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The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) witnessed that Income Tax Return filing within the last date is mandatory for claiming deduction u/s 80IB (10) of the Income Tax Act, 1961. The taxpayer was selected by scrutiny and notice u/s 143(2) was issued dated 04-03-2008 and served consequently. The other […]
An application under Section 119(2) of the Income Tax Act, 1961 is directed by the Madras High Court to be submitted related to the refund of TDS related to compensation from a Motor Accident Claims Tribunal (MACT). The delay in filing Income Tax Returns (ITRs) had impeded this process. The applicant for the case asks for […]
The Income Tax Department has notified ITR Form 1 and Form 4 for the assessment year (AY) 2024-25. These forms are used by individuals and entities with an annual total income of up to ₹50 lakh. The notification for these forms was issued by the IT Department on Friday. As per a tax expert, the […]
In an unexpected turn, the IT Department has stirred confusion among taxpayers by sending notices for filing returns, even to those who responsibly completed the process on time. Chartered Accountants have raised their voices in response, pinpointing an error and urging authorities to swiftly address the issue. The attachments in the emails received from the […]
Here’s a simple method to understand ITR processing time. In addition, we provide types of notifications that are sent after the successful processing.
The Delhi bench of the income-tax appellate tribunal (ITAT) has issued a positive decision in favour of an 83-year-old widow who was not required to file her IT return. The fine levied on her for failing to file her tax return was set aside by the tax tribunal. This Gurgaon-based 80-year-old had never filed an […]
For the last four consecutive fiscal years, there has been seen consistent upward growth in the number of income tax returns filed by taxpayers in Karnataka state. This upward trend indicates the increasing awareness of tax adherence in the population. In the fiscal year 2019-20, a noticeable 38.18 lakh individuals filed their income tax returns, […]
Are you relieved that the income tax return filing season is over? But, for some assessee, receiving the return processing notification isn’t finished off the process this year. Since Budget 2022 various revisions would have been made within the laws of tax, which directed that you need to open your tax file again despite filing […]
The number of Income Tax Returns submitted touched a record high of more than 6.77 crore in the assessment year 2023–24, according to a statement released on Tuesday by the Income Tax Department. In comparison to the total number of ITRs filed during the prior assessment year, which saw 5.83 crore returns filed, this amount […]
