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For filing income tax return-3 (ITR-3) for the financial year 2023-24 (assessment year 2024-25) the income tax department has released offline, online, and Excel utilities. It directed that the taxpayers who come beneath the ambit of ITR-3 for FY 2023-24 (AY 2024-25) have the flexibility to choose between offline (Java), online, or Excel-based utilities to […]
For the Assessment Year 2024-25 nearly 800,000 income tax returns have been filed earlier as the Central Board of Direct Taxes enabled functionalities for commonly used income tax returns from April 1 in the current year. Since the eligible taxpayer has begun using the chance to smash the last-minute rush, over 829,000 ITR had been […]
The Mumbai ITAT on observing that the AO had audited and still not denied the books of account, ruled that the ad hoc disallowance that the AO had made was not justified and ought to be deleted. The Bench of the ITAT (Income Tax Appellate Tribunal) Kuldip Singh (Judicial Member) and S. Rifaur Rahman (Accountant […]
The Mumbai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) ruled that the taxpayer is qualified for CENVAT credit on inputs and input services utilised for the production of electricity, which are transferred to its sister unit at Urse free of charge. The bench of Ajay Sharma (Judicial Member) witnessed that no allegation […]
The addition made by the AO u/s 41(1) of the Income-tax Act on account of the sale of copper wire is been removed by the Punjab & Haryana High Court, learning that the AO incurred the additions beneath the stated provisions on the grounds of the presumption for the stated sale, post discovering no stock […]
The due date for the charitable and religious trusts to file the registration application with tax authorities has been extended to June 30 by the income tax department. Previously the Central Board of Direct Taxes (CBDT) extended the last date for filing Form 10A, and Form 10AB by trusts, institutions, and funds multiple times and […]
In this article, we have explained an overview of accounting systems with their different scopes for individuals and companies. Industries, including trade, business, government, financial institutions, private citizens, and all other sectors are been counted under the accounting. All the activities are been regulated under the concepts of accounting. On the opposite side of the […]
The order is been quashed by the Madras High Court as the chance of hearing was denied due to the failure of the taxpayer to tap on the pertinent button. The personal hearing is required to be extended but the taxpayer may lose to tap on the pertinent button, a bench of Justice Mohammed Shaffiq […]
The income tax department is on a drive to target the individuals and entities who are liable to file their ITR however they haven’t done it yet. As per the reports, the department fetched a staggering 1.52 crore these people who even after secures the taxable income or tax deducted at source (TDS), have losses […]
