Judgement

The ITAT Delhi has held that Profit ratio of 8% as per Section 44AD is not sacrosanct when higher Profit ratio is estimated by AO on basis of Books.

Profit ratio of 8% as per Section 44AD is not sacrosanct when higher Profit ratio is estimated by AO on basis of Books [ITAT]

The ITAT Kolkata in the matter of Saraswati Gupta vs. Income Tax Officer has levied penalty u/s 271A for not maintaining books and u/s 271B for not getting Tax Audit.

ITAT confirms both penalty u/s 271A for not maintaining books and u/s 271B for not getting Tax Audit

News

Recently, a viral message has been surfacing the internet that recipient has been been approved for an income tax refund of Rs.15,490.

Viral message claiming Income Tax Refund Approval of Rs.15,490 Fake

IT Depart. has planned to hire 50 young law and chartered accounting graduates on a temporary basis to help and assist departmental staff in preparing legal cases to be heard by ITAT.

Income Tax Department to hire 50 young professionals under Young Professional Scheme 2023

The Income Tax Department searched multiple Kalpataru Group locations. The searches were carried out at around 30 locations across four states: Maharashtra, Gujarat, Rajasthan, and Karnataka.

IT Department raids multiple premises of Kalpataru Group

The Income Tax Appellate Tribunal(ITAT Kolkata) has ruled out that Interest payment on delayed deposit of income tax or TDS not an allowable expenditure.

Explore Our Blogs

Stay updated with the latest insights, tips, and industry trends from our experts

Profit ratio of 8% as per Section 44AD is not sacrosanct when higher Profit ratio is estimated by AO on basis of Books [ITAT]

ITAT confirms both penalty u/s 271A for not maintaining books and u/s 271B for not getting Tax Audit

Viral message claiming Income Tax Refund Approval of Rs.15,490 Fake

Income Tax Department to hire 50 young professionals under Young Professional Scheme 2023

IT Department raids multiple premises of Kalpataru Group

Interest payment on delayed deposit of income tax or TDS not an allowable expenditure: ITAT