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The Bombay High Court has determined that Assessing Officers (AOs) must verify information before initiating reassessment proceedings based on faceless data. This ruling comes from a bench of Justices G.S. Kulkarni and Somasekhar Sundaresan, who underscored the importance of verification when AOs intend to act under Section 148 of the Income Tax Act, particularly when […]
The Mumbai Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has annulled a show-cause notice directed at fruit vendors who are not involved in any activities subject to service tax. The bench, consisting of Judicial Member Suvendu Kumar Pati and Technical Member Anil G. Shakkarwar, noted that the show cause notice failed […]
In a development, the majority of India’s income the taxpayer would required to transition to the new tax regime for the present assessment year. 72% of those who furnished their returns by the July 31 due date chose the new tax regime that contributed to a record high of nearly 7.29 crore ITR filings as […]
The Punjab & Haryana High Court upheld the revisional order passed by the Principal Commissioner Income Tax (PCIT) under Section 263 of the Income Tax Act. as the assessment was wrongly passed by the Assessing Officer ( AO ) under Section 44ADA of the Act. The taxpayer Harjot Singh, is an individual who filed his […]
Individuals who are accountable for making payments like salary, commission, interest, professional fees, rent, and other specified categories are mandated to deduct TDS (Tax Deducted at Source) before making the disbursement under the norms mentioned in the Income Tax Act. Also, it is obligatory to ensure the remittance of the TDS amount deducted to the […]
The Delhi High Court permitted the writ petition in favour of Mitsubishi Corporation and quashed the assessment order since the tribunal losses to regard the entire powers granted to it u/s 254 of the Income Tax Act of 1961, and the order was quashed to the extent that they denied consideration of the additional reasons […]
For the AY 2018-19 the income tax department has begun investigating the cases to find which of them required to be reopened, a process that may result in tax notices. In the matters of escaped income, this follows the union budget proceeds to lessen the time limit for tax reassessment from 10 years to 5 […]
The Rajasthan High Court In a writ petition filed by a senior citizen seeking condonation of delay in filing Income Tax Returns ( ITR ), condoned the delay stating the real hurdle performed via the taxpayer who is a senior citizen. The taxpayer, Padam Raj Bhandari, is an insurance surveyor and senior citizen who filed […]
In this year the assesses must expect delays in their income tax refunds. For scrutinizing income tax returns (ITRs) the government has implemented a rigorous (Strict) new system using a specially designed, self-automated artificial intelligence (AI) software program. Advanced AI for Comprehensive Examination The new AI program is made to validate the preciseness of all […]