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The recently introduced Invoice Management System (IMS) on the GST portal is expected to decrease the volume of notices related to Input Tax Credit (ITC) discrepancies in returns and reduce tax-related litigation, as noted by tax experts and chartered accountants. According to experts, about 10% of total notices from the GST department are concerned with […]
The Apex court dismissed 93 appeals contesting the application of the Tax Deduction at Source (TDS) on the salaries furnished to the nuns and priests of the Catholic Church who are working as teachers in aided institutions. The bench, which included Chief Justice of India DY Chandrachud and Justices JB Pardiwala and Manoj Misra, was […]
The Central Board of Direct Taxes (CBDT) is thinking of changing the official designations in the income tax department to make the roles more precise within people and create a significantly clearer image of the department. The offered restructuring concentrates on revising the nomenclature of positions like the commissioner of income tax (CIT) and principal […]
You are within particular financial transactions this past September, November 14, 2024, is a crucial due date that is near. Various forms by this date pertinent to the tax deductions required to be provided such as forms 16B, 16C, 16D, and 16E. Below is a guide to Forms 16B, 16C, 16D, and 16E what each […]
An updated guideline has been furnished by the income tax department to either exempt or lessen the interest that the taxpayer holds towards the late payments given a specific condition is satisfied. The same adjustment has been proposed to facilitate the relief process, particularly for taxpayers who are facing financial difficulties. What Says the Law […]
An order was set aside by the Kerala High Court in reassessment proceedings that were furnished without furnishing the taxpayer a chance to answer to the show cause notice. The Bench of Justice Gopinath P. marked that “the show cause notice was issued on 12-03-2024, giving only three days’ time to the assessee to respond, […]
The income tax assessment order has been quashed by the Mumbai Bench of Income Tax Appellate Tribunal (ITAT) as of the absence of higher authority approval u/s 151 of the Income Tax Act, 1961 for the reopening beyond three years. The taxpayer Sunil Harischandra Keni, filed a return claiming an income of Rs. 16,42,210 for […]
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 […]
