# rules
10 posts in `rules` tag
ITAT Rules Orders Without DIN Invalid Non Existent
Based on this argument and in line with previous Delhi High Court decisions and CBDT Circular No. 19/2019, the ITAT concluded that the assessment order was invalid and should be considered as if it was never issued. Therefore, the ITAT quashed the assessment order.
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By Krishna
ITAT No Penalty Not Disclosing Interest Tax Refund
In a case involving a senior citizen and the income tax department, the Mumbai bench of the tax tribunal has ruled that the penalty is not valid which was imposed for not disclosing the interest earned on tax refund.
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By Krishna
HRA Deduction: Section 10(13A) Permits HRA Deduction for Rent Paid to Wife
The tribunal referred to a previous ITAT judgment in the case of Abhay Kumar Mittal vs. DCIT, which emphasized that there is no legal basis to deny a husband's ability to pay rent to his wife. Furthermore, the tribunal verified that the rental income was duly declared and accepted by the revenue department.
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By Krishna
New GST Registration Rules Proposed by GST Council to Tackle GST Frauds
GST Council is continually working to check GST fraud and that’s the reason new GST registration rules are proposed by the GST authorities during the 50th GST Meeting.
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By Krishna
Income Tax Rules: Update on Maximum Allowable Amount for Gold Jewelry Storage Limit
However, the tax law says that If you have received gold as a gift or inheritance, it is necessary to provide supporting documentation and include this information in your income tax return.
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By Krishna
Income Tax Rules: Setting Off Long-Term Capital Loss from Debt Mutual Funds
For investments made after March 31st, 2023, in mutual fund schemes with a domestic equity investment that does not exceed 35% of the total investment, the profits will be considered as short-term capital gains along with the holding period.
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By Krishna
ITAT Rules: Short Deduction of TDS Excludes Application of Section 40(a)(ia) of Income Tax Act
The case of the assessee underwent limited scrutiny to verify if the payments were made while deducting the TDS (Tax Deducted at Source) under section 194C of the Act.
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By Krishna
Statutory and Compliance Calendar For The Month of December 2022
As we all know that complying with the compliance deadline is very important and mandates the appropriate planning. Therefore to keep updated on the various statutory and compliance deadlines we have put together a consolidated compliance calendar that shows all the important due dates.
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By Krishna
New guidelines regarding TDS and TCS
The Income Tax Department has issued new guidelines regarding tax collection at source TCS.
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By Krishna
Income Tax Rules Change - Income Tax Has Made 3 Major Changes
After the union budget in the second quarter of 2022, three changes are proposed to the income tax rules that have been a reality. After directing in Q2FY23, three main modifications in the income tax rules proposed in the union budget 2022 have become a reality.
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By Krishna