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The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has ruled that submission of Form-67 is not obligatory to claim foreign tax credit (FTC). The bench of Sudhir Pareek (Judicial Member) and S. Rifaur Rahman (Accountant Member) has marked that filing Form-67 is a procedural or directory provision and is not a compulsory requirement. Thus, […]
The Telangana High Court noted that notice issued u/s 148 of the Income Tax Act, 1961 without following the modified procedure under Finance Act 2021 is not valid and set aside the reassessment notice. The applicant cited that the reassessment process in the furtherance of the Finance Act, 2021, stood altered but the respondents have […]
Kerala High Court ruled that employees cannot claim income tax exemption without government notification fixing the income limit for earned leave salary. Balan Panicker Ramesh Kumar, an applicant asked for the guidance of the respondent department to examine the income limit for tax purposes on earned leave salary u/s 10AA(ii) of the Income Tax Act, […]
In the matter of Sumit Maheshwari vs. Income Tax Officer (ITAT Delhi), the appeal emerged from a penalty levied u/s 271(1)(b) of the Income Tax Act, 1961 for non-compliance with a notice issued u/s 142(1) of the Act. The issue was whether the penalty was explained given the possibilities covering the service of notices by […]
With the full budget for FY25 set to be revealed next month, there is growing anticipation about significant announcements sought to furnish relief to the salaried class. The government is regarding changes to the existing income tax framework, with a focus on lower income brackets to boost consumption. Quoting two government officials, the report shows […]
The Kerala High Court has dismissed the writ petition contesting the assessment order and notice of demand based on the fact that they were issued in violation of the principles of natural justice. The bench of Justice Murali Purushothaman has noticed that when the applicant/taxpayer is at fault, as they did not update or revise […]
By March 2025 the income tax department is designated to finalize the reassessment of 170,000 notices, concentrating on the undisclosed income from the past assessment years. Between March 2021 and March 2024, such notices were being issued targeting the differences in declarations of income. Reassessments Scene The reopening of nearly 600,000 matters has been initiated […]
If a person has income from business in India then he must understand ITR filing requirements for business income to avoid interest and penalties. Business Income and ITR Filing: What You Must Learn In this blog post, we’ve broken down the key points into an easy-to-follow checklist below. Income Tax Return (ITR) Form Using the […]
During quashing an SCN issued via the department for initiation of penalty proceedings under section 270A in a vague manner, a categorical finding of ‘misreporting/ under-reporting’ is essential for the levy of penalty under section 270A, Delhi HC ruled. An order dismissing immunity asserted via taxpayer u/s 270AA and dropping the penalty proceedings under section […]