Home Highlights August 2012 Year 2012 This

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1. Control of income-tax authorities - U/s 118 of IT ACT 1961 - Specifies the income-tax authority or authorities as subordinate to such other income-tax authority or...

2. Allowance of Tax Deducted at Source (TDS) claimed by a "Kaccha Aaratiya" (commission agent) engaged in selling agricultural produce on behalf of farmers. The key points...

3. Revision u/s 263 - estimation of income - Entire exercise of the fact finding in the form of estimation of income under the powers conferred upon the Assessing...

4. The ITAT Ahmedabad addressed the jurisdiction of the AO over a corporate assessee with income exceeding Rs. 30 Lakhs in metro cities. The tribunal confirmed that income,...

5. IT, Estimation of income without rejecting books of accounts is arbitrary, addition made by AO deleted

6. Salary income - Daily transport allowance increased to ₹ 10,000 from ₹ 6,000

7. Revision u/s 263 - estimation of income - when the income assessed by the AO was far more than the income returned by the assessee and all the investments made by the...

8. The High Court examined the jurisdiction of the Assessing Officer (AO) and the prescribed income-tax authority to issue notices u/s 143(2) of the Income Tax Act. It held...

9. Estimation of income - On Money - Unaccounted on money receipt from the real estate project - the assessing officer being investigator and adjudicator was under...

10. Rejection of book result u/s 145(3) - estimation of income - Deduction of depreciation from the estimated income - Depreciation should be allowable being statutory...

11. Credit of TDS - tds deducted on the interest income which accrued the investments offered to tax under the ‘Income Declaration Scheme 2016’ - If after the necessary...

12. Estimation of profit - Once the assessee was asked to show cause as to why 6% net profit should not be applied for estimation of income, the A.O. should not apply a...

13. TDS on salary - Liability to deduct TDS on medical allowance – The liability of the person deducting tax at source cannot be greater than the liability of the person on...

14. Credit of the tax deducted at source (TDS) as TDS deducted by the employer - mis-match of tax deducted u/s 192 and the amount reflected in Form 26AS - The Court...

15. Exemption from GST - pure services or supply of goods to the Notified Area Authority, Vapi - Notified Area Authority, Vapi is a “local authority” or “governmental...