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The income tax department has issued a warning to the assesses against making bogus claims, since the due date for filing ITR for AY 2024-25 approaches July 31. The department advises that inflating expenses, underreporting earnings, or exaggerating deductions is a punishable offence and may result in delays in refund issuance. Till Now Over Five […]
A crucial amendment in the taxation of the rental income from the residential property is been introduced in the Union Budget 2024. Finance Minister Nirmala Sitharaman to curb tax evasion has obligated that this income could merely be declared under the ‘Income from House Property’ (IHP) head and not under the ‘Profits and Gains from […]
As the ITR due date is approaching various troubles on the tax filing portal and issues during the procedure have been encountered by the netizens at the time of filing the ITR. Nearly half the taxpayers have not filed their ITR. The percentage of assesses who have not filed Income Tax Returns till now is […]
What is the New TDS Section 194T? The Finance Bill, 2024, presents a significant change for partnership firms with the proposal to insert a new TDS section 194T of the Income Tax Act, 1961. The same move has the motive to bring payments made to partners, including salary, remuneration, commission, bonus, and interest, under the […]
The assessment order has been quashed by the Calcutta High Court on the foundation that the department has losses to place the taxpayer on the notice concerning the addition u/s 69A of the income tax. It was noted by the bench of Justice Raja Basu Chowdhury that the judgment incurred via the respondent department as […]
At the time of the Budget presentation at 11 AM on 23rd July 2024, Union Finance Minister Nirmala Sitharaman asked to revise the S.271H of the Income Tax Act pertinent to the penalty for failure to provide the statements. Clause 81 of the bill asked to revise Sec.271H of the Act, sub-section (1) of the […]
The Punjab & Haryana High Court while indicating that the scheme of faceless assessment is applicable from the phase of SCN under section 148 as well as 148A, held that notice under section 148 could not be issued via the jurisdictional assessing officer post introduction of the faceless assessment scheme. As SCN has been issued […]
The taxpayer has provided the recommendations to permanently revise the due date since they are facing issues accessing Form 26AS and AIS. There is a rise in the demand to extend the ITR due date from July 31, 2024, to August 31, 2024, because of the technical problems on the income tax portal. An extended […]
It was ruled by the Kerala High Court that the South Indian Bank is entitled to the deduction envisaged u/s 36(1)(viii) of the Income Tax Act concerning the long-term finance furnished by it for the construction and purchase of houses in India for residential purposes. The appellant-bank/assessee South Indian Bank Ltd is in the business […]