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The addition was removed by the Delhi Bench of Income Tax Appellate Tribunal (ITAT) under Section 69A of the Income Tax Act 1961 which states that the books of account and vouchers are not needed in returns filed under Section 44AD of the Income Tax Act. A search and seizure operation was conducted on the […]
According to recently released time series data from the Income-tax department, the combined number of income tax returns (ITRs) submitted by personal income tax filers (PIT), which includes both individuals and Hindu Undivided Family (HUF), experienced a substantial 94% increase during the initial nine years of the Narendra Modi government, spanning from FY15 to FY23. […]
The income tax rates have undergone some noteworthy adjustments this year, according to the Finance Ministry. The income tax slab for FY 2023–24 as well as information on the old and new tax regimes can be found on this page if you’re looking for information on the rates and slabs of income tax that will […]
Soon the start of ITR e-filing for FY 2022-23 is anticipated. The experts would have anticipated that the assessees could initiate filing their returns from the former week of April or May first week. A new FY 2023-24 would get started from 1st April 2023. The assessees are obligated to file their ITR by 31st […]
People working in a company who have chosen the old tax regime, reside in rented houses, Under section 10(13A) of the Income-Tax (I-T) Act, 1961, and possess the house rent allowance (HRA) elements included in their salary shall be qualified for the exemption of the HRA tax given that they would shall able to fulfil […]
Income Tax Penalty under section 271E of the Income Tax Act 1961 can not be charged mechanically, the Delhi bench of Income Tax Appellate Tribunal (ITAT) recently carried. Assesee Devinder Gupta & Sons, a Hindu Undivided Family, has repaid a portion of a debt to one of its sister companies, M/s. DNB Properties Pvt. Ltd. […]
Analysis of New Clause (H) of Section 43B The Finance bill 2023 would include a new insertion of clause (h) to section 43B of the income tax act 1961. To assure on-time payments, the stated clause would have been inserted as a Socio-Economic Welfare Measure and has been realized through the Micro and small companies. […]
Discussion about section 54B of the Income Tax Act, 1961 w.e.f. AY 1970-71 Capital gain on the land transfer utilized for agricultural purposes does not get levied in some cases. Latest Update 17th March 2023 09th January 2023 54B. (1) (w.e.f. AY 1974-75) as per the provisions of sub-section (2), (w.e.f. AY 1988-89) in which […]
The Central Board of Direct Taxes dated 13 September furnished a circular for the elimination of the issues in Section 194R that obligated the responsibility to the individual for giving the advantages to the resident to deduct tax at source with 10%. Before that, the Finance Act 2022 inserted a new section 194R in the […]
