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Inside the Income-tax act, 1961 section 115BAA was introduced via Taxation Laws Amendment Act 2019, so as to make the tax laws easier under which the companies were provided with the option to pay the tax at diminished rates. Under section 115BAA (5), after this option came into force would then be applied to the […]
A notice has been furnished by Odisha Tax advocates associations to CBDT towards denying the extension of the last date to furnish the income tax returns of Odisha towards the AY 2021-22 post 31/12/2021 as well as levied the late filing fee beneath section 234F of the Income Tax Act, 1961 despite various technical issues […]
The Central Board of Direct Taxes (CBDT) has announced the one-time relaxation for verification for all ITR e-filed for the Assessment Year 2020-21 due towards verification and processing. For ITR that is furnished via electronic way excluding any digital signature the assessee is needed to validate it through any one of the modes under the […]
Assocham in its recent suggestion the government of India has made a clear indication towards the reduction in the TDS for the next budget and has cited the reason that the litigations of accurate rate on the application. Currently, there are multiple rates on the charts of the Income-tax act on multiple categories of the […]
FY 2021-2022 ITR filing deadline is 31st July 2022. Nevertheless, it has been observed that most taxpayers wait until the last minute to file their ITRs. As in the past two years, some taxpayers assume that the government will extend the deadline again this year. New ITR Portal is Not Completely Operational The assessee is […]
CBDT provides that the rules that mentioned that there shall be no TDS beneath section 194-O of the income tax act are needed on e-auction services. Through several stakeholders, the board has obtained representatives who are engaged in the business that poses e-auction services via an electronic portal owned, operated, or maintained by e-auctioneer. In […]
The imposition by the Bombay High court upon the tax council specified that the actual costs on AO and suppressed the Faceless Assessment orders passed excluding the application of mind. The applicant is the owner of Mantra Industries ltd revocate the Income-tax department’s executions of the penalties with respect to it beneath section 274 read […]
The due date to furnish the ITR towards the Assessment year (AY 2023-24) was 31st July 2023. Under the norms of the CBDT if an assessee misses the decided last date then they are needed to file the late fee and furnish the belated ITR by 31st December. Starting from the year the last date […]
CBDT has revealed that the time period for processing the returns including the refund claims beyond the mentioned time limit for cases which does not come under scrutiny from 30, 2021, to November 30, 2021. “Central Board of Direct Taxes (Board) vide its order under section 119 of the Income-tax Act, 1961 (Act) dated 05.07.2021 […]
