The Finance Minister, Nirmala Sitharaman, presented the Union Budget, 2020, and introduced a new income tax slab. The new tax regime was introduced for regular individuals, senior citizens, and HUF, wherein they can pay taxes at lower income tax slab rates. Let’s check the income tax …
The Bombay High Court held that interest on the loan is not taxable in absence of a mechanism for bifurcation of service prior to March 2006. Facts of the case:- The respondent, Shriram Transport Finance Company Ltd. is engaged in the business of lease and equipment …
Judgement:- The Income Tax Appellate Tribunal (ITAT) Bangalore has quashed re-assessment proceedings against Nike India Pvt. Ltd, which was reopened more than 4 years after the initial assessment. Facts of the case:- The assessee is engaged in the distribution of Nike products like footwear, apparel sports …
1) The Director-General of Foreign Trade (DGFT) notified the amendment of Importer-Exporter Code (IEC) related provisions under Chapter-1 and Chapter 2 of Foreign Trade Policy, 2015-2020. 2) As per the existing policy IEC is mandatory for export/import from/ to India. DGFT issues Importer Exporter Code in …
Judgement:- The Income Tax Appellate Tribunal (ITAT) Bangalore, on February 5, Income on sale of shares of a company merged should be treated as Long Term Company Gain (LTCG). Facts of the case:- The assessee, Shaw-Wallace Financial Services Ltd., (SWFSL), Kolkata, was a company engaged in …
1. The Central Board of Direct Taxes (CBDT) notified the Chief Executive Officer, Center for e-Governance, Karnataka to share Information regarding income-tax assessments. “In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of the Income-tax Act, 1961, the Central Government hereby …
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, while granting relief to the IDBI Bank deleted the disallowance on expenditure incurred in relation to income not includible in total income. Facts of the case:- The assessee, IDBI Bank has received an amount of Rs.131,15,55,304 as dividend …