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In an unexpected turn, the IT Department has stirred confusion among taxpayers by sending notices for filing returns, even to those who responsibly completed the process on time. Chartered Accountants have raised their voices in response, pinpointing an error and urging authorities to swiftly address the issue. The attachments in the emails received from the […]
Form 10 under Income Tax Rules, 1961 supplied after limitation but before completion of assessment has to be considered, Allahabad High Court has stated. M/S Maa Bhagwati Shiksha Samiti, a registered society, obtained its registration (No. 1398/2005-06) under the Societies Registration Act, 1860, in Uttar Pradesh. Its primary objective revolves around charitable endeavours in education, […]
Section 69A of the income tax act could merely be invoked in which the books of accounts are been maintained, Delhi High Court mentioned. The bench consisting of Justice Rajiv Shakdher and Justice Girish Kathpalia noted that the individual in question, a non-resident Indian, derives income in India from bank interest and income tax refunds […]
The Delhi High Court has invalidated the income tax notifications and directives passed before the approval date of the resolution plan. The panel of Justice Rajiv Shakdher and Justice Girish Kathpalia has noted the notices and directives concerning the income tax demands of the respondents or department relating to the period long before the granting […]
Are you unsure about the legitimacy of an Income Tax Notice or Order you received lately? No need to worry some remedies can help you avoid this unnecessary dilemma. The Income Tax Department has introduced a method that uses a computer-generated Document Identification Number (DIN) to help you validate any information received from them. From […]
The ruling by the Bombay High Court clarifies that it’s impermissible to levy taxes on an amount that the assessee hasn’t accrued or received, based solely on the assumption that the Small Causes Court might eventually favour the appellant or assessee by ordering such a sum. Justice G.S. Kulkarni and Justice Jitendra Jain noted that […]
Taxpayers are encouraged by the Income Tax Department to correct any erroneous refund claims or exemptions. This can be done by submitting revised returns for the current assessment year and updating filings for previous assessment years (ITR-U). For filing ITR-U you need to pay certain additional taxes. The additional tax shall be equal to 50% […]
An income tax calculator is simply a tool that calculates reliable income tax for the Assessment Year 2025-26 (i.e. on the income earned during F.Y. 2024-25). When the last date of income tax return e-filing arrives nearest then we think, about how to calculate income tax. This is a big issue in determining taxable income. […]
An employer usually refers to your initial base salary when discussing your pay. To form your complete ‘salary package,’ they incorporate different elements on top of this figure. These additions consist of extra perks or incentives such as housing allowances, phone reimbursements, car allowances, and bonuses. Taking a closer look at these perks reveals that […]
