Tag: <span>INCOME TAX</span>

INCOME TAX

CBDT Notifies Income Tax (21st Amendment) Rules 2021. Know What Changes are Made through this Amendment

Dhanraj SharmaJuly 29, 2021

Vide Notification dated 29th June 2021, the CBDT has notified Income Tax (21st Amendment) Rules 2021. Notification attached for your kind reference:

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Bombay High Court’s Judgement on Section 9(1)(vi) of the Income Tax Act: CIT vs Reliance Infocomm Ltd

Dhanraj SharmaJuly 29, 2021

COURT: Bombay High Court CORAM: Akil Kureshi J, M. S. Sanklecha J SECTION(S): 9(1)(vi) GENRE: International Tax CATCH WORDS: India-Netherlands DTAA, Retrospective amendment, royalty COUNSEL: J.D. Mistri DATE: February 5,...

INCOME TAX

Income Tax Department conducts searches in Jharkhand dealing in building construction and real estate

taxconcept9July 29, 2021July 29, 2021

Income Tax Department carried out a search operation on 28.07.2021 on a prominent group in Jharkhand dealing in building construction and real estate. The search began on 28.07.2021 in Ranchi and...

INCOME TAX

CBDT Notifies Income Tax (20th Amendment) Rules 2021. Know What Changes are Made through this Amendment

Dhanraj SharmaJuly 28, 2021July 28, 2021

Vide Notification dated 27th June 2021, CBDT has notified Income Tax (20th Amendment) Rules 2021. Vide this notification, amendments have been made in Rule 12 of the Income Tax Rules...

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Currently Government has not any Proposal to Ease the Corporate Tax Filing Process: Finance Minister Nirmala Sitharaman

Dhanraj SharmaJuly 28, 2021July 28, 2021

In the Rajya Sabha, Dr. Amee Yajnik asked question to the Finance Minister Smt. Nirmala Sitharaman that: (a) whether Government has any proposal to ease out the corporate tax filing...

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Due Date Extended for ITR Filing of FY 2020-21 But Still You Have to Pay Interest. Know When and How Much

Dhanraj SharmaJuly 27, 2021July 28, 2021

Due date for individual income tax return for the FY 2020-21 (AY 2021-22) has been extended to 30th September, 2021 by the CBDT. Hence, the returns of income which are...

INDIA

Tax Authorities Detects Undisclosed Income of Several Crores Till 31st May 2021. See Details

Dhanraj SharmaJuly 26, 2021

In the recent years, the Government has taken a number of measures to bring back the black money stashed abroad ‘The Black Money (Undisclosed Foreign Income and Assets) and Imposition...

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Bombay High Court’s Judgement on Depreciation on Intangible Assets: PCIT vs Piramal Glass Limited

Dhanraj SharmaJuly 25, 2021

COURT: Bombay High Court CORAM: Akil Kureshi J, S. J. Kathawallla J SECTION(S): 32(1)(ii) GENRE: Domestic Tax CATCH WORDS: Depreciation, intangible asset COUNSEL: Atul Jasani, Mehul Agarwal DATE: June 11,...

INCOME TAX

Breaking: CBDT Issues Press Release on Search Operations Carried Out by Income Tax Department at Premises Related to Dainik Bhaskar Group

Dhanraj SharmaJuly 24, 2021July 24, 2021

Income Tax Department carried out a search operation under section 132 of the Income - tax Act, 1961 on 22.07.2021 on a prominent business group, which is involved in businesses...

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Bombay High Court’s Judgement on Section 40A(9) of the Income Tax Act: PCIT vs State Bank Of India

Dhanraj SharmaJuly 24, 2021

COURT: Bombay High Court CORAM: Akil Kureshi J, S. J. Kathawallla J SECTION(S): 40A(9) GENRE: Domestic Tax CATCH WORDS: business expenditure, disallowance COUNSEL: Atul Jasani, Nitesh Joshi, P.J. Pardiwalla DATE:...

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Supreme Court’s Judgement in Vodafone Idea Ltd vs ACIT Case

Dhanraj SharmaJuly 23, 2021

COURT:Supreme CourtCORAM:Uday Umesh Lalit J, Vineet Saran JSECTION(S):143(1), 143(2), 241AGENRE:Domestic TaxCATCH WORDS:RefundCOUNSEL:J.D. Mistri, Zoheb HossainDATE:April 29, 2020 (Date of pronouncement)DATE:April 30, 2020 (Date of publication)AY:2017-18 CITATION: [ihc-hide-content ihc_mb_type="show" ihc_mb_who="2" ihc_mb_template="1" ] Grant of refund...

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Important updates for Individual and HUF- No need to file Form 10-IE in case ITR 1 or ITR 2

CA Jayprakash PandeyJuly 22, 2021July 22, 2021

Option to opt for the new tax regime will be available for the taxpayers filing return of ITR 1 or ITR 2 in the return itself. There is no need...

INCOME TAX

TDS Return Filed within Due Date but Processed with Demand on New Income Tax Portal

Dhanraj SharmaJuly 22, 2021July 22, 2021

After the launch of new income tax portal on 7th June 2021, there are several glitches on the portal which are not resolved till date. Some are related to ITRs...

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Madras High Court’s Judgement on Section 143(3) of the Income Tax Act: Salem Sree Ramavilas Chit Company vs DCIT

Dhanraj SharmaJuly 22, 2021

COURT: Madras High Court CORAM: C Saravanan J SECTION(S): 143(3) GENRE: Domestic Tax CATCH WORDS: Assessment, E-Assessment COUNSEL: G. Baskar DATE: February 4, 2020 (Date of pronouncement) DATE: February 19,...

INCOME TAX

Have the problems of the new Income Tax Portal gone right? Know what the government gave Reply in Parliament

taxconceptJuly 21, 2021July 21, 2021

The issue of technical difficulties in the new income tax portal also arose in the Parliament. The government has informed the Parliament about the problems of the portal. The government...

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Bombay High Court’s Judgement on Section 68 of the Income Tax Act: Ivan Singh vs ACIT

Dhanraj SharmaJuly 21, 2021

COURT: Bombay High Court (Goa Bench) CORAM: M. S. Jawalkar J, M. S. Sonak J SECTION(S): 68 GENRE: Domestic Tax CATCH WORDS: Section 68 cash credit COUNSEL: Dr. P. Daniel...

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Bombay High Court’s Judgement on Bogus Cash Credits: PCIT vs Alag Securities Pvt. Ltd

Dhanraj SharmaJuly 20, 2021

COURT:Bombay High CourtCORAM:Milind D. Jadhav J, Ujjal Bhuyan JSECTION(S):68GENRE:Domestic TaxCATCH WORDS:Bogus Accomodation EntriesCOUNSEL:Suresh KumarDATE:June 12, 2020 (Date of pronouncement)DATE:June 13, 2020 (Date of publication)AY:2003-04 CITATTION: Section 68- Bogus Cash Credits: In...

ICAI

Relaxations from Regulatory Compliances due to Outbreak of COVID-19 pandemic-Part II by CL&CGC ICAI

taxconceptJuly 19, 2021July 19, 2021

[embeddoc url="https://taxconcept.net/wp-content/uploads/2021/07/65529clcgc52858.pdf" download="all"]

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Karnataka High Court’s Judgement on Section 54F of the Income Tax Act: Navin Jolly vs ITO

Dhanraj SharmaJuly 19, 2021

COURT: Karnataka High Court CORAM: Alok Aradhe J, M. Nagaprasanna J SECTION(S): 54F GENRE: Domestic Tax CATCH WORDS: Exemption, Residential House COUNSEL: A. Shankar DATE: June 18, 2020 (Date of...

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Bombay High Court’s Judgement on Section 28(iv) of the Income Tax Act: Essar Shipping Limited vs CIT

Dhanraj SharmaJuly 18, 2021

COURT: Bombay High Court CORAM: Milind D. Jadhav J, Ujjal Bhuyan J SECTION(S): 28(iv) GENRE: Domestic Tax CATCH WORDS: subsidy, waiver of loan COUNSEL: P. C. Chhotaray, P. C. Tripathi,...

INCOME TAX

Some Professionals want to Go Back to Earlier Income Tax Portal Whereas Some are Advising Government to Provide Cooling Period to Infosys

Dhanraj SharmaJuly 18, 2021July 18, 2021

As new income tax portal is not fully operational since its launch on 7th June 2021, professionals are not able to file ITRs, other forms. Consequently, all stakeholders are in...

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Income Tax Quarterly Updates (April 2021 to June 2021)- Including Covid-19 relaxations / updates

CA Heer GajjarJuly 17, 2021July 17, 2021

Income Tax Quarterly Updates (April 2021 – June 2021)- Including Covid-19 relaxations / updates Income Tax is the tax that is collected by the Central Government for each financial year...

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Bombay High Court’s Judgement on Section 69C of the Income Tax Act: PCIT vs Vaman International Pvt Ltd

Dhanraj SharmaJuly 17, 2021July 17, 2021

COURT: Bombay High Court CORAM: Milind D. Jadhav J, Ujjal Bhuyan J SECTION(S): 69C GENRE: Domestic Tax COUNSEL: Akhileshwar Sharma DATE: January 29, 2020 (Date of pronouncement) DATE: July 3,...

INCOME TAX

Big Issue! Infosys has not Yet Provided Access to Software Providers Where Lakhs of ITRs are Ready to File

Dhanraj SharmaJuly 17, 2021

Nearly 1.5 months are over since the launch of new income tax portal but Infosys has not yet provided access to software providers. On this issue, CA Atul Modani tweeted...

INCOME TAX

See! How New Income Tax Portal is Showing Simple Calculation Mistakes in ITRs

Dhanraj SharmaJuly 16, 2021July 16, 2021

The new income tax portal is in news after its launching on 7th June 2021. Sometimes it is getting very slow and sometimes it is rejecting filed returns. But now,...

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Bombay High Court’s Judgement on Reopening for Bogus Capital Gains from Penny Stocks

Dhanraj SharmaJuly 16, 2021

CASE: Gateway Leasing Pvt. Ltd vs. ACIT COURT: Bombay High Court CORAM: Milind D. Jadhav J, Ujjal Bhuyan J SECTION(S): 10(38), 147, 148, 45 GENRE: Domestic Tax COUNSEL: Jas Sanghvi,...

INCOME TAX

Alert! New Income Tax Portal is Sending Panic Messages to Taxpayers

Dhanraj SharmaJuly 15, 2021July 15, 2021

Few professionals tweeted in recent days that new income tax portal is rejecting TDS returns. Now, a professional named CA Sanjeev Lalan has tweeted that "now clients are getting messages...

INCOME TAX

Shocking.! Infosys Claims 1 Lakh ITRs Filed on New Income Tax Portal, Income Tax Department Said No Any Data Available of ITR Filing at New Portal

Dhanraj SharmaJuly 14, 2021July 14, 2021

Infosys recently claimed that 1 lakh ITRs were filed till 21st June 2021 on New Income Tax E-filing Portal. Against this claim of Infosys, a professional named CA Pallaav Parashar...

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Bombay High Court’s Judgement on Section 68 of the Income Tax Act: CIT vs Sadiq Sheikh

Dhanraj SharmaJuly 14, 2021July 14, 2021

COURT: Bombay High Court (Goa Bench) CORAM: Dama Seshadri Naidu J, M. S. Sonak J SECTION(S): 68 GENRE: Domestic Tax COUNSEL: Nikhil Pai, S. S. Kantak, Susan Linhares DATE: October...

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Karnataka High Court’s Judgement on Section 90 of the Income Tax Act: DIT vs Autodesk Asia Pvt Ltd

Dhanraj SharmaJuly 13, 2021

COURT: Karnataka High Court CORAM: Alok Aradhe J, H. T. Narendra Prasad J SECTION(S): 90, Article 12 GENRE: International Tax COUNSEL: K. V. Aravind, T. Suryanarayana DATE: September 15, 2020...

Tag: INCOME TAX

CBDT Notifies Income Tax (21st Amendment) Rules 2021. Know What Changes are Made through this Amendment

Bombay High Court’s Judgement on Section 9(1)(vi) of the Income Tax Act: CIT vs Reliance Infocomm Ltd

Income Tax Department conducts searches in Jharkhand dealing in building construction and real estate

CBDT Notifies Income Tax (20th Amendment) Rules 2021. Know What Changes are Made through this Amendment

Currently Government has not any Proposal to Ease the Corporate Tax Filing Process: Finance Minister Nirmala Sitharaman

Due Date Extended for ITR Filing of FY 2020-21 But Still You Have to Pay Interest. Know When and How Much

Tax Authorities Detects Undisclosed Income of Several Crores Till 31st May 2021. See Details

Bombay High Court’s Judgement on Depreciation on Intangible Assets: PCIT vs Piramal Glass Limited

Breaking: CBDT Issues Press Release on Search Operations Carried Out by Income Tax Department at Premises Related to Dainik Bhaskar Group

Bombay High Court’s Judgement on Section 40A(9) of the Income Tax Act: PCIT vs State Bank Of India

Supreme Court’s Judgement in Vodafone Idea Ltd vs ACIT Case

Important updates for Individual and HUF- No need to file Form 10-IE in case ITR 1 or ITR 2

TDS Return Filed within Due Date but Processed with Demand on New Income Tax Portal

Madras High Court’s Judgement on Section 143(3) of the Income Tax Act: Salem Sree Ramavilas Chit Company vs DCIT

Have the problems of the new Income Tax Portal gone right? Know what the government gave Reply in Parliament

Bombay High Court’s Judgement on Section 68 of the Income Tax Act: Ivan Singh vs ACIT

Bombay High Court’s Judgement on Bogus Cash Credits: PCIT vs Alag Securities Pvt. Ltd

Relaxations from Regulatory Compliances due to Outbreak of COVID-19 pandemic-Part II by CL&CGC ICAI

Karnataka High Court’s Judgement on Section 54F of the Income Tax Act: Navin Jolly vs ITO

Bombay High Court’s Judgement on Section 28(iv) of the Income Tax Act: Essar Shipping Limited vs CIT

Some Professionals want to Go Back to Earlier Income Tax Portal Whereas Some are Advising Government to Provide Cooling Period to Infosys

Income Tax Quarterly Updates (April 2021 to June 2021)- Including Covid-19 relaxations / updates

Bombay High Court’s Judgement on Section 69C of the Income Tax Act: PCIT vs Vaman International Pvt Ltd

Big Issue! Infosys has not Yet Provided Access to Software Providers Where Lakhs of ITRs are Ready to File

See! How New Income Tax Portal is Showing Simple Calculation Mistakes in ITRs

Bombay High Court’s Judgement on Reopening for Bogus Capital Gains from Penny Stocks

Alert! New Income Tax Portal is Sending Panic Messages to Taxpayers

Shocking.! Infosys Claims 1 Lakh ITRs Filed on New Income Tax Portal, Income Tax Department Said No Any Data Available of ITR Filing at New Portal

Bombay High Court’s Judgement on Section 68 of the Income Tax Act: CIT vs Sadiq Sheikh

Karnataka High Court’s Judgement on Section 90 of the Income Tax Act: DIT vs Autodesk Asia Pvt Ltd

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