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The Income Tax Appellate Tribunal (ITAT), Delhi bench, has ruled that the tax imposed on the principle of estoppel should be exempted. The tribunal emphasised that incorrectly categorising receipts or income under the in does not render the taxpayer liable for taxation. The bench, chaired by Judicial Member N.K. Choudhary noted that payments for management […]
The Income Tax Department has introduced an investigation operation against particular social media influencers and content creators who make content using various platforms such as YouTube and Instagram. The move was launched because they are not disclosing their income and profits corresponding to their earnings, according to the sources. The department started taking action last […]
Since the plan of the tax authorities is deep dive into their business exercise to fetch the potential of a raft tax associated irregularities and thus the insurance companies might face GST audits. On the basis of fictitious invoices created by their channel partners and intermediaries, several insurance businesses are being investigated for improperly claiming […]
As ordered by the Central Board of Direct Taxes (CBDT) about the procedural revision for the business owners including professionals, permitting them to carry on with the old tax regime from FY 2023-24. The same measure has been taken as the new tax regime is a default option, making it crucial for people with income […]
The Income Tax Appellate Tribunal (ITAT), Bangalore bench, in its recent ruling in the case of EY Global Delivery Services India said that the interest charged under Section 234C of the Income Tax Act, 1961 against the firm should be collected on the returned income, not on the assessed income. EY Global Delivery Services India […]
The New Delhi bench of the Income Tax Appellate Tribunal (ITAT) has determined that income from sales cannot be added under Section 68 of the Income Tax Act, 1961 unless it is proven to be invalid. This decision was made in response to a case involving Subhash Chand Gupta, the respondent-assessee, who e-filed his income […]
On the grounds of the Annual information statement (AIS) feature which the income tax department utilises the government would be working on the pre-filled consolidation, GST return forms that shall permit assessees to view all their information of transactions and e-invoices to attain the precise tax liabilities. The consolidated pre-filled form, which the Central Board […]
Income Tax SFT return filing 2023: Given that some filers experienced difficulties filing SFT due to heavy traffic on the reporting portal. So the Income Tax Department has given some relaxation and provided a couple of more days for filing SFT (Statement of Financial Transaction) returns. The Income Tax Department has tweeted regarding the same, […]
Income tax authorities have been instructed to mandatorily find out the cases wherever they detect any suspicion of tax evasion on returns for thorough scrutiny during the current financial year, according to the instructions released by the Central Board of Direct Taxes (CBDT). Additionally, the board encouraged them to identify any cases that involved an […]
