The Assessing Officer (AO) sent a reopening notice electronically to an assessee-company for the relevant year using the email address included in its ITR-6 filed for assessment year 2020-21. The assessee challenged the notice on the ground that it was not served as per the provisions of section 282 of the Income-tax Act. The assessee …
The Central Board of Direct Taxes (CBDT) has recently issued a notification that lists the various consequences that will be applicable to an individual if their PAN becomes inoperative due to non-linking with Aadhaar. In this regard, the CBDT has substituted Rule 114AAA of the Income-tax Rules, 1962 to specify the consequences that would follow. …
The Ahmedabad Income Tax Appellate Tribunal (ITAT) recently issued a ruling in a case involving an Indian company, Kalpataru Power Transmission Ltd., and a UAE-based service provider, Oilstone UAE. The case centered on whether payments made by the Indian company to the UAE service provider for design services were subject to Indian taxation. The ITAT …
In the case of Sambhav Energy Ltd. v. ACIT, the issue before the Income Tax Appellate Tribunal (ITAT) was the disallowance of a depreciation claim of Rs. 52.48 lakhs made by the assessee for Assessment year 2014-15. The Assessing Officer had disallowed the claim on the grounds that the assessee had not carried out any …
The Delhi High Court has overturned an order that rejected an application made by an individual Assessee seeking immunity from penalty proceedings under Section 270AA. The Court found that the Assessee was not given an opportunity to be heard, as mandated by Section 270AA(4), before their application was dismissed. The Assessee had filed a return …
Continue reading “Assessee’s application seeking immunity from penalty proceedings under income tax”
Introduction: A one-person company (OPC) is a type of business entity where a single individual can operate a company as a separate legal entity. It is a hybrid between a sole proprietorship and a private limited company that provides the benefits of limited liability while allowing the entrepreneur to retain complete control of the business. …
Continue reading “Introduction and Detailed Insight on One Person Company”
Non-Resident Indians (NRIs) often face unique tax and financial challenges due to their status as non-residents. They may not be familiar with the tax laws and regulations of India, and may face difficulties in managing their finances and investments in India. This is where the services of a Chartered Accountant (CA) in Faridabad can be …
Continue reading “Reasons Why NRI Should Hire CA in Faridabad”
Non-Resident Indians (NRIs) are individuals who live and work outside of India but maintain strong ties to their home country. As an NRI, it can be challenging to navigate the complex Indian tax laws and financial regulations. This is where a Chartered Accountant (CA) in Gurgaon can be of great assistance. In this article, we …
Continue reading “Why NRIs should hire the services of a CA in Gurgaon.”
The Income Tax Appellate Tribunal (ITAT) in Chennai has ruled in favor of the assessee in the case of A. Jesu Rajendran v. ITO. The dispute arose when the revenue authorities assessed the profit derived from the transfer of property as short-term capital gains and invoked Section 50C to determine the value of the property …
Working abroad can be an exciting opportunity, but before leaving your home country, there are important things to consider. If you are an Indian citizen working overseas for more than 181 days, you will be classified as a Non-Resident Indian (NRI). This classification has implications for your financial accounts and investments back in India. In …
Continue reading “Financial Implications on Becoming an NRI: What You Need to Know”
