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Landmark Decision by Mumbai ITAT – Special Bench in case of Total Oil India Pvt. Ltd. & Others Issue under Consideration: Dividend Distribution Tax (DDT) vs. Treaty Tax Rate on Dividend paid by the domestic company to Non-Resident (NR) Shareholders Key findings of the ITAT Special Bench Decision are summarized as under: Current Provisions for…
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The ITAT’s decision highlights the importance of providing reasonable and supported causes for the delay in filing an appeal to the tribunal. Assessee Appeals Denied: ITAT Chennai Bench Upholds Dismissal for All Three Assessment Years” The Income Tax Appellate Tribunal (ITAT), Chennai Bench, recently made an observation that a delay of 1468 days in filing…
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The Institute of Chartered Accountants of India (“ICAI”) has issued a study on compliances in reporting in the Tax Audit Report This tax audit guide offers practical guidance for decoding compliance requirements in tax audit reports. By analyzing complex tax regulations and highlighting specific compliance sections, the guide promotes accuracy and thoroughness in reporting. It…
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An Income Tax Return (ITR) is a mandatory document for visa applications as it provides a summary of an individual’s income, tax deductions, and payments made for a particular financial year. It serves as proof of the individual’s financial stability and credibility. Accurate and timely filing of the ITR is essential to avoid rejection or…
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The last date for filing Income Tax Return (ITR) is 31 July. Income tax payers should fill their ITR very carefully. All the necessary documents should be collected before filing ITR. Along with this, they should also be checked thoroughly and if any wrong information is entered in them, get it corrected. Form 26AS is…
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1. The notification approves the National Institute of Design, located in Ahmedabad, as a ‘University, College, or Other Institution’ for scientific research. 2. The approval has been granted under Section 35(1)(ii) of the Income-tax Act, read with Rules 5C and 5E of the Income-tax Rules. 3. This notification holds importance as it grants the National…
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The Institute of Chartered Accountants of India(ICAI) has issued various Handbooks under Direct Taxation. Handbooks under Direct Taxation The Institute of Chartered Accountants of India(ICAI) has issued various Handbooks under Direct Taxation. A direct tax is one that is paid directly to the entity that levied it by a person or organisation. Income tax, real…
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Taxpayers can avoid paying TDS at 10%(with PAN) and 20% (without PAN) on incomes such as interest and rent by submitting form 15G or 15H to the appropriate person or organisation such as banks, corporate bond issuers, post offices. Forms 15G is for people under the age of 60 while 15H is for senior citizens.…
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“ITR filing season for AY 2023-24 is about to start. It can be assumed that the taxpayers will be able to file their ITR from April last week or May first week. The filing will be done for the income earned in FY 2022-23, i.e., from 1st April 2022 to 31st March 2023”. Generally, the…
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