Payment of management charges not allowable as a deduction u/s 40(a)(i)

The Mumbai bench of the ITAT in the case of Lloyd’s Register Quality Assurance Ltd v. Dy. Commissioner of Income Tax has held that disallowance under Section 40(a)(i) cannot be made for payment of management charges under Section 44C of the Income Tax Act,1961. Read More: Assessee may file revised return of income after receiving notice from … Continue reading Payment of management charges not allowable as a deduction u/s 40(a)(i)

Own more than one house? ITAT ruling may give you some relief.

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has ruled in the case of Venkatavarthan N. Iyengar vs. ACIT, Circle-4 Thane that in case a taxpayer owns more than one house, they can choose which house they want to categorise as self occupied in order to reduce their tax liability. As per the ruling, … Continue reading Own more than one house? ITAT ruling may give you some relief.

Interest free loan from Employer Taxable: Mumbai ITAT

The Mumbai ITAT in the case of Neha Saraf vs. ACIT Range 13(3) Mumbai has held that interest-free loans extended by an employer are taxable in the hands of an employee as a perquisite. However, the valuation of the taxable benefit or perquisite has to be computed as per the prescribed formula under the Income Tax Act. … Continue reading Interest free loan from Employer Taxable: Mumbai ITAT