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Towards the taxpayer’s case the assessing officer who posses valid jurisdiction will record reasons u/s 148(2) for reassessment proceedings unless the issue of notice u/s 148 is not valid. Beneath section 148 of the act reopening notice invalid if the officer who has given the notice varied from the officer who had recorded the causes […]
Beneath covid impact, the MSMEs and startups have been asked by the government to prolong the GST payment along with the last date of furnishing the returns for the month of March, April, and May to June 30, 2021. As per the analysis of MSMEs and startups through community social media platform LocalCircles as many […]
Various employees earning on the monthly grounds are often confused that on furnishing the ITR do they claim for the income tax benefit on both House Rent Allowance (HRA) and home loan. On the account of staying on rent but paying for the home loan. As per the tax and investment experts, people can avail […]
The tax council has shown the new income tax return (ITR) forms towards the assessment year 2021-22 (AY22). It is to be urged that in the notification that there is no much amendment done in this year as per the pandemic. But there are some changes done which provide inline through the amendment in Finance […]
Beneath section 54F of the Income Tax Act the Income Tax Appellate Tribunal (ITAT), Jaipur permits for deduction in respect of residential house property purchases in the name of wife. The taxpayer Dharamvir Singh has the income generated from the house property, capital gain, and interest. He furnishes the return of income showing the total […]
The government has confirmed the new importer, exporter, and customs broker to validate their identity, and also constituting the incorporation document, PAN, Aadhaar, and physical verification of place of business. The customs (Verification of Identity and Compliance) Regulations, 2021 provides the customs authorities power to have identity verification of existing importers, exporters, and customs brokers. […]
The Central Board of Direct Taxes (CBDT) ceased via Excel and Java Versions of ITR Utilities, mentioning JSON Utility for ITR-1 to ITR-4 for Assessment Year 2025-26. By using the offline utilities, opt for the assessment year and download the Excel or Java or JSON utility. Inside the system, the utility by default will be […]
Surprisingly, The Central Board of Direct Taxes (CBDT) has tabled a new form i.e. Form 10A for the registration/ intimation/approval/provisional approval. of charitable trusts that are compulsory. A new clause (ac) has been added in subsection (1) of section 12 A that has been effective from April 1, 2021. This clause states that although anything […]
The Directorate of Income Tax has previously observed cases where one PAN was allotted to two persons and similarly Directorate of Income-tax (Systems) also noticed some rare cases where more than two persons possess the same PAN. In this matter, the Directorate prepared a policy and issued AIS Instruction No. 82 on June 21, 2013. […]
