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The High Court of Kerala in a ruling carried that the income tax refund application u/s 119(2)(b) of the Income Tax Act, 1961 filed after 9 years is not condonable. The income tax department has furnished the plea against the ruling of the Single Judge. The respondent/writ petitioner, K.C.Antony had approached the writ court impugning […]
An electronic campaign has been launched by the Central Board of Direct Taxes (CBDT) to support assessees in solving the mismatches between the income and transactions notified in the Annual Information Statement (AIS) and those shown in the ITR for the financial years 2023-24 and 2021-22. Indeed the same campaign has the objective for the […]
S.153C Income Tax Act doesn’t bar the jurisdiction of AO to reopen the assessment under section147 when information against the taxpayer is received from a search conducted on another person: Delhi High Court It was carried by the Delhi High Court that section 153C of the Income Tax Act, 1961 does not by itself preclude […]
The Bombay High Court in a case ruled that the Goods and Service Tax (GST) department could not furnish the tax demand against the corporate debtor and set aside the demand order without the applicant claiming the other remedy provided in the odd facts and the violation of natural justice. The applicant Prestige Mulund Realty […]
Indian Railway Finance Corp. received a goods and services tax demand order totaling Rs 230.55 crore via the Tamil Nadu tax authority. The notice furnished via the assistant commissioner from the sales tax division in Chennai North includes a tax demand of Rs 209.59 crore and a penalty of Rs 20.96 crore, IRFC mentioned in […]
The Mumbai ITAT has mentioned that an industrial undertaking was not mandated to set off the losses made by it in one qualified unit against the profits made from the other qualified unit for the objective of computing the deduction under section 80-IB. As per Section 80-I of the Income-tax Act, 1961, the gross total […]
A rise in the women filing Income tax returns has been seen in Karnataka with numbers climbing from 11.3 lakh in 2019-20 to 14.3 lakh in the AY 2023-24. In the last 5 years, it is a 26% growth. The state rebounded quickly, even after a temporary dip to 11 lakh in 2020-21 arriving with […]
It was asked by the Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) that the Jurisdictional Assessing Officer (JAO) correct the intimation by the Central Processing Centre because of the rejection of Section 80JJAA of the Income Tax Act, 1961 claim as of the technical default. The taxpayer Vimalachal Print & Pack […]
Various experts cited the Centralised Processing Centre (CPC) of the income tax department as making errors in the ITR processing. A representation has been sent by the Karnataka State Chartered Accountants Association (KSCAA) to the CBDT in the same concern. The representation of the KSCAA cited that the CPC has made a mistake in acknowledging […]
