The Panaji ITAT upheld the CIT(A) order confirming the disallowance of interest paid on a loan used to compensate the Assessee’s family members as per an arbitral award on a family settlement. The Assessee claimed a deduction of the interest against the long-term capital gains (LTCG) arising from the sale of a capital asset. However, …
The taxpayer’s argument is that the expenditure on foreign travel should not be disallowed because it was incurred to secure donations from donors who were located abroad. The taxpayer has provided evidence of Foreign Contribution Regulation Act (FCRA) receipts for the relevant assessment year, which were submitted along with the records. It is evident that …
In the case of G.D. Foods and Manufacturing (India) (P) Ltd. v. Assistant Director of Income-tax (Central Circle) [2023] 152 taxmann.com 323 (ITAT Delhi), the assessee had made a payment towards the employee’s contribution for EPF and ESI. However, the Assessing Officer disallowed an amount of Rs 19,37,001/- under section 36(1)(va) of the Act due …
Filing income tax returns (ITR) is not only a legal obligation but also offers numerous benefits for individuals in various professions. Whether you’re a doctor, lawyer, CA, CS, software engineer, architect, or any other professional, filing your ITR can have significant advantages. In this article, we will explore the specific benefits of filing ITR for …
Tax season is upon us, and with it comes the responsibility to file our income tax returns (ITR) in a timely manner. It’s essential to meet the deadline and fulfill our civic duty as responsible citizens. Whether you’re a doctor, lawyer, CA, CS, software engineer, architect, or any other professional, it’s crucial to take action …
Continue reading “File ITR Now! Only 16 Days are Left. Due Date is 31st July 2023”
Filing income tax returns (ITR) is a legal obligation for every taxpayer, including salaried individuals. It is a process through which individuals report their income and taxes paid to the government. While many salaried individuals may believe that filing ITR is only necessary if they have taxable income, there are several benefits to filing returns …
Continue reading “Carrying Forward Losses: Why Timely ITR Filing Matters for Salaried Individuals”
The deadline for filing income tax returns (ITR) is fast approaching, and it’s important not to procrastinate. Filing your ITR is a crucial responsibility for every taxpayer, whether you are a salaried individual or a freelancer. The due date for filing ITR in India is 31st July, and it’s essential to understand the benefits and …
Continue reading “Carrying Forward Losses: Why Timely ITR Filing Matters for Salaried Individuals”
The deadline for filing your Income Tax Return (ITR) is quickly approaching, and it’s crucial not to procrastinate. Filing your ITR is a legal obligation for all eligible individuals, and doing so on time brings numerous benefits. Whether you’re a salaried professional or a freelancer, understanding the advantages of filing your ITR can help you …
Continue reading “Don’t Wait to File ITR, File ITR Now! Due Date is 31st July”
The 50th GST Council meeting convened today witnessed the announcement of several significant decisions that will impact taxpayers and streamline the Goods and Services Tax (GST) system. This article aims to provide a comprehensive overview of these decisions and their implications. In conclusion, the decisions taken in the 50th GST Council meeting reflect the government’s …
Continue reading “Decisions Taken in the 50th GST Council Meeting”
Filing Income Tax Returns (ITR) offers several benefits to individuals and businesses. Here are some key advantages of filing ITR: In summary, filing ITR offers individuals and businesses a range of benefits, including compliance, claiming refunds, financial documentation, continuity in financial transactions, positive compliance history, loan approvals, and avoidance of future hassles. It is a …
