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Many people are misinterpreting new regime in following two points: 1. 1st misinterpretation is #Standarddeduction is Rs. 52,500 2. 2nd misinterpretation is it is applicable for assessee having income of 15.50 lakhs and more. These above misinterpretations are because of FM’s following statement in budget speech: “Each #salaried person with an #income of Rs. 15.5 lakh or more will thus stand to #benefit by Rs. 52,500.” Clarification is as follows: 1. As per Finance bill, Standard deduction as per sec 16(i) is Rs. 50,000 and not Rs.52,500. 2. This standard deduction is currently available in old regime also. Govt has just extended the same to new regime without any modification. 3. In FM’s above statement, govt is trying to compare the benefit the assesses would get in case of ‘Current new regime’ vs ‘Proposed new regime’. FM has nowhere mentioned that standard deduction is applicable for people having income of Rs.15.50 or more. Hence, it is applicable to all assesses irrespective of their income. Hence, if an #assessee is having income of Rs. 15.50 lakhs then his #tax liability would reduce by Rs. 52,500 in Proposed new regime as compared to current new regime. https://www.instagram.com/p/CoX3C0ZtKDu/?igshid=NGJjMDIxMWI=

#standarddeduction #salaried #income #benefit #assessee #tax

The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) has held that Rental income can't be brought to tax when assessee

#tenants #rental income #assessee #lease agreement #itat #taxscan

Cost on Assessee for not cooperating during remand proceedings imposed by ITAT

Facts and issue of the case The assessee has filed this appeal challenging the order dated 22.5.2020 passed by Ld. CIT(A), Manguluru and it relates to the assessment year 2007-08. None appeared on behalf of the assessee, even though the case was adjourned on an earlier occasion, at the request of the A.R. of the assessee. However, I find that no power of attorney has been filed by the counsel…

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#Assessee #cooperating #cost #imposed #Income Tax #Income Tax Calculator #Income Tax Circulars #Income Tax Form 10 E #Income Tax Form 16 #Income Tax news #Income Tax Return filing #Income Tax Section 115 bac #ITAT #proceedings #remand

No legal obligation on heirs to inform IT Dept about death of assessee: Delhi HC

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The Delhi High Court has said that legal heirs are under no statutory obligation to intimate the death of the assessee to the Income Tax Department. Also, the responsibility of paying dues will lie with the legal representative, if she/he steps into the shoes of the deceased assessee.

These observations came in a matter involving Savita Kapila, legal heir of late Mohinder Paul Kapila…

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#assessee #death #deceased assessee #Delhi HC #IT Dept #legal heirs #legal obligation

Appeal withdrawn from ITAT as the same is filed to be settled under Vivad Se Vishwas Scheme- ITAT Delhi

Three appeals is withdrawn from ITAT Delhi as the assessee is availing the Vivad Se Vishwas Scheme, 2020 for the purpose of settlement of issues and to avoid litigation.

Gaurav Bajaj – ITA no. 3473, 3474, 3475

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#assessee #cbdt #income-tax #itat #itatdelhi #settlement of case #taxcharcha.com #vivad se vishwas #withdrawal #taxcharcha

Tax Law; Commissioner of Income Tax II Vs. M/s Modipon Ltd. [Supreme Court of India, 24-11-2017]

Income Tax Act, 1961 – S. 43B – Certain Tax Deductions allowed only on Actual Payment – Whether the assessee is entitled to claim deduction in respect of the excise duty paid in advance in the Personal Ledger Account? Held, the advance deposit of central excise duty constitutes actual payment of duty within the meaning of S. 43B and, therefore, the assessee is entitled to the benefit of deduction…

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#Assessee #Income Tax Act 1961 #Personal Ledger Account

Agricultural Income Tax; State of Assam Vs. Deva Prasad Barua [Supreme Court of India, 14-08-1968]

Agricultural Income Tax Act, 1939 (Assam) – Ss. 19(1), 20(1) & 30 – Where a voluntary return has been filed pursuant to general notice even after the expiry of the period mentioned in that notice the Income-tax Officer must proceed to assess the income by taking up that return. He cannot ignore that return and serve on the assessee notice under the provisions relating to escaped income such as s.…

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#Agricultural Tax #Assessee #Assessment #Income Tax #Return #Supreme Court of India

Assessee; Sakum Aggarwal, Pathankot Vs. Department of Income Tax [27-05-2016]

Tax Law – Nature of transactions entered into by assessee is definitely of adventure in trade and therefore, rightly held to be a business transaction. Assessee IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH; AMRITSAR BEFORE SH. A.D.JAIN, JUDICIAL MEMBER AND SH. T.S. KAPOOR, ACCOUNTANT MEMBER Date of pronouncement: 27.05.2016 I.T.A No.475(Asr)/2014 Dy. CIT Vs. Sh. Sakun Aggarwal Circle-VI,…

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