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Due to underreporting of income on tax returns compared to the Annual Information Statement for the fiscal year 2019–20, the income tax office has reportedly identified some 68,000 instances of e-verification. The e-verification technique comprises notifying taxpayers of any anomalies between their financial activity and the Income Tax Returns filed. In around 56% of the […]
The deadlines for several financial duties are approaching as the current fiscal year comes to a conclusion on March 31. By March 31, 2025, all deadlines will end, including those for tying PAN to Aadhaar, paying advance tax, and submitting updated Income Tax Returns (ITR). If you miss these deadlines, you will have to deal […]
The Central Board of Direct Taxes ( CBDT ) by Notification No. 8/2023 on February 28, 2023, has released a Corrigendum to Notification No. 04/2023 on February 10, 2023. In the latter announcement, the new Income-tax Return (ITR) forms that will be used for the Assessment Year (A.Y.) 2023–2024 were announced. Improving the smaller errors […]
The Delhi High Court (HC) has ruled that the ruling made in accordance with section 148 of the Indian Constitution without taking the assessee’s response into account is invalid. Under Section 148A(d) of the Income Tax Act, 1961 [“the Act”] Ashok Kumar Garg, the applicant has ordered on 30.03.2022 passed and the resulting notice of […]
The Income Tax Appellate Tribunal (ITAT), Cuttack Bench, has ruled in an appeal that an income tax return submitted with an error and subsequent notification u/s.143(1) is invalid. ITAT made the mentioned observation when an appeal was filed before it through the taxpayer, as against the order of the CIT(A), National Faceless Appeal Centre (NFAC), […]
The new Forms 10B and 10BB that charity or religious trusts, institutions, universities, or other educational institutions must file in line with Sections 10(23C) and 12A of the Income Tax Act have been released by the Central Board of Direct Taxes (CBDT). Latest Update The income tax amendment (3rd Amendment) rules 2023 would have been […]
Tax deducted at Source (TDS) and Tax Collected at Source (TCS) are the most popular methods of tax collection. To guarantee correct adherence to the tax regulations, it is crucial to recognise the difference between TDS and TCS under the Income Tax Act 1961, since these are some big ones. Let’s get into it in […]
The filing of your Income Tax Return (ITR) is only the first step in the process. It is equally important for the Income Tax Department (ITD) to verify your ITR before processing your return. You can only receive a refund for verified returns. In such circumstances, a belated return will be required if you did […]
According to a recent decision by the Pune bench of the Income Tax Appellate Tribunal (ITAT), if the tax was not deposited, the advantage of tax deduction at source shall not be granted in the intimation under section 143(1) of the Income Tax Act of 1961. According to Section 143(1) of the Income Tax Act […]
