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Finally, the government has started accusing Infosys publicly of not bringing permanent solutions to the tax portal errors and sometimes total outage of it. In the recent tweets by income tax India, it has openly mentioned that they have called Infosys CEO Salil Parekh to discuss and ask about the latest conditions of the new […]
There have been Consecutive Appeals for allowing Provision of Ground Rent in next year but the answer has always been no. The Delhi Bench of Income Tax Appellate Tribunal in a recent ruling held that the provision of the ground rent shall not be allowed as per section 43B of the Income Tax Act 1961. […]
Any taxpayer who had furnished the taxes and has not to furnish his or her ITR till the mentioned date specified u/s 139(1) is liable to pay interest u/s 234A. Last Date of Section 139(1) Non Audit Cases: 31st July Audit Cases: 31st Oct, Because of covid-19 CBDT dated May 20th, 2021has prolonged the last […]
Form 26 AS which is a tax credit statement is one of the most crucial documents where the filing of taxes is concerned. What is the 26AS (Annual Statement) Form? Form 26AS is an annual statement that entails the details related to the Why is Tax Credits Form 26 AS Important? Below mentioned are the […]
The Central Board of Direct Taxes (CBDT) on this Wednesday pinpointed that buyers of goods or services shall have to deduct TDS at the source and at 0.1% of the amount that is greater than Rs 50 lakhs when credited or paid to a resident seller on the transactions that have occurred after July 1, […]
In a recent judgement delivered by the honourable Gujarat High Court, it is held that the Directorate General of Goods and Services Tax Intelligence (DGGI) holds the power to issue summons considering the provisions of the GST Act, 2017 and the relevant circulars that are issued by the Central Board of Indirect Taxes These types […]
It’s hard to get a single answer to the question. In any Tax administration, the authority to Inspect, Search and Seize are necessary not only to protect the revenue exchequer of the government but also to protect the interest of the genuine taxpayers. The Tax authorities are expected to use these powers since the basic […]
The Income Tax Appellate Tribunal, Hyderabad has passed a ruling in which it dismissed an appeal made by the revenue department — Tribunal ruled that being a joint account holder in a husband’s salary account does not mean an Undisclosed Foreign Account. This appeal was made against an order of the tribunal wherein the revenue […]
The Central Board of Indirect Taxes and Customs (CBIC) states that its offices so as not to give show-cause notices (SCNs) for service tax defaults upon the grounds of inconsistency amid income tax returns and service tax amount. Different tax concerns have accused the Union finance ministry that SCNs have sent wrongly towards the FY […]
