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After the completion of an income tax audit, it’s essential for individuals to verify certain aspects to ensure the accuracy of the audit report. This verification is crucial to prevent potential penalties imposed by the income tax department due to inaccuracies in the report. Additionally, rectifying any errors may necessitate rehiring an auditor for a […]
The Income Tax Department has introduced a new tool called the Digital Signature Certificate (DSC) Management offline Utility for taxpayers, which is aimed at simplifying the process of e-verification of income tax returns. This utility has been released to alleviate the burden on taxpayers. Additionally, the department recently issued a set of frequently asked questions […]
No addition is to be incurred under section 44ADA of the Income Tax Act 1961 for the income made via the business of the consultancy service, The Income Tax Appellate Tribunal (ITAT) Mumbai bench ruled. The taxpayer being assessed had only completed their 10th standard education and lacked the qualifications to work as a legal, […]
The government has gathered Rs 8.65 trillion in direct taxes as of September 16, after accounting for tax refunds. This amount surpasses more than half of its yearly goal, as reported by the Central Board of Direct Taxes (CBDT). The direct taxes collected up to this point, which also include the initial two instalments of […]
On April 1st, 2024, the income tax department released the latest common offline utility for Form 3CA-3CD and 3CB-3CD. On the date 10th September 2021, the department has listed the first version of the form utility. Under Section 44AB of the Income-tax Act, 1961, Form 3CA-3CD is an audit report for the case in which […]
Days after many income taxpayers were sent notices mistakenly for incorrect claims of tax deductions under Section 80P, the Income Tax Department clarified that the error was made. Responding to a query from a taxpayer, chartered accountant Nirav Choksi on X (formerly Twitter) said, the tax department assured that they would send an email communication […]
Between April and August this year, around 500,000 taxpayers received intimations from the Income Tax department regarding their advance tax payments. The notifications were related to either zero or lower advance tax payments. After reviewing the significant transaction data for the former fiscal year and the first quarter of the current financial year the council […]
As per the GCCI, a technical glitch in the Income Tax filing portal has led to the income tax department sending notices to taxpayers concerning discrepancies in their returns. This has resulted in unwanted inconvenience to taxpayers. Chartered accountants engaged with the Goa Chamber of Commerce and Industry have found some cases where partnership firms, […]
The government’s request to tax cash deposits made by a corporation during the demonetization era was denied by an income tax tribunal since the company had provided information about the source of the deposits. On account of cash deposited by the business in specific bank notes in its bank account between November 9 and December […]
