Vinayak Sudhakar Malkotagi Vs ITO [ITA No. 549/MUM/2023] ITAT Mumbai held that receipt of rental income by giving the land on lease to the LLP and non-utilization of the said land does not preclude the assessee to treat the same as agricultural income. Accordingly, the same is exempt. Brief facts of the case are, assessee […]
After a three-month delay, higher Tax Collection at Source (TCS) rates on foreign remittances are set to take effect on Sunday, October 1. The increase in TCS on international transfers made under the Liberalised Remittance Scheme (LRS) from 5 to 20 percent was announced by the government in May of this year. The policy was […]
Sh. Kuldeep Kumar Vs ITO (ITAT Jodhpur) ITA No. 221/JODH/2023 A notable example of how the burden of proof can change to the Income Tax Department when affidavits are presented to verify the source of cash deposits is the case of Sh. Kuldeep Kumar v. ITO, which was decided by the Income Tax Appellate Tribunal […]
Businesses with Aggregate Annual Turnover (AATO) over ₹ 100 crore will not be allowed to report e-invoices older than 30 days on the date of reporting under the goods and services tax (GST) from 01st November 2023. “It has been decided by the GST Authority to impose a time limit of 30 days for reporting […]
Tax investigators have issued an intimation notice to approximately 22,000 tax payers for the assessment period of 2023 to 24, including Salaried Individuals, High Net-worth Individuals (HNIs), Trusts, and HUFs, due to a discrepancy between the deductions declared in their tax return and the information contained therein in Form 16 or an AIS. The intimation […]
The CBDT has notified Form 71 to e-file rectification u/s 155(20) to allow TDS in cases where assessee has claimed the TDS but deductor has paid the TDS in subsequent assessment years and department disallows the credit since its is not reflecting in 26AS of the year in which TDS was claimed, as per new […]