The short-term capital gains amounting to Rs 1.35 crore, arising from the redemption of mutual fund units, are not taxable in India for the Non-Resident Indian (NRI) investors under the India-Singapore tax treaty. This came as a relief for the NRI investors as the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) eased out … Read more
Law Minister Ravi Shankar Prasad on Friday launched the e-filing portal of the Income Tax Appellate Tribunal (ITAT) here, saying the initiative should be seen as a larger narrative of transformation the country is undergoing through the digital medium. The ‘ITAT e-dwar‘ portal will enhance accessibility, accountability and transparency in day to day working of … Read more
Mumbai: The Bangalore Income Tax Appellate Tribunal has ruled that wholesalers cannot claim tax benefit for expenses incurred pertaining to new product samples. ITAT said that the burden to incur expenditure of new product samples is that of a manufacturer of a product. And that the related party wholesaler cannot claim the tax benefit on … Read more