Income tax return filing, Tax Audits

TRC not submitted at the assessment stage admitted as additional evidence by ITAT

Amol Annaso Teradale (ITA No. 335/Hyd/2023)

Facts:
1. The appellant contested the confirmation of total income at Rs 24,51,111 by the lower authorities, especially the denial of benefits under Double Taxation Avo...

RBI regulations on sale of immovable properties by Non Residents:

FEMA, 1999 and FEM (Non-Debt Instrument), 2019 lay down the procedure and guidelines for transfer of commercial or residential property in India by NRIs/OCIs.

1. Transferor who can sell an immovable property:
A person resident o...

Non residents not required to have PAN, can electronically file Form 10F without the need for a PAN number

1. The Central Board of Direct Taxes (CBDT), vide notification dated 16th July 2022, had mandated electronic filing of Form 10F. Non-residents who were not having PAN and not required to h...

Recent update from gujarat high court in landmark case of pcit vs jigar yashwant shah order dated 28 August 2023 in tax appeal 80 & 96 of 2023 on widely impacting issue of taxability from mere allotment of shares (here right shares ) u/s 56(2)(viic) of 1961 Act in hands of share subscriber held a...

More on Notices U/S 133(6):

1. Last year, a notices were issued to salaried class taxpayers related to fake deduction claimed by them in their Income Tax return and claiming refund from income tax department. All these notices were issued U/s 133(6) of Income Tax Act.

2. The scope of Section 1...

Write-Off Of A Bad Debt Can’t Be Held To Be An Asset Under Section 153A(1) Of The Income Tax Act, 1961: Bombay High Court

Ashok Commercial Enterprises (WP-2595-2021 & ORS)

Facts:
1. The petitioner/assessee is a partnership firm engaged in the business of financing, i.e., giving loans to parties...

*Amendment*
The *New Guidance Note on Tax Audit* introduces additional responsibilities for *tax auditors* regarding *GRATUITY*.

1) Checking and reporting whether *provision for Gratuity* is made in the company's accounts *(AS 15 or Ind AS 19*) for mercantile system accounting. *If not*, to be ...

CBDT notifies rules to calculate life insurance income where premium exceeds Rs.5 lakh

1. The Central Board of Direct Taxes (CBDT) issued a notification no. 61/2023, on 16 August notifying new guidelines under Section 10(10D) of the Income Tax Act, 1961, prescribing a mechanism for calculating ...