The Pune Bench of the Income Tax Appellate Tribunal (ITAT) has deleted the penalty for delay in filing audit reports due to the hospitalisation of the assessee’s accountant

The two-member bench, led by R. S. Syal (Vice President) and Partha Sarathi Chaudhury (Judicial Member), concluded that the assessee had explained the reasonable cause through documentary evidence. The Tribunal set…

Continue ReadingThe Pune Bench of the Income Tax Appellate Tribunal (ITAT) has deleted the penalty for delay in filing audit reports due to the hospitalisation of the assessee’s accountant

CBDT extends due dates for filing of Income Tax Returns and various reports of audit for Assessment Year 2021-22

Posted On: 09 SEP 2021 7:24PM by PIB Delhi   On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports…

Continue ReadingCBDT extends due dates for filing of Income Tax Returns and various reports of audit for Assessment Year 2021-22

TAXABILITY OF CAPITAL GAINS IN THE HANDS OF PARTNERSHIP FIRMS/AOP/BOI AFTER FINANCE ACT,2021 AMENDMENTS

1.    POSITION BEFORE FINANCE ACT,2021 AMENDMENT   Sec 45(4): Transfer of capital asset by firm to the partner:   Earlier, Section 45(4) of the Income tax Act,1961 (“the Act”) provided…

Continue ReadingTAXABILITY OF CAPITAL GAINS IN THE HANDS OF PARTNERSHIP FIRMS/AOP/BOI AFTER FINANCE ACT,2021 AMENDMENTS