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The Income Tax Appellate Tribunal (ITAT) Mumbai Bench has recently ruled that the Assessing Officer (AO) must provide the assessee with the full Tax Deducted at Source (TDS) credit amounting to ₹14,78,140 for the Assessment Year (AY) 2011–12. This decision highlights the importance of correctly applying TDS credits in tax assessments. According to the Tribunal, […]
The Government of India has come up with a new digital Form 16 as part of its Digital India initiative. This is designed to make the process of filing your income tax return (ITR) easier for everyone. Employees can find the ITR filing process more accessible and easier under the government’s aim to make the […]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) demanded re-adjudication, commenting that either Form 26AS or Form 16 is crucial to claim the Tax Deducted at Source ( TDS ) credit. The taxpayer claimed TDS amounting to Rs.10,45,439 was deducted by the employer i.e. M/s. Nirmal Lifestyle Ltd. from salary u/s […]
What is Form 16B? The amount of money deducted as property TDS is essentially shown by Form 16B. In this instance, the buyer must essentially deduct the TDS from the property at the time of sale. The amount deducted as TDS on the sale property that the buyer had deposited with the Income Tax Department […]
July 31, 2024, will be the due date to file the ITR unless it gets postponed through the government’s guidelines. The last date is applied for the person whose accounts are not needed to get audited. According to the norms of the income tax laws, the employers are needed to provide Form 16 to the […]
Form 16 would be an essential document for the salaried class people. They assist the employees to find out the total taxes that would get deducted from their salary income, the gross salary which would be furnished in the fiscal year, tax-exempt allowances, and others. According to the income tax laws, a person should obtain […]
The Income Tax Appellate Tribunal (ITAT), Pune bench consists of Shri Inturi Rama Rao, Accountant Member, And Shri S.S. Viswanethra Ravi, Judicial Member has ruled that oversight to submit the data for the income shall not draw the tax penalty beneath section 271(1)(c) of the Income Tax Act, 1961. The taxpayer, Anmole Singh Ghuman is […]
Every individual who comes under the income chargeable to tax is needed to furnish the ITR to declare their income along with the tax liabilities. However, the income tax laws in India issue the collection or deduction of the tax at source (TDS/TCS) itself. The same gives the assurity about the regular flow of the […]
What is TDS (Tax Deducted at Source)? The objective of levying Tax Deducted at Source is to collect the tax from the point or source where the income is generated. The tax is deducted by the payer in advance from the amount payable to the income receiver, and the same is deposited in the account […]
