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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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FM Nirmala Sitharaman incurred that there would be no reduction in tax rates under the old regime, addressing calls via assesses for identical rate reduces both old and new regimes. The minister said that the government does not force anyone to switch from the old to the new tax regime. What Amount Do I Required […]
The Karnataka High Court in a ruling has quashed the income tax assessment proceedings u/s 148A (b) of the Income Tax Act, 1961 as of the non-service of the show-cause notice. The applicant Sithappana Halli Bychappa Padmanabha Gowda contested the validity of distinct notices and orders issued via the income tax department specifically the notice […]
The petition of the taxpayer ruling has been permitted by the Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) which collected income could be applied to the acquisition of the fixed assets u/s 11(6) of the Income Tax Act,1961. Gujarat Safety Council, the appellant-assessee, was a trust that led safety training programs. It filed a […]
The applicant, Bangalore Thulaseedas Srinath contested several notices and orders issued to the applicant, including those u/s 148A(b), 148A(d), 148, 147 r/w 144 and 144B and pertinent penalty notices u/s 274 read with Sections 272A(1)(d), 270A and 271B. It was furnished by the applicant that the income tax notice issued u/s 148A(b) of the Act […]
The penalty has been removed by the New Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) u/s 271AAB of the Income Tax Act, 1961 for alleged undisclosed income during the search. The decision was arrived at because of the clear evidence to prove the allegation. A search has been conducted by the revenue […]
The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) remitted the case to the Assessing Officer ( AO ) for reassessment discovering that the Commissioner of Income Tax (Appeals) had sent notices to an inaccurate email address. The appellant-assessee, Venkataraju Chandra Shekar, had filed an appeal contesting the order for the Assessment Year […]
U/s 69A of Income Tax Act,1961 the Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) deleted a Rs. 14 lakh addition made by the Assessing Officer (AO). The addition was based on wrong information concerning a property transaction, where the AO incorrectly recorded the purchase price as Rs. 45 lakhs instead of the […]
An order passed by the Deputy State Tax Officer against a dead person has been set aside by the Madras High Court. The Bench of Justice Krishnan Ramasamy noted that “the impugned order was passed by the Deputy State Tax Officer/respondent against a dead person, who passed away on 21.11.2019. In such case, the impugned […]
Discovering that the loans were nothing, however, the accommodation entries along with the repayment are indeed nothing only the return of accommodation entries, the Mumbai ITAT ruled that the money has been drawn in getting the unsecured loan is nothing but the unaccounted money of the taxpayer and is to be added under section 68. […]