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The Delhi Bench of Income Tax Appellate Tribunal (ITAT) ruled that Section 147 is not an option to Section 263 and suppresses assessment order u/s 147 with no jurisdiction. The petitioner, M/s. Plaza Cable Industries Ltd. furnished its ITR showing a loss of Rs.7,06,97,714 and the assessment was chosen for the investigation. Beneath section 143(3) […]
Covid-19 makes the employees suffer from a salary cut. However, when this gets rectified, the salaries of various employees were restored, and some of them even obtain bonuses. Tax experts specified that “Salary is taxed in the hands of an individual on due or receipt basis, whichever is earlier. However, if an individual receives a […]
The income tax department has mentioned the latest Income tax return forms for the assessment year 2022-23. The assessee needs to show the pension source, interest received from the EPF account, date of purchase or sale of land, and additional things. Below is the list of 6 additional things which taxpayers need to save before […]
SAG Infotech is a leading tax software development company in India since 1999 with Income Tax, TDS, MCA and GST software. The company holds a well-built network in more than 80 cities network with a strong base of 50,000+ clients across India. A total of 200+ technical executives as the company holds 9 certifications and […]
For the taxpayer ruling the Bangalore bench of the Income Tax Appellate Tribunal (ITAT) comprising Shri N. V. Vasudevan, Vice President, and Shri Chandra Poojari, accountant member sees that the fact that taxpayer losses to answer to income tax notices because of pandemic situation is a reason for the delay and hence rendered the income […]
From the pandemic, people get much more affected. Working from home became a new normal for various companies, also the demand for freelancers gets raised. These freelancers are not only restricted to one company, they are indeed providing their services to the other companies. Sometimes freelancers feel so restricted with the specific projects while they […]
Ministry of corporate affairs shall present a newer and user interactive version of its compliance portal along with some other security patches for preventing the bogus activities and errors in furnishing the legal documents by the companies. The latest company module shall get incorporated in some months. The latest version of the MCA21 portal would […]
From May 26 onwards, anyone who deposits or withdraws Rs 20 lakh or exceeds from one or more bank accounts in a fiscal year shall need to quote the Permanent Account Number (PAN) during the withdrawal time. Towards the purpose of restricting the evasion of taxes via the use of cash, the Central Board of […]
The GST collection of April has crossed Rs 1.5 lakh cr, it is for the first time and the Rs 1 lakh cr mark for the tenth month in a row. Also, Rs 1.35 lakh crore per month is been expected to come in the same fiscal said by Central Board of Indirect Taxes and […]
