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The Cuttack Bench of Income Tax Appellate Tribunal(ITAT) carried the decision of the Commissioner of Income Tax(Appeals) to remove the Rs.3,08,11,278 penalty imposed u/s 271(1)(c) for the Assessment Year 2014-15 since the underlying quantum addition no more existed. An appeal has been filed by the revenue against the CIT(A), order on 25.6.2024, which removes the […]
The Chhattisgarh High Court carried an ex-parte assessment u/s 144 of the Income Tax Act, 1961, against a taxpayer who failed to take part in assessment proceedings or describe the cash deposit source of ₹11,44,070 in his bank account. The bench Justices Sanjay K Agrawal and Amitendra Kishore Prasad remarked that under sections 68 and […]
The centre in relief to the employers simplified the limitations to the companies for depositing the Tax Deducted at Source (TDS) on salaries of the employee. Starting from October 1, 2024, the employers will have additional time to deduct Tax Deducted at Source (TDS) from their employees’ salaries. An additional time is been provided to […]
The High Court of Himachal Pradesh rejected the Tax Recovery Officer’s decision to attach the Cash Credit Account, stating that the Cash Credit account or overdraft is capable of being attached under section 226(3) of the IT Act. The High Court clarified the relationship between a debtor and a creditor, stating that a bank does […]
The Chandigarh bench of the Income Tax Appellate Tribunal ( ITAT ) asked the Assessing Officer ( AO ) to allow the Foreign Tax Credit ( FTC ) as Form 67 was filed on the extended due date along with the Income Tax Return (ITR). Towards the matter, the taxpayer Anita Sandhu, had furnished the […]
On October 1, 2024, the Central Board of Direct Taxes (CBDT) issued Circular No. 11/2024 establishing new guidelines for condoning delays in filing income tax returns (ITRs) claiming refunds or carrying forward losses under section 119(2)(b) of the Income-tax Act, 1961. The very circular replaces all the prior instructions and prompts a structured approach to […]
The Income Tax Department of India has surged the tracking of high-value credit card transactions according to its efforts to curb tax evasion and assure effective tax compliance. How IT Dept Monitoring High-value Credit Card Transactions? In the section below, we discuss the procedure used by the income tax department to monitor high-value credit card […]
The Supreme Court stated that technological challenges cannot justify harassing an assessee, urging the Income Tax Department to improve its software to prevent future errors. The Court ordered the Central Board for Direct Taxes to take appropriate actions to correct the software. A bench of Justices PS Narasimha and Sandeep Mehta was hearing an appeal […]
After the amendment in the fiscal limits for filing the appeals in direct and indirect tax matters in the Union Budget 2024-25, the Apex court dismissed 573 direct tax cases in which there is less than Rs 5 crore tax effect, the Ministry of Finance mentioned. As per the finance ministry, the measures are anticipated […]