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If you had made mistake while filing ITR for AY 2018-19, now, there is an option to revise the return. The revised return will take the place of original return and will be considered as furnished on the date of return was filed previously.
The Delhi High Court ruled that just as a taxpayer does not file the returns for some period does not indicate that the taxpayer’s registration is directed to be cancelled with a retrospective date. The bench of Justice Sanjeev Sachdeva and Justice Ravinder Dudeja, in terms of Section 29(2) of the Act, the proper officer […]
India’s Finance Minister, Smt. Nirmala Sitharaman has presented distinct new income tax rule modifications in the budget 2023. There will be certain significant modifications with the start of the new fiscal year (FY 2024-25). From April 1, 2024, such revisions shall be implemented. From April 1, 2024, the corresponding changes, will add new regulations or […]
A significant update for the verification process for electronically filed Income Tax Returns (ITRs) is been announced by the Central Board of Direct Taxes (CBDT). Effective from April 1, 2024, taxpayers need to use the newly notified Form ITR-V who submit their returns through electronic mode but fail to verify them electronically. Important Facts About […]
The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) held that Section 155(14) of the Income Tax Act, 1961 could not limit the Tax Deduction at Source ( TDS ) credit if the income is correctly shown in the Income-tax Returns. The ITAT bench noted that “once TDS is deducted and deposited […]
Nearly 4.4 million “targeted” emails have been sent by the government to the people who have gaps in the transactions on their accounts and the income they reported in last year’s tax filing cycle, as per the senior official, a forewarning has been issued by the tax department to assist the people for preventing to […]
The Income Tax (IT) department has reached out to approximately 3 million salaried taxpayers nationwide via text messages and emails, pinpointing disparities between their claimed refunds in revised tax returns and the TDS (Tax Deducted at Source). An official mentioned, “Given that December 31, 2023, marked the deadline for revised returns, we’ve issued alerts probing […]
In the hope of bringing user-friendly changes to taxpayers and reducing litigation related to indirect taxes, the Center is considering allowing taxpayers to file revised Goods and Services Tax (GST) returns. For income tax filers this provision is already available. Right now, you can’t submit revised returns under GST, only small changes in invoice details […]
An important functionality on the website of the IT department has been introduced by the officials which permits the assessees to discard their previously filed however unverified ITR. The assessee previously was permitted to amend the ITR merely in the matter of the error or omission. The latest addition to the income tax portal allows […]
