable income: ITAT Delhi
The Single Bench of Delhi ITAT, consisting of judicial member Kul Bharat, has ruled that belated payment of employees’ contribution to the Provident…
CENVAT Credit receivables not Set Off allowable as Income Tax Deduction: ITAT
The ITAT, Delhi bench has in its recent ruling in the case of Nagesh Knitwears Pvt. Ltd has held that…
CBDT excludes certain cases from scope of faceless assessment under the IT Act
The Faceless Assessment Scheme, 2019 (the Scheme) has been incorporated in the Act vide the Taxation and Other Laws (Relaxation…
Income Tax Faceless Assessment quashed as Taxpayer’s Reply not considered
The Bombay High Court bench, consisting of Justice A.S. Chandurkar and Justice Pushpa V. Ganediwala, has quashed the income tax faceless assessment as the reply of the…
CBDT issues circular on TDS from salaries during FY 2021-22
The CBDT has issued a 127 page detailed Circular No. 04/2022 dated 15th March 2022 regarding income tax deduction from salaries during…
Date of registration or possession of new property: Which is relevant for Deduction u/s 54
The Mumbai Bench of ITAT, consisting of members Pramod Kumar (Vice President) and Kuldip Singh (Judicial Member), has ruled that an assessee’s claim…
C/f of business loss allowed in cases of delay in Completion of Tax / Statutory Audit: ITAT
The Cochin Bench of Income Tax Appellate Tribunal (ITAT) has ruled that denying the carry forward of business loss based on non-completion…
‘Mixed Used Charges’ not deductible while computing House Property Income: ITAT
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has disallowed the ‘Mixed Used Charges’ for regularising usage of residential premises for…
Employee PF/ESI contribution before ITR filing eligible for income tax deduction: ITAT
The Banglore Bench of Income Tax Appellate Tribunal (ITAT) has ruled that an Employee contribution to Provident Fund (PF)/ Employee State Insurance…
Can HRA Exemption be claimed for Rent paid to Spouse / Wife?
Under Income Tax Act, House Rent Allowance (HRA) deduction is available at the least of the following amounts: Actual HRA received 50%…