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The Finance Bill 2024 includes changes to Section 148A of the Income-Tax (I-T) Act, which relates to the time limits for issuing notices to reopen assessments. Currently, the Income-Tax Department can reopen assessments under Section 148A for up to 5 years and 3 Months from the end of the relevant assessment year if the income […]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the AO failed to specify whether the penalty was for concealment or inaccurate particulars in the notice issued under Section 274 and Section 271(1)(c) of the Income Tax Act. The bench of Suchitra Kamble (Judicial Member) and Makarand V. Mahadeokar (Accountant Member) has […]
The rent received from renting out the building to the Department of Social Welfare for running the boys’ hostel for the weaker section is waived from the GST (Goods and Services Tax), Karnataka Authority for Advance Rulings (KAAR) noted. The petitioner, K.A. Sujith Chandan, leased a building to the Department of Social Welfare, Government of […]
As the ITR due date is approaching various troubles on the tax filing portal and issues during the procedure have been encountered by the netizens at the time of filing the ITR. Nearly half the taxpayers have not filed their ITR. The percentage of assessees who have not filed Income Tax Returns till now is […]
At present the income tax portal is undergoing issues related to payment which prevents the assessees, CAs, and tax filers from finishing their transactions. Filers are prompted with error messages when trying to make any payments. ICAI has addressed the problems of the CBDT. Representations have been sent by the ICAI before the finance ministry […]
It was ruled by the Calcutta High Court that cellular mobile service providers are not obliged to deduct the tax at source (TDS) on income received by distributors/franchisees from customers. The bench of Justice Surya Prakash Kesarwani and Justice Rajarshi Bharadwaj has relied on the Supreme Court’s decision in the case of Bharti Cellular Limited […]
No service tax is liable to get paid on TDS paid on behalf of a foreign service provider, The Chennai Bench of Custom, Excise, and Service Tax Appellate Tribunal (CESTAT) ruled. TDS deposited to the Income Tax Department concerning the payment completed to the foreign service provider over and above the invoice value of the […]
In the matter of Laxmilal Badolla vs. NFAC (ITAT Bangalore), the issue is concerned with the levying of penalty u/s 271D of the Income Tax Act, 1961, concerning cash receipts in the course of the AY 2016-17. A Detailed summary of the judgment delivered by the ITAT Bangalore has been stated below- Backdrop: Laxmilal Badolla, […]
The Madhya Pradesh Cabinet decided that state ministers shall pay their income tax on salaries and allowances, striking down a 1972 rule under which the state government paid it for them. Urban Administration Minister Kailash Vijayvargiya expressed the proceed was proposed by Chief Minister Mohan Yadav at the time of the Cabinet meeting. “The Chief […]
