Browsing category
In this portal, the articles and trending news for taxpayer about the income tax are being written and all these articles and news covered the information about the income tax updates, registration, filing process, form details, along with other financial coverings.
The news and articles on income tax are the centers of reading where people seek their interest. So we had collected all these in one portal where readers can read it easily.
The taxpayers and CAs will get aids from this portal of SAG Infotech in filing their returns or managing their businesses. Also, we have other interesting categories related to the latest news under GST and TDS updates.
The trending income tax news and informative tax articles are thoroughly written by the professional CA who seeks the information and writes it accordingly. Hence updated articles with no error will be catered before you.
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has removed the addition made by the department since the cash deposits made from the taxpayer’s parents collected savings and income from agricultural activities. The bench of Suchitra Kamble (Judicial Member) and Makarand V. Mahadeokar (Accountant Member) noted that when the taxpayer furnishes a plausible explanation […]
The Hyderabad bench of the Income Tax Appellate Tribunal ( ITAT ) remanded the case to the Assessing Officer ( AO ) post remarking that the Income Tax Authorities were unable to discuss the difference in sundry creditors before confirming the addition u/s 41(1) Income Tax Act, 1961. The taxpayer Jonna Iron Mart is a […]
The New Delhi bench of the Income Tax Appellate Tribunal (ITAT) carried that unless there is proof to show that the obligation has ceased to exist, no addition under section 41(1) of the Income Tax Act is there and therefore, deleted the addition made by Assessing Officer (AO). A petition has been filed by Shashi […]
Section 249(4)(b) of the Income Tax Act, 1961 does not apply when there is no question of advance tax payment in the income tax reassessment proceedings, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held. The taxpayer M/s. Nine Globe Industries Pvt. Ltd. furnished its income return dated 29.09.2012 for AY 2012-13 declaring […]
The matter of Sunil Khaitan vs. DCIT (ITAT Kolkata) is concerned with the taxation of cash deposits incurred at the time of the demonetization period. Sunil Khaitan, the appellant, filed his ITR for the AY 2017-18, reporting a total income of Rs. 40,48,000/-. However, his case was appointed for scrutiny under the Computer Aided Scrutiny […]
The Centre wishes to reconsider the 45-day payment rule for micro, small, and medium enterprises if the industry wants it, Finance Minister Nirmala Sitharaman cited. The Finance Minister cited that when MSMEs need an extended payment duration then they could provide the representations for the acknowledgement in the forthcoming budget in July. The minister in […]
Introduction- The Income Tax Appellate Tribunal (ITAT) Hyderabad in a judgment gives transparency on the applicability of section 115BBDA of the Income Tax Act, 1961 to domestic companies. The matter, Meenakshi Ventures and Holdings India Private Limited vs. The Income Tax Officer centred on whether the provisions of Section 115BBDA, which assesses additional tax on […]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) stated that the date of possession of the new property is to be deemed as the date of acquisition and the taxpayer is entitled to deduction u/s 54 of the IT Act on the purchase of the new property. The bench of Raj Kumar Chauhan (Judicial […]
A notification for the process of the scrutiny of the ITR for FY 2024-25 has been issued by the Central Board of Direct Taxes (CBDT). The same motive is to increase clarity and ensure tax compliance among taxpayers. Important Key Points for New Guidelines Objective for Tax Scrutiny: As per the new norms the assesses […]