Powerd By SAG INFOTECH
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Under section 119(2)(b) of the Income Tax Act, the Bombay High Court specifying the scope of authority stated that the legislature has granted power to the Principal Commissioner of Income Tax (respondent no.3) to condone the delay to enable the authorities to do substantive justice to the parties by disposing the case on merits. Therefore, […]
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 […]
The Income Tax Department has announced a significant achievement with over 7.85 crore Income Tax Returns (ITRs) filed by the October 31 deadline, setting a new record. These ITRs were filed for various assessment years during the fiscal year 2023-24, surpassing the previous record of 7.78 crore filings in the fiscal year 2022-23. It is […]
According to the latest data released by the income tax department, in the assessment year 2021-22 (FY 2020-21), there were 589 taxpayers who filed returns declaring a gross total income exceeding Rs. 500 crore. Additionally, the data reveals that approximately 2.1 crore taxpayers paid taxes in 2021-22 but did not IT file returns. This represents […]
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 Chennai bench of the Income Tax Appellate Tribunal (ITAT) ruled that the Income Tax Department does not have the authority to scrutinize Sales Tax Returns accepted by the commercial tax department. Therefore, the panel removed the addition added by the assessing officer concerning stock valuation. Aruljothi Exports Private Limited, a corporate resident involved in […]
Easy to Understand Balance Sheet Balance sheets are financial statements that show liabilities, assets, etc. at a particular point in time. Investors evaluate a company’s capital structure and compute returns based on the balance sheet. As a financial statement, a balance sheet shows what a company owns and owes, as well as the amount shareholders […]
The Central Board Of Direct Taxes (CBDT), ITA –II division, Dept. of Revenue, Ministry Of Finance, New Delhi, furnished a provision to clarify that when the return has been filed in answer to the notice u/s 142(1) of the Act, in which the same notice was provided because of the data specified in NMS Cycle/ […]
The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the amended return furnished is not amounting to the non-filing of the return and the refusal of a lower tax rate under section 115BAA of the Income Tax Act,1961 is not correct. The taxpayer, M/s.Ujjivan Small Finance Bank Limited is a small finance […]
