Income Tax Articles

Condonation of Delay in Filing ITR

CA.Sangam Aggarwal 18 January 2024 at 08:53

As we know that every assessee or taxpayer has to file their Income Tax Return within time prescribed i.e. 31st July/31st October under section 139(1)/139(4) of Income Tax Act, 1961.

Claiming Exemption Under Section 54F: When Religious Use turns Residential Intent

CA Aman Rajput 18 January 2024 at 08:53

This article delves into a specific case where the assessee's claim for exemption under Section 54F was denied due to the predominant use of the building for religious purposes, namely a mosque, orphanage school, and staff quarters.

Should employees suffer incase the employer defaults in payment of TDS?

Vivek Jalan 18 January 2024 at 08:53

On 15.07.2014, Karnataka High Court in ITA 165/2012 directed the revenue authorities to recover TDS amounting to Rs.302 crores from the Kingfisher airlines. On 18.11.2016, the Kingfisher Airlines Limited was ordered to be wound up by the Karnataka High Court.

Section 43B(h) of Income Tax Act related to MSME (Small & Micro) - Very Important Amendment

CA.Sangam Aggarwal 17 January 2024 at 08:57

As per the Amendment made by the Finance Act, 2023 clause (h) shall be inserted after clause (g) of section 43B which says that if assessee makes payment to micro or small enterprises beyond the limit specified in section 15 of the MSME Act, 2006

Proportionate Leave Encashment for Ex-MPSEB Employees: A Detailed Analysis

CA Aman Rajput 17 January 2024 at 08:57

This article delves into the specific case of leave encashment for former Madhya Pradesh State Electricity Board (MPSEB) employees after its conversion into a company, analyzing the various aspects and legal arguments involved.

Partners, Profits, Interest and Remuneration under Section 10AA

CA Divyajeet Singh Sabharwal 16 January 2024 at 08:11

Let's delve into the legal principles at play, understand the reasoning behind the conflicting viewpoints, and chart a course towards a clear understanding of this complex tax issue.

Clarity on TDS Refund Process: Form 71 Addresses Absence in Form 26AS for Income Booking

CA.Sangam Aggarwal 13 January 2024 at 14:30

Form 71 u/s 155(20) of IT Act, 1961 TDS refund in case not appearing in Form 26AS in the year of Income booking

Minimising NRI Taxes: Strategies for Maximum Investment Returns

CA Arun Tiwari 13 January 2024 at 08:44

This guide explores the Tax Management strategies - Complete Tax Avoidance, Reducing Tax Liability, and Postponing Taxation To provide you with strategies that can significantly enhance your investment portfolio's profitability.

ITR-U: Empowering Accuracy and Compliance in Tax Filings

CA Brijmohan Lavaniya 12 January 2024 at 14:23

ITR-U, known as Updated Return, enables individuals to rectify mistakes or omissions in their income tax returns. Introduced in the Union Budget 2022 offers taxpayers to file ITR if they have unintentionally left out a source of income or committed errors in their initial ITR submission, Section 139(8A) of the Income Tax Act grants a two-year period for corrections.

Residential Status Dispute: Assessee's Victory in Tax Tribunal

Ashwin Jain 11 January 2024 at 13:57

The case involves an individual assessee whose residential status is under dispute for the assessment year 2013-14. A search and seizure action was conducted in the case of Matix (Nishant Kanodia) Group, and the assessee's case was centralized to the office of the Assistant Commissioner of Income Tax, Central Circle-5(1), Mumbai.