Don't Worry , Be Happy !
Disallowance of expenditure u/s 40(a )(ia) of the I T Act for non TDS is very technical and common these days in an assessment proceeding. In one case DCIT vs S.K Tekriwal I.T.A. No. 1135/Kol/2010, Assessment Year : 2007-08 , before ITAT, Kolkata , the issue was whether A.O can disallow the expenditure u/s 40( a)...
In previous posting , readers attention was brought on the invalidity of assessment if it was based on a notice u/s 143(2) which was issued in time , but served after time limitation . Contrary to the said position is the issue of notice u/s 148 of the I T Act. The notice u/s 148...
Bangalore Tribunal in the case of Gauli Mahadevappa vs. ITO reported in [2011] 9 ITR {Trib} 129 {Bangalore} has held that for claiming exemption u/s 54F ( or 54 or any othger exemption under the head long term ) there must be two computation of capital gains – one by taking actual sales consideration and...
Most of the tax professionals will answer the aforesaid question in Negative . However, the ITAT Lucknow in case of Deputy Commissioner of Income-tax vs Gopal Krishan Builders [91 ITD 124 ] has gone into the issue of meaning of Gross Receipt mentioned in section 44AB and answered the question in Yes. Mumbai Tribunal in...
Non deduction of tax is very costly to business assessees on account of provision u/s 40(a )(ia) of the I T Act under which no business expanse are not allowed to be deducted while computing income chargeable to tax for failure to deduct tax or not depositing tax after deduction before due date of filing...
PAN and TAN applications require you to fill up the the jurisdiction in which the applicant is … [Read More...]
Form 15G or 15H are declaration for individual residents and HUF that they have neither taxable … [Read More...]
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