Search results for: Income tax Act

The Orissa High Court ruled that the benefit of the exemption claim under Section 12A of the Income Tax Act, 1961, should not have been rejected solely on the ground of delay in filing the audit report. The Society for Training Action Research filed a petition challenging the ruling that dismissed its request for condonation […]

For processing pending returns filed under section 139 of the Income Tax Act, 1961, for the assessment year 2023–24 (AY 2023–24), the Central Board of Direct Taxes (CBDT) has authorised additional time. This may result in long-awaited refunds or income tax demand notices being issued to taxpayers over the coming months. What Has CBDT Mentioned? […]

The online Income Tax Return (ITR) filing window for AY 2025–26 has been opened by the CBDT Department. Individual taxpayers who are not required to have their accounts audited must submit their ITRs for FY 2024–25 before the revised due date. The Central Board of Direct Taxes (CBDT) revised the ITR filing due date from […]

The reassessment notice issued for failure to follow the procedure prescribed under Section 148A of the Income Tax Act, 1961, has been quashed by the Delhi High Court.” Chandra Prakash Srivastava, the applicant, has filed a petition challenging an order dated July 28, 2022, which was issued under Section 148A(d) of the Income Tax Act, […]

The Himachal Pradesh High Court ruled that the Assessing Officer cannot issue a notice under Section 148 of the Income Tax Act, 1961, for initiating reassessment proceedings without providing valid reasons. “Section 148 enables the Assessing Officer to initiate reassessment proceedings where income chargeable to tax is believed to have escaped assessment”. Justice Tarlok Singh […]

The Pune Bench of the Income Tax Appellate Tribunal (ITAT) has removed the late fees levied under Section 234E of the Income Tax Act, 1961, for the delayed filing of quarterly Tax Deducted at Source (TDS) returns before June 2015. Ram Refrigeration & Electronics Pvt. Ltd., a private corporation, has filed an appeal against the […]

Recently, the Income Tax Department released Excel-based utilities (V1.0), a JSON schema, and validation tools for FY 2024-25 (AY 2025-26). The department has included the ITR-1 (Sahaj) and ITR-4 (Sugam) forms. Taxpayers can download these offline utilities from the official 2.0 e-filing portal. As the Excel utilities have just been made available, the online ITR […]

Section 143(1)(a) of the Income Tax Act, 1961 (the 1961 Act), cannot be invoked by the Assessing Officer (AO) to disallow a claim when the issue involved such as the deductibility of employees’ contributions to EPF/ESI under Section 36(1)(va) is pending consideration before the Supreme Court, as in Checkmate Services Pvt. Ltd. vs. CIT [(2023) […]

The Karnataka High Court ruled that the reassessment order is void in law, as it was passed under Section 148 of the Income Tax Act without compliance with the mandatory procedure for disposing of objections. Accordingly, the reassessment order was set aside. Under section 143(2) of the Income Tax Act, 1961, the 2nd respondent had […]