Source: livemint.com Mumbai: Forty years after an eight-year-old city boy was left maimed for life in a car accident, the Bombay High Court on Thursday held that income tax should not have been deducted from the interest on the compensation awarded by the court. The ruling was given by a bench of justices Akil Kureshi and
Source: dnaindia.com The Bombay High Court on Wednesday temporarily stayed the demotion of 63 income tax officials belonging to the scheduled caste and scheduled tribe communities whose promotion in 2012-2013 had been reversed by an order of the Central Administrative Tribunal (CAT) in 2017. The order of the CAT had come about as general candidates
Source: taxscan.in In a big relief IT giant Infosys, the Karnataka High Court has quashed Income Tax Notices against Infosys Limited. The Petitioner has challenged the proceedings initiated by the respondent under Section 147 r/w section 148 of the Income Tax Act, 1961 relating to the assessment years 2004-05, 2005-06 and 2006-07. The Petitioner contended
Source: thehindu.com In a relief to software giant Infosys Ltd., the Karnataka High Court has held that there is “not an iota of material available in the reasons recorded by the assessing officer to believe escapement of tax” on any agreement in which the company had received revenue from foreign companies for deputing technical staff
Source- indiatoday.in The government has announced major changes with regards to income tax slabs for the assessment year 2019-2020 in what seems to be a move to woo middle-income taxpayers ahead of 2019 Lok Sabha polls. The government has increased the current income tax exemption threshold from existing Rs 2.5 lakh to Rs 5 lakh per
Source- ndtv.com The number of taxpayers earning above Rs. 1 crore per annum has risen to over 1.40 lakh in the country in the last four years, depicting a growth of about 60 per cent, the Central Board of Direct Taxes (CBDT) said on Monday. Releasing key statistics of income tax and direct taxes for a period of
Source – dnaindia.com The Income Tax Act, 1961 (‘the Act’) empowers the tax officer to re-open and re-assess a taxpayer’s case, where an order has been passed after conducting scrutiny proceedings. Technically termed as ‘reassessment’ under the Act, if the tax officer has reasons to believe that any income chargeable to tax has escaped assessment for
Source – moneylife.in After High Courts at Delhi and Madras, the Gujarat High Court have also ruled that quoting Aadhaar number is not mandatory for filing income tax returns (ITR). A Division Bench of Gujarat HC also directed the tax department to accept ITR of a lawyer, who had filed the petition. The Bench also noted
