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The demand for Service Tax only based on form 26 AS given via the income tax department has been set aside by the Kolkata Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT). The Appellant, Shri. Rajeshwar Prasad Choudhari contested the impugned order passed through the Commissioner (Appeals), CGST & CX Ranchi, wherein […]
Since a fresh assessment order was passed without amending the penalty proceedings, the Kerala High Court rendered to amend the penalty levied under the Income Tax Act 1961. The assessment orders have been amended by the income tax appellate tribunal and remanded the case to the assessing officer vide order for issuing a fresh assessment […]
Learn how can you improve your tax planning strategies with these important 5 essential habits. By using these habits, you can get a better understanding of all your income tax laws and regulations, optimize your tax deductions and credits, and reduce your tax burden. If you believe that tax planning solely revolves around settling taxes […]
Introduction- Explore the recent ITAT Delhi verdict in the matter involving Smt. Sharda Devi Bajaj versus DCIT, wherein the assessment order underwent scrutiny due to the absence of the Document Identification Number (DIN/DN). The piece unravels the complexities of the case, emphasizing the significance of adhering to CBDT Circular No. 19/2019 issued on 14.08.2019 and […]
The upcoming interim budget slated for announcement on February 1 might include an increase in the tax rebate to Rs 7.5 lakh from the existing Rs 7 lakh in the new income tax regime, as per a report from Mint citing sources familiar with the discussions. If implemented, individuals earning Rs 7.5 lakh, after a […]
As India awaits Finance Minister Nirmala Sitharaman’s 6th Union Budget, to be presented in Parliament dated February 1, 2024, the nation’s real estate sector, certainly for the affordable housing segment, is poised in expectation. To realize the vision of the government for ‘Housing for All,’ experts and industry leaders have shared their thoughts asking for […]
The service tax has been paid with the accrued interest even before the show cause notice reached the review applicant, the Karnataka High Court ruled. The show cause notice specifies that there was a payment of service tax including interest by the review applicant, a bench of Justice P.S. Dinesh Kumar and Justice V. Srishananda […]
Generally, individuals are unaware of sources of non-taxable income while filing their income tax returns. These income sources have no tax liability and must be included in your Income Tax Return (ITR) to provide accurate proof of your financial status and claim deductions. Understanding these sources can save you time and avoid redundancy. The following […]
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 […]
