INCOME TAX

TAX

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

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 of Tax Act, 2015’. This was stated in a written reply by Union Minister of State for Finance Shri Pankaj Chaudhary to a question in …

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

JUDGEMENT

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

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, 2019 (Date of pronouncement) DATE: June 20, 2019 (Date of publication) CITATION: [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] Section 32(1)(ii)- Depreciation on Intangible asset: Rights acquired …

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

CBDT

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

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 in various sectors, including Media, Power, Textiles and Real Estate, with a group turnover of more than Rs. 6,000 crore per annum. 20 residential and …

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

JUDGEMENT

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

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: June 18, 2019 (Date of pronouncement) DATE: June 24, 2019 (Date of publication) CITATION: [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] Section 40A(9): The provision is not …

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

TAX

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

COURT: Supreme Court CORAM: Uday Umesh Lalit J, Vineet Saran J SECTION(S): 143(1), 143(2), 241A GENRE: Domestic Tax CATCH WORDS: Refund COUNSEL: J.D. Mistri, Zoheb Hossain DATE: 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 u/s 143(1): Till AY 2016-17, if a scrutiny …

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

images - 2021-06-30T213848.018-3decc55d

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

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 for separate filing of Form 10-IE  Read below picture – relevant portion extracted – READ REGULAR BUSINESS NEWS? CLICK HERE TO DOWNLOAD APP

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

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

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 whereas others are related to other forms and activities. In the instant case, a professional named CA Abhas Halakhandi filed TDS return on 14th July …

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

JUDGEMENT

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

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, 2020 (Date of publication) AY: 2017-18 CITATION: [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] Section 143(3): While E-Assessment without human interaction is laudable, such proceedings can lead …

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

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

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 has said that Infosys has acknowledged the technical issues encountered on the new Income Tax website and some issues like slow working of the portal …

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

JUDGEMENT

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

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 DATE: February 14, 2020 (Date of pronouncement) DATE: February 24, 2020 (Date of publication) AY: 2008-09 CITATION: [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] Section 68- Bogus …

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

JUDGEMENT

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

COURT: Bombay High Court CORAM: Milind D. Jadhav J, Ujjal Bhuyan J SECTION(S): 68 GENRE: Domestic Tax CATCH WORDS: Bogus Accomodation Entries COUNSEL: Suresh Kumar DATE: June 12, 2020 (Date of pronouncement) DATE: June 13, 2020 (Date of publication) AY: 2003-04 CITATTION: Section 68- Bogus Cash Credits: In the case of an assessee engaged in providing …

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

JUDGEMENT

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

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 pronouncement) DATE: June 20, 2020 (Date of publication) AY: 2006-07 CITATION: [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] Section 54F: In determining whether the assessee owns more …

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

JUDGEMENT

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

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, Subhash S. Shetty DATE: March 5, 2020 (Date of pronouncement) DATE: June 26, 2020 (Date of publication) AY: 1984-85 CITATION: [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] …

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

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

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

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 trouble due to new portal. So in this situation, some professionals want to go to earlier portal and some are advising government to provide cooling …

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

Latest Income Tax & GST Weekly Due Dates, Notifications / Press Info, Case Laws, etc

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

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 levied on the total taxable income of an assessee during the previous year.The Income Tax Act is a comprehensive statute that focuses on the different …

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

JUDGEMENT

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

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, 2020 (Date of publication) AY: 2010-11 CITATION: [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] Section 69C- Bogus Purchases: (i) The onus is on the revenue to prove …

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

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

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

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 that “Nearly 1.5 months after launch of new income tax portal , Infosys has not given permission to software providers on which lakhs of ITRs …

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

NEW INCOME TAX PORTAL CALCULATION ERROR

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

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, a professional has tweeted that in ITR-2, the new income tax portal has showed the grand total of deductions u/s 16 as Rs. 1,00,000 instead …

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

JUDGEMENT

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

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, Madhur Agrawal, Suresh Kumar DATE: March 11, 2020 (Date of pronouncement) DATE: July 13, 2020 (Date of publication) AY: 2012-13 CITATION: [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ …

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

NEW INCOME TAX PORTAL

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

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 that your CA has rejected the requests for form 10B, form 29B. And this for forms filed in 2014.” READ REGULAR BUSINESS NEWS? CLICK HERE TO …

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

Salary Calculator 2022-23 - Take Home Salary Calculator India

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

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 filed an RTI application seeking number of ITRs filed on new Income Tax E-filing Portal from 7th June 2021 to 21st June 2021. In response …

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 Read More »

JUDGEMENT

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

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 14, 2020 (Date of pronouncement) DATE: October 31, 2020 (Date of publication) AY: 2006-07 CITATION: Section 68- Bogus Cash Credits: The Revenue can examine the …

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

JUDGEMENT

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

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 (Date of pronouncement) DATE: November 7, 2020 (Date of publication) AY: 2006-07 CITATION: [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] Interpretation of statutes & DTAAs: The substitution …

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

TAX

Breaking: Calcutta High Court Grants Stay on Deduction of Tax at Source Under Section 194N of the Income Tax Act

In a writ petition filed in Calcutta High Court, a petitioner has challenged the constitution validity of Section 194N of the Income Tax Act 1961. Considering the facts submitted by the petitioner, the High Court grants stay on deduction of Tax at Source under the section till 30th September 2021. Order attached for your kind …

Breaking: Calcutta High Court Grants Stay on Deduction of Tax at Source Under Section 194N of the Income Tax Act Read More »

JUDGEMENT

Bombay High Court’s Judgement on Vivad se Vishwas Scheme: Macrotech Developers Limited vs PCIT

COURT: Bombay High Court CORAM: Milind N. Jadhav J, Ujjal Bhuyan J SECTION(S): Vivad Se Vishwas Scheme GENRE: Domestic Tax COUNSEL: Jas Sanghavi, prakash Shah, V. Sridharan DATE: March 25, 2021 (Date of pronouncement) DATE: March 27, 2021 (Date of publication) AY: 2015-16 [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] CITATION: Vivad se Vishwas Act: The CBDT’s …

Bombay High Court’s Judgement on Vivad se Vishwas Scheme: Macrotech Developers Limited vs PCIT Read More »

INCOME TAX RECRUITMENT

Income Tax Recruitment 2021: 155 Vacancies Released for Inspector, Other Posts Under Sports Quota

The Income Tax department has invited applications to fill up 155 vacancies for meritorious candidates under the sports quota. Out of the total vacancies, 8 are for the post of Inspector of Income Tax, 83 for Tax Assistant and 64 for Multi-Tasking Staff. Interested candidates can visit the official website at incometaxmumbai.gov.in to apply for …

Income Tax Recruitment 2021: 155 Vacancies Released for Inspector, Other Posts Under Sports Quota Read More »

JUDGEMENT

Supreme Court’s Judgement on Section 254(2A) of the Income Tax Act: DCIT vs Pepsi Foods Ltd

COURT: Supreme Court CORAM: B. R. Gavai J, Hrishikesh Roy J, Rohinton Fali Nariman J. SECTION(S): 254(2A) GENRE: Domestic Tax COUNSEL: Ajay Vohra, Deepak Chopra, Himanshu S. Sinha, Sachit Jolly, Vikramjit Banerjee ASG DATE: April 6, 2021 (Date of pronouncement) DATE: April 7, 2021 (Date of publication)   CITATION: [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] Section …

Supreme Court’s Judgement on Section 254(2A) of the Income Tax Act: DCIT vs Pepsi Foods Ltd Read More »

Recognition to Secretarial Auditor under the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021

38th Weekly Corporate Affairs Newsletter

We thought it would help to give you a sense of what’s available to you by subscribing to this 38th  WEEKLY CORPORATE AFFAIRS Newsletter- ·  SEBI Updates ·  MCA Updates ·  RBI Updates ·  IBC Law Updates ·  Labour Law Updates ·  PRESS Information ·  IPO & Investment Section ·  IRDAI (Insurance Sector) Updates ·  Department of Telecommunication  ·  MSME Updates ·  Competition Commission of India ·  Cabinet Decisions / New Laws …

38th Weekly Corporate Affairs Newsletter Read More »

Portal Tax Income New

Update on New Income Tax eFiling Portal : Income Tax delivering a glitch free & effective eFiling portal for public use soon

Update on New Income Tax eFiling Portal : ICAI is continuously engaged as a stakeholder in streamlining the Portal. We sincerely believe that our concerted actions will help in delivering a glitch free & effective eFiling portal for public use soon. Income Tax Department READ REGULAR BUSINESS NEWS? CLICK HERE TO DOWNLOAD APP