Direct Tax Updates

Not releasing the refund of income tax for the reason of technical glitch in the system is not tenable.

Vide Decision of High Court of Bombay in Vodafone Idea Limited Vs. Commissioner of Income-tax Facts of the Case: This petition is filed for a direction [...]

Show-cause notice issued under section 26(1) of Prohibition of Benami Property Transactions Act, 1988 is not appealable under the court of law.

-         Vide Decision of High court of Delhi in Initiating officer Vs. Appellate tribunal under ther prohibition of [...]

Extension of due date for linking of pan with aadhar

Income Tax vide Notification no. 75/2019 dated 28th September, 2019 extends due date for linking PAN with aadhar from 30th September, 2019 to 31st [...]

Amendment in Rule 2F [infrastructure debt fund for the purpose of exemption under section 10(47)

Income tax vide Notification no. 66/2019 Central Board of Direct Taxes(CBDT) omitted Rule 2F(5) of Income tax Rules, 1962. Section 10(47) of Income tax [...]

Higher depreciation on certain motor cars, motor buses, motor lorries and motor taxies

Income Tax vide Notification no. 69/2019 dated 20th September, 2019 the Central Board of Direct Taxes, makes the following rules to further amend [...]

Faceless Assessment for Income taxpayers launched

Income tax of India launched Faceless Assessment for taxpayers. Centre Government had recently notified e-Assessment scheme to facilitate faceless [...]

Clarification in respect of option exercised under section 115BAA of the income tax Act, 1961 inserted through the taxation laws (Amendment) Ordinance, 2019.

Income tax vide circular no. 29.2019 dated 2nd October, 2019. Section 115BAA provides that, A domestic company shall at its option to pay tax at a lower [...]

Consolidated circular for assessment of start-ups

Income Tax vide circular no.22/2019 dated 30thAugust, 2019 consolidates all circulars regarding Assessment of startups. Assessment of [...]

Exception to monetary limits for filing appeals specified in any circular issued under section 268A of the Income tax Act, 1961-reg (Specially on the basis of merit incases involved in organized Tax Evasion)

Income Tax vide Circular no. 23/2019 dated 6th September,2019 gives exception to monetary limits for filing of departmental appeals before Income Tax [...]

Appeal on Income Tax Appellate Tribunal (ITAT) on remanding back to Commissioner (Exemptions) regarding rejection of Application under section 80G (5)

Vide Decision of High Court of Allahabad in People Cause Foundation v. Income Tax Appellate Tribunal. Facts of the Case: The Appellant is a [...]

Extension of Due Date for filing of TDS statement in Form 24Q

CBDT Vide Order under Section 119 of Income Tax Act, 1961, CBDT Extended due date for filing of TDS statement in Form 24Q for FY 2018-19 from 31st May, [...]

Extension of Due date for filing TDS Returns in the State of Odisha

CBDT vide Order under section 119 of Income-Tax Act,1961, CBDT extended, Due date for depositing Tax Deducted at Source (TDS) for the month of April,2019 [...]

Reimbursement of service tax, by ONGC to assessee not a part of aggregate amount specified in sub-section (2) of section 44BB

Vide Decision of High Court Of Uttarakhand in Director of Income-tax International Taxation v.Schlumberger Asia Services Ltd. Facts of the case: Section [...]