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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 applications for condonation of delay should have been regarded without being too hyper-technical and in a judicious manner, ruled by the Kerala High Court. It was noted by the bench of Justice Gopinath P. that the delay in audit report filing in Form-10B can be 30 days, as the law merely needs that the […]
The Central Board of Direct Taxes (CBDT) mentioned clarifying the problems in answer to the misinformation that the recent revision to Section 230(1A) of the Income-tax Act, 1961, does not need all Indian citizens to have an income tax clearance certificate (ITCC) before travelling to other countries. As per the Central Board of Direct Taxes […]
The Delhi High Court, the deduction u/s 80-IA(7) of the Income Tax Act cannot be denied for the mere failure of the taxpayer to digitally file an audit report. It was noted by the bench of Justice Yashwant Varma and Justice Ravinder Dudeja that the audit report was duly provided to the AO and was […]
In a recent development, the Central Board of Direct Taxes (CBDT) has issued a directive to the Income Tax department, underscoring the imperative need for “non-intrusive” monitoring of widespread cash transactions in sectors such as luxury brand sales, hotels, hospitals, and IVF clinics. This directive forms a pivotal component of the CBDT’s Central Action Plan […]
In its recent decision, the Calcutta High Court upheld a ruling by the Income Tax Appellate Tribunal (Tribunal) allowing an assessee to seek registration under section 80G(5)(iii) of the Income Tax Act, 1961 after the initiation of the activity. The revenue department filed a petition under Section 260A of the Income Tax Act, 1961, disputing […]
Observing that the scheme shown by the Central Government does not envisage exclusion of provision of section 148A since the process shown within the mentioned provisions is inextricably associated with Section 148, the Bombay High Court has quashed the whole exercise that the jurisdiction AO has performed under section 148A outside the faceless procedure. Section […]
The addition on the interest income received out of the fixed deposits has been deleted by the Mumbai Bench of Income Tax Appellate Tribunal (ITAT). The bench of Kavitha Rajagopal (Judicial Member) and B R Baskaran (Accountant Member) has marked that Assessing Officer (AO) is unable to corroborate the fact that the FD made by […]
The Finance Bill 2024 includes changes to Section 148A of the Income-Tax (I-T) Act, which relates to the time limits for issuing notices to reopen assessments. Currently, the Income-Tax Department can reopen assessments under Section 148A for up to 10 years (equivalent to 11 financial years) if the income exceeds Rs 50 lakh. In contrast, […]
The Cuttack bench of the Income Tax Appellate Tribunal (ITAT) in a case has remanded the petition via the taxpayer against the commissioner Of Income Tax (Appeals) order after condoning a 69-day delay. It was remarked by the tribunal that the non-compliance and the absence of documentation in the order of the CIT (Appeals) furnished […]