Shoppers Stop, a well-known retail chain, has won a legal battle against the Revenue authorities. The Mumbai Income Tax Appellate Tribunal (ITAT) has upheld the decision of the Commissioner of Income Tax (Appeals) (CIT(A)) in a case involving the applicability of Section 194C of the Income Tax Act. The ITAT held that the payments made …
For the assessment year 1981-82, the Income Tax Officer (ITO) discovered that the wife of the assessee had entered into an agreement to purchase a flat, but being a housewife, she had no independent source of income. The ITO thus held that the investment made in purchasing the flat, as well as any income or …
A power of attorney (POA) is a legal document that allows someone to act on behalf of another person. In the case of an NRI (Non-Resident Indian), a power of attorney can be particularly useful as it allows them to appoint someone in India to act on their behalf. This is especially helpful in situations …
Tax treaties are agreements between two countries to avoid double taxation of individuals or companies that may have tax obligations in both countries. Non-Resident Indians (NRI) can benefit from tax treaties in several ways. In this response, We will explain what a tax treaty is, how it works, and the various tax treaty benefits available …
The Calcutta High Court recently passed a judgment in M/s. Modicum Enterprise (OPC) Private Limited v. Deputy Commissioner of State Tax/Assistant Commissioner of State Tax [M.A.T No. 1828 of 2022 with I.A. No. CAN 1 of 2022 dated December 22, 2022] regarding the applicability of late fee under Section 47 of the Central Goods and …
Continue reading “No GST Late Fee To Be Charged if GST Return Not Filed Due to GST Cancellation”
A tax treaty, also known as a double tax treaty or a tax agreement, is a bilateral agreement between two countries that aims to prevent double taxation of income earned by residents of one country in the other country. It establishes the rules for taxing different types of income, such as wages, dividends, and capital …
Continue reading “What is Tax Treaty and How Treaty Benefits To Non-Resident Indians (NRIs)”
When filing income tax, there are several situations that can result in a person being liable to pay interest, such as when there are delays or defaults in the process. The different situations that can lead to paying interest are defined by specific sections of the law, with each section applying to different circumstances. Sections …
Revised Income Tax Return (ITR) is a way for taxpayers to correct errors or omissions in the original Income Tax Return (ITR) they filed. The Income Tax Department allows taxpayers to revise their Income Tax Return (ITR) within a certain timeframe, usually before the end of the assessment year or before the assessment is completed, …
The case at hand involves a housing society registered under the Maharashtra Cooperative Societies Act, which filed its return for the assessment year 2013-14, declaring a total income of Rs.11,39,990/- and claiming a deduction of Rs.2,62,10,090/- under Section 80P of the Act. Upon scrutiny assessment, the Assessing Officer issued a notice seeking details of various …
Continue reading “Reassessment Under Section 148 Based on Change in Opinion is Not Justified”
In a recent case of Prime ABGB (P) Ltd. v. National Faceless Appeal Centre, New Delhi, the court held that the Commissioner of Income Tax (Appeals) cannot pass an ex-parte order merely because the grounds of appeal were not attached at the time of filing the memo of appeal in Form No. 35 due to …
