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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.
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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 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- […]
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 […]
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 […]
For notice pay, scrap sales, and miscellaneous income the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) granted deductions under Section 80 IC of the Income Tax Act, 1961. Under section 80-IC of the Act, the taxpayer has claimed a deduction by ministering them as profit originating from the business of eligible […]
Section 44AB of the Income Tax Act emits an obligation on the taxpayer to get accounts audited prior to the cited date and provide by that date the report of such audit, New Delhi ITAT ruled. The ITAT while learning that there was reasonable cause for failure in providing the Tax Audit Report in time, […]