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Income tax category offers the audience with complete knowledge of income tax provisions and tax rates in India. Visit here for the latest and trending income tax news, articles, blog and amendments of IT.
The penalty u/s 271(1) (c) of the Income Tax Act, 1961 is deleted by the Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) concluding there was no providing of incorrect particulars of income or a deliberate attempt to conceal the income. The present appeal has emerged on the fact that the assessee- […]
In organizational management, audits act as an indispensable tool to increase efficiency, ensure compliance, and drive overall effectiveness. The audit type comprises mainly systems audit and process audit. Each furnishes distinct objectives, and understanding their comparative nuances is important for companies who are asking to optimize their performance and reduce their risks. Quick to Understand […]
The Karnataka High Court in a case quashed an FIR registered under the Prevention of Corruption Act, 2002 without verifying the Income Tax Return. The applicant Channakeshava.H.D is an Assistant Engineer at Karnataka Power Transmission Corporation Limited. Subsequently, he was transferred to Koramangala Division and Hebbala Division of BESCOM and worked as an Executive Engineer. […]
The Allahabad High Court has ruled that the chance of a personal hearing is obligatory u/s 144B(6)(vii) and (viii) of the Income Tax Act, 1961 when SCN is issued for why assessment may not be completed as proposed. The Court ruled that once the taxpayer asks for a chance of a personal hearing, it becomes […]
A new feature has been introduced by the income tax department within the Annual Information Statement (AIS) to enable assesses to track the status of the information confirmation process. The same development has the objective of increasing the clarity and preciseness in tax reporting by furnishing the assesses with insights into their financial transactions that […]
For filing income tax return-3 (ITR-3) for the financial year 2023-24 (assessment year 2024-25) the income tax department has released offline, online, and Excel utilities. It directed that the taxpayers who come beneath the ambit of ITR-3 for FY 2023-24 (AY 2024-25) have the flexibility to choose between offline (Java), online, or Excel-based utilities to […]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) ruled that as the taxpayer was a non-resident therefore the entire tax ought to be deducted at source on payment made via the payer to it, and no question was there for the advance tax payment by the taxpayer; consequently, no interest Under Section 234B can […]
Supreme Court held on the taxation of interest-free/concessional loans to bank employees. This blog furnishes an in-depth analysis of the judgment, analyzing the legal framework, challenges, and implications of the decision. Around the interpretation of Section 17(2)(viii) of the Income Tax Act and Rule 3(7)(i) of the Income Tax Rules, the case is focused on. […]
Expenditures on freebies to doctors by the pharmaceutical sector violate Medical Council of India ( MCI ) regulations and disallow deductions u/s 37(1) of the Income Tax Act 1961, the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) held. Concerning the case the taxpayer is a public company, engaged in the business […]