Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
An important functionality on the website of the IT department has been introduced by the officials which permits the assessees to discard their previously filed however unverified ITR. The assessee previously was permitted to amend the ITR merely in the matter of the error or omission. The latest addition to the income tax portal allows […]
In its recent ruling, the Income Tax Appellate Tribunal (ITAT), the Visakhapatnam Bench has said that according to Section 80P of the Income Tax Act, a deduction is available for the interest income generated from deposits or investments made with cooperative banks. The panel consisting of Duvvuru Rl Reddy (Judicial Member) and S Balakrishnan (Accountant […]
A fine of Rs. 10K was imposed by the High Court of Punjab and Haryana on the income tax department invalidating the order under Section 148A(d) of the Income Tax Act and the notice has also been issued following Section 148 of the Income Tax Act. The panel of Justice G.S. Sandhawalia and Justice Lapita […]
Apart from the implementation of a new income-tax structure featuring reduced rates, fewer exemptions, and deductions, the income-tax department has embraced technology to simplify the tax-filing process. For instance, the threshold for tax audits in small businesses was raised significantly to Rs 10 crore from the previous Rs 1 crore. Additionally, individuals above 75 years […]
The recent ruling by the Gujarat High Court emphasized the necessity of concrete evidence and a legitimate rationale to support the notion that income has been overlooked in assessments. This decision holds considerable weight in evaluating the validity of reopening assessments when the reasons provided lack a direct link between the taxpayer and the contentious […]
The CESTAT in the case of M/s. Piyush Sharma v. Commissioner of CGST & CX, Patna-I [Service Tax Appeal No.75856 of 2021 dated October 17, 2023] has ruled that the service tax claim, which relies on Form 26AS from the Income Tax Department without any scrutiny, is incorrect. Key Facts of the Case M/s. Piyush […]
The majority of the people as well as firms noticed it easier to claim income tax refunds and suffer the shortage of waiting durations for obtaining that which shows the private survey of more than 3500 respondents. More than half the respondents in the survey performed via the industry body Confederation of Indian Industry (CII) […]
Tax regulations often prove intricate, occasionally necessitating court involvement to align Assessing Officers’ conduct. Recently, the Delhi High Court clarified that the extended 10-year review period for Income Tax assessments is applicable only when the estimated undisclosed income surpasses Rs 50 lakh. Justices Rajiv Shakdher and Girish Kathpalia stressed that, in “ordinary cases,” no notice […]
The income tax (I-T) department recently uncovered tax evasion amounting to approximately Rs 10,000 crore over a span of three years. The evasion is believed to have been carried out by online merchants who sell products through social media platforms like Instagram and Facebook. Such 45 online retailer brands have been issued with notches by […]
