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.
A relief has been granted by the Delhi High Court before Satwant Singh Sanghera, a pilot formerly employed with the now-collapsed Kingfisher Airlines, against a tax demand of over Rs 11 lakh. It was claimed by Singh that he had duly furnished his ITR for the said assessment years and the company had deducted TDS […]
The number of income taxpayers in India surpasses 10 crore, showing an influential expansion in the tax base as per the updated time series data from the Central Board of Direct Taxes (CBDT). It exhibits a 98% rise over the past 10 years with the number of taxpayers rising from 5.26 crore at the finish […]
For income tax, the online e-filing ITR portal will be processed with a revamp via substantial amendments effective for taxpayers. The tax department’s internal circular which is not publicized dated October 8, 2024, expressed, “The operations phase of the existing Integrated e-filing and Centralised Processing Centre (IEC) 2.0 is coming to an end and the […]
A detailed guide for tax professionals and departmental officers is been proposed by the recently updated Handbook on Judicial Matters, prepared by the Office of the Principal Commissioner of Income Tax (Judicial). The book specifies the process to file the appeals in distinct judicial fora, including the Income Tax Appellate Tribunal (ITAT), High Court, and […]
Central Board of Direct Taxes (CBDT) has provided the updated norms for the compounding of offences under the Income-tax Act, 1961, to facilitate the process as well as accessible for the assesses as per the statement from the Ministry of Finance. The guidelines are in the budget announcement list of the Finance Minister to streamline […]
An astonishing growth has been witnessed in the personal income tax collection in India over the past decade, exceeding the speed of corporate tax collections, as per the updated data released by the Central Board of Direct Taxes (CBDT). Personal income tax revenue surged by 294.3 per cent, increasing to Rs 10.45 lakh crore in […]
The Central Board of Direct Taxes (CBDT) has introduced a new tax form called 12BAA, particularly made for the disclosure of non-salary income and inclusion of information on Tax Collected at Source (TCS). As per the guidelines, these forms with the norms emphasized in the Union Budget 2024 will streamline the offsetting of Tax Deducted […]
Amendments have been announced for Income-tax Rules through Notification No. 111/2024, dated October 15, 2024, by the Central Board of Direct Taxes (CBDT). These amendments effective from 1st October 2024 have the motive to facilitate the registration process for charitable institutions, trusts, and non-profit organizations under sections 12A and 80G of the Income-tax Act. Introduced […]
It was mentioned by the Gujarat High Court that there cannot be any income escapement from the taxpayer if there is no unexplained amount in the bank statement on record. The Bench of Justice Bhargav D. Karia and Mauna M. Bhatt noted that “the reason given by the Assessing Officer for alleged escapement of Rs.3,25,00,000/- […]