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DISALLOWANCE OF EXPENSE
Balance sheet trick: Decoding another manipulation, and how to spot a bad apple in your portfolio before othersThere is one line in the accounts that most investors skip because it looks routine. But behind that line can sit disputed demands, old los...- Not all crypto wallets work the same, and that gap is getting widerA $1.4 billion crypto theft at Bybit exposed vulnerabilities in even self-custody solutions, highlighting the critical importance of a wall...
- Zero income tax on Rs 15 lakh CTC? Here’s how these allowances and perks can cut your tax under new tax regimeSalaried individuals can significantly reduce their tax liability under the new tax regime by strategically utilizing allowances and perqui...
- Lady took loan for investment into venture capital fund, claimed Rs 1.49 crore interest deduction, was denied by I-T dept; ITAT allows it in a landmark rulingA lady won a tax case in ITAT Mumbai. She claimed Rs 1.49 crore interest deduction on a loan taken for Venture Capital Fund investments. Th...
- I-T appellate body upholds rejection of Paisabazaar’s Rs 145.91 crore expense claimPaisabazaar has received an order disallowing expenses worth Rs 145.91 crore for FY23 and FY22. The Commissioner of Income Tax (Appeals) up...
- Discom legacy dues drop to Rs 3,300 crore from Rs 1.39 lakh crorePower distribution companies have drastically cut their old dues. Legacy arrears have fallen from over Rs 1.39 lakh crore to just Rs 3,300 ...
- Health insurance records strong growth momentum with premiums exceeding Rs 1.2 lakh crore in FY25India's health insurance sector is growing strongly. The Insurance Regulatory and Development Authority of India (Irdai) has set strict dea...
- Taxpayer earned Rs 81 crore tax-exempt income; I-T dept disallowed tax exemption on Rs 17 crore; Taxpayer fights and wins case in ITAT DelhiA notable victory has been achieved in the tax arena as a taxpayer triumphed at ITAT Delhi, overcoming a significant hurdle with the Income...
- Aishwarya Rai Bachchan wins Rs 4 crore income tax battle in ITAT Mumbai; Know how disallowance of income worksAishwarya Rai Bachchan has won a significant income tax battle in ITAT Mumbai. The tax department had sought to disallow Rs 4 crore in expe...
- Budget 2022 has removed this tax deduction for current financial year alsoSection 14A provides for disallowance of deduction in respect of expenditure incurred by an assessee to earn tax-exempt income. The controv...
- 4 ways Budget 2022 has tightened income tax netHere is a look at proposals announced in Budget 2022 to tighten various income tax provisions.
- Parliamentary panel seeks action against IT officers for irregular expenses assessment on freebies to doctorsThe panel noticed 3 cases in Maha in which the AO had allowed the expenses on physician samples given free to doctors involving tax effect ...
- Taxman disallows AMP deductions sought by MNCsTax experts point out that it is for the first time that the department is using Section 37 for disallowing advertising, marketing, sales p...
- Bar expenditure by firms for referral fees to docs: CAGThe CAG has also recommended to CBDT to prescribe measurable parameters for assessment of charitable activities undertaken by private hospi...
- I-T tribunal disallows expenses on pharma co junkets for doctorsThe immediate impact of the ITAT order is a higher I-T liability for the pharma company for financial year 2008-09, to which this case pert...
- Income Tax department gives relief on payments to expatsThe department has clarified that not the entire payment but only the net income will be disallowed.
- Government to slap additional penalty of $578 million on Reliance IndustriesThe penalty in the form of disallowing costs incurred on the field will be for missing the target in 2013-14, a government source said.
- Provisions of Section 40 (a) (ia) are retrospective in nature: ITATITAT has passed an order in which it has been held that provisions of Section 40 (a) (ia) are retrospective in nature, according to an amen...
- Ameesha gets tax break on costumes, cosmeticsAmeesha Patel had claimed tax deduction of 8,15,328 on account of the expenditure she had incurred in the year on costume and make up.
- 'Sale contracts not subject to TDS'In a landmark ruling recently, the Bombay High Court has said that sale contracts will not be subject to tax deducted at source (TDS), ther...
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