The Delhi bench of the Income Tax Appellate Tribunal (ITAT), while allowing the plea of a lawyer, held that the payments made by him towards filing for World Intellectual Property and Trade Fair Services are not in the nature of “Fee for Technical Services” and therefore, …
1. The Central Board of Direct Taxes (CBDT) has issued the instructions regarding uploading information on Verification Report Upload (VRU) functionality on Insight portal for implementation of risk management strategy for issuance of notice. As per the amended provisions of section 148 of the Income-tax Act, …
Saving a part of your income is good practice. And a fixed deposit is a savings and investment scheme that is unaffected by fluctuations in market variables. It fares better than even the PPF and the senior citizen’s savings scheme, which are government-backed and therefore thought …
Facts of the case:- The Bombay High Court felt that no right to cross-examine the witness before the reply to Show Cause Notice is filed and before adjudication commences. The petitioner, Prakash Raghunath Autade denied each and every allegation made in the show-cause notice. He, however, …
1. The Central Board of Direct Taxes (CBDT) has reduced the Time limit to re-open Income Tax assessment from 6 years to 3 years. The assessment can be reopened upto 10 yrs, only when there is evidence of concealment of income of more than Rs. 50 …
1. The Supreme Court to hear plea seeking ‘Opt Out’ Option For Symptomatic Students Without RT-PCR Test for December 2021 exams. 2. The application filed by Sanjeev K Arora, a prospective candidate of the CA Exam scheduled to be held between December 5, 2021, to December …
The Income Tax Appellate Tribunal (ITAT), Bangalore bench has held that the interest paid on bank loan cannot be liable to Tax Deduction at Source (TDS) and therefore, the disallowance under section 40(a)(ia) of the Income Tax Act, 1961. Facts of the case:- The Assessing Officer, …
1. The Insolvency and Bankruptcy Board of India (IBBI) issued the clarification on the requirement of seeking a No Objection Certificate or No Dues Certificate from the Income Tax Department during the Voluntary Liquidation Process under IBC. 2. Regulation 14 of the IBBI (Voluntary Liquidation Process) …
In a major setback to the HDFC Bank, the Delhi High Court refused to issue Form ‘F’ in respect of inter-state stock transfers due to default in paying Central Sales Tax. Facts of the case:- A petitioner that as a part of its business operation, from …
