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The Central Board of Direct Taxes (CBDT) has recently updated the Income Tax Portal, enabling the electronic submission of amended Income Tax Returns (ITRs) for the Assessment Year (AY) 2023-24 or Financial Year (FY) 2022-23. Taxpayers are now given the option to submit revised Income Tax Returns (ITRs) for the ongoing assessment year under Section […]
No assessments could be made under section 143 or 144 of the Income Tax Act post 12 months from the finish of the pertinent assessment year, the Chandigarh bench of the Income Tax Appellate Tribunal (ITAT) observed. The taxpayer company reported a taxable income of Rs. 8,59,050/- in 2012, later assessed at Rs. 12,13,510/ in […]
The Income Tax Department’s utilization of data analytics and advanced technology has resulted in the recovery of ₹36,000 crore in outstanding tax demands this fiscal year, while also uncovering disparities in Income Tax Returns (ITR). Of this sum, ₹27,000 crore came from corporate taxes and ₹9,000 crore from personal income tax as of December 20. […]
The addition under section 68 of the Income Tax Act for the receipts of cash has been deleted by The Chennai Bench of Income Tax Appellate Tribunal (ITAT) that was converted into the jewellery sale. There could not be any cause for the uniform sales on all the days, months, or years, The bench of […]
Two days later, the Central Government decided to provide relief to GST officials who were facing difficulties in resolving pending cases of the GST law. The decision to extend the deadline once again for the financial years 2018-19 and 2019-20 has been taken after the recommendation of the GST Council. Now, non-fraud cases that are […]
The Income Tax (IT) department has reached out to approximately 3 million salaried taxpayers nationwide via text messages and emails, pinpointing disparities between their claimed refunds in revised tax returns and the TDS (Tax Deducted at Source). An official mentioned, “Given that December 31, 2023, marked the deadline for revised returns, we’ve issued alerts probing […]
An LLP, or Limited Liability Partnership, blends characteristics from both traditional partnerships and corporations. In the realm of ROC filing, LLP software is tailored to aid LLPs in meeting their filing needs and ensuring compliance with Registrar of Companies standards. ROC filing entails submitting an array of documents and forms to the Registrar of Companies, […]
The order cancelling the GST registration of the applicant was passed in breach of the principles of natural justice and is therefore obligated to be set aside, Delhi High Court ruled. The judicial bench comprising Justice Vibhu Bakhru and Justice Amit Mahajan noted that if the petitioner’s GST registration is reinstated, the petitioner would need […]
In response to a longstanding request from Haryana’s traders and business community to resolve pre-GST tax liabilities, Chief Minister Manohar Lal Khattar officially announced the One Time Settlement-2023 (OTS) Scheme on Sunday. Commencing from January 1, 2024, to March 30, 2024, the scheme offers businesses the opportunity to settle their pre-GST tax liabilities. The OTS-2023 […]
