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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. The deadline for filing Income Tax Returns (ITR) for the assessment year (AY) 2023-24 was July 31, 2023. If […]
An income tax calculator is simply a tool that calculates reliable income tax for the Assessment Year 2024-25 (i.e. on the income earned during F.Y. 2023-24). 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. […]
A petition that the Serum Institute of India Pvt Ltd had filed that contested a 2016 amendment to the income tax act has been dismissed by the Bombay High Court. The bench of Justice K. R. Shriram and Justice Neela Gokhale witnessed that the revision of section 2(24) by the insertion of the impugned sub-clause […]
The Pune division of the Income Tax Appellate Tribunal (ITAT) upheld the decision to include the taxpayer’s unreported income from the sale of residential property in both the original ITR (Income Tax Return) and the return filed in response to a notice under Section 148 of the Income Tax Act, 1961. In the relevant assessment […]
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 […]
The Income Tax Appellate Tribunal (ITAT) in Delhi has ruled that the consideration received by a German entity for offshore supplies should not be subject to additional taxation. The bench, consisting of Challa Nagendra Prasad (Judicial Member) and M. Balaganesh (Accountant Member), stated that offshore services, particularly those involving the supply of drawings and designs, […]
Nowadays, it has become a common thing to invest in the name of minor children, whether it’s through fixed deposits, insurance policies, or government schemes. However, if any of these investments generate income, such as interest from a fixed deposit, it raises the question of tax implications on the child’s income. Individuals below the age […]
The Bombay High Court has directed the council to refund the tax deposited via HSBC during the protest. The bench of Justice G. S. Kulkarni and Justice Jitendra Jain noted that once the amounts were deposited via the applicant and retained via the council without the authority of law, the applicant’s claim for the refund […]
An important functionality on the website of the IT department has been introduced by the officials which permits the assessees to discard their previously filed however unverified ITR. The assessee previously was permitted to amend the ITR merely in the matter of the error or omission. The latest addition to the income tax portal allows […]
