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A delegation of farmers met Union Finance Minister Nirmala Sitharaman and asked if agricultural equipment and ingredients used for the cultivation are not imposed with Goods and Services Tax (GST). State Sugarcane Cultivators Association president Kurubur Shanthakumar led the delegation and furnished a memorandum listing their demands. Mr. Shanthakumar cited that GST on the agricultural […]
There should be a Tax deduction at source (TDS) on the interest exceeding a specific level earned on the fixed deposits. W.e.f 1 June 2015 recurring deposits have also been brought under the net of TDS. However, no TDS is there on interest made from a savings account of an individual or a Hindu Undivided […]
The Central Board of Direct Taxes (CBDT) is thinking of changing the official designations in the income tax department to make the roles more precise within people and create a significantly clearer image of the department. The offered restructuring concentrates on revising the nomenclature of positions like the commissioner of income tax (CIT) and principal […]
Amendments have been announced for Income-tax Rules through Notification No. 111/2024, dated October 15, 2024, by the Central Board of Direct Taxes (CBDT). These amendments effective from 1st October 2024 have the motive to facilitate the registration process for charitable institutions, trusts, and non-profit organizations under sections 12A and 80G of the Income-tax Act. Introduced […]
On October 1, 2024, the Central Board of Direct Taxes (CBDT) issued Circular No. 11/2024 establishing new guidelines for condoning delays in filing income tax returns (ITRs) claiming refunds or carrying forward losses under section 119(2)(b) of the Income-tax Act, 1961. The very circular replaces all the prior instructions and prompts a structured approach to […]
The Income Tax Department of India has increased the tracking of high-value credit card transactions according to its efforts to curb tax evasion and ensure effective tax compliance. How IT Dept Monitor High-value Credit Card Transactions? In the section below, we discuss the procedure used by the income tax department to monitor high-value credit card […]
If you receive a TDS mismatch notice from the income tax department, SAG Infotech can guide you through the entire process of resolving this error legally. A technical professional from a reputed company was surprised to obtain a tax demand of approximately Rs 1.98 lakh concerning his income tax return (ITR) filed for the FY […]
A demand notice has been received before various TCS employees from the income tax department for the alleged discrepancies in their tax deduction at source (TDS) claims. The IT giant TCS has asked its employees to wait for additional instructions before paying the sought amount. Between Rs. 50000 to Rs. 1.5 lakh, the tax demand […]
The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) remitted the case to the Assessing Officer ( AO ) for reassessment discovering that the Commissioner of Income Tax (Appeals) had sent notices to an inaccurate email address. The appellant-assessee, Venkataraju Chandra Shekar, had filed an appeal contesting the order for the Assessment Year […]
