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The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has invalidated the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, which was based on estimated quantum addition derived from information obtained from the Sales Tax Department. The case involved Jaisingh H. Solanki, an individual and proprietor of M/s. Blue Star International, […]
The Income Tax Department has announced a significant achievement with over 7.85 crore Income Tax Returns (ITRs) filed by the October 31 deadline, setting a new record. These ITRs were filed for various assessment years during the fiscal year 2023-24, surpassing the previous record of 7.78 crore filings in the fiscal year 2022-23. It is […]
The Union Finance Minister, Nirmala Sitharaman has proposed the Vivad Se Vishwas Scheme 2024 for settling disputes of income tax pending appeal. The Direct Tax Vivad se Viswas Scheme 2024 (VSV 2.0) is starting from 1st October for taxpayers who need to resolve their pending direct tax disputes. Read Notification The last date for filing […]
According to the latest data released by the income tax department, in the assessment year 2021-22 (FY 2020-21), there were 589 taxpayers who filed returns declaring a gross total income exceeding Rs. 500 crore. Additionally, the data reveals that approximately 2.1 crore taxpayers paid taxes in 2021-22 but did not IT file returns. This represents […]
The Gujarat High Court has granted the benefit of concessional tax under Section 115BAA of the Income Tax Act due to the inability to upload Form No.10-IC on the Income Tax Business Application (ITBA) portal owing to technical glitches. Justices Biren Vaishnav and Mauna M. Bhatt noted that the assessee provided Form 10-IC on January […]
The count of individuals reporting zero-tax liability for their income from the prior year continued to rise. According to data provided by the income tax department, 44.6 million tax returns, constituting two-thirds of all filings for the 2021-22 assessment year, made this declaration. This reflects a 4% increase in zero-tax returns compared to the previous […]
The Madras High Court has ordered the income tax department to release the attachment on the pension account of the taxpayer, taking into account the individual’s age and health condition. This directive was issued by the bench composed of Justice R. Mahadevan and Justice Mohammed Shaffiq. They issued the order after observing that the entire […]
The Jharkhand High Court has determined that, according to Section 234B of the Income Tax Act, interest should be applied to the assessed income rather than the returned income. In a ruling by Justices Rongon Mukhopadhyay and Justice Deepak Roshan, it was clarified that Section 234B mandates charging interest based on the assessed tax amount […]
With 3.5 million tax refund cases currently in a state of delay, the Income Tax (IT) department is contemplating the organization of campaigns to aid taxpayers. Additionally, they are actively exploring alternative methods to expedite the refund processing. The manual processing of income tax refunds was fraught with challenges in the past. To streamline this, […]
