Powerd By SAG INFOTECH
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Inside the case of the taxpayer-friendly ruling, the Calcutta High Court questioned the assessing officer to do new assessment proceedings as the taxpayer can not furnish the answer to notice because of the technical issues on the income tax portal. The applicant, Bhadrish Jayantilal Sheth, has challenged the impugned assessment order on 30th March 2022 […]
The Central Board of Direct Taxes (CBDT) has issued income tax circular number 10/2022. The department has reported the rules to comply to use the functionality made to simplify the compliance for tax deductors/collectors (TDS/TCS) as mandated under Section 206AB and Section 206CCA of the Income-tax Act, 1961 Finance Act, 2021 inserted two new sections […]
The Delhi High Court has refused a notice under section 148A of the Income Tax Act, 1961 towards the assessee favouring the ruling by observing that the department has not been able to furnish a minimum of 7 days to answer to this notice and driving serious prejudice to the assessee. The department has passed […]
The income tax department said to the field offices to not provide the reassessment notices for 2012-13, 2013-14, and 2014-15 financial years to the small assessee in which the income preventing the tax is lower than Rs 50 lakh. Circulating an instruction on the execution of the judgment of the supreme court for the notices […]
ITR consists of a form that a person every year submits to the income tax department mentioning the income of the individual and the tax amount subjected to pay towards the government. Related to a specific year that is beginning from 1st April and finishes on 31st March every year. The income could be posted […]
The income tax department has provided the rules for the selection of income tax returns for complete scrutiny in the present financial year and mentioned these investigations shall be subjected in the matters where the information of the tax theft is available from any other council. Latest Update in Returns Scrutiny CBDT (Central Board of […]
A new form for filing updated IT returns has been announced by the Income Tax Department. In this form, taxpayers should provide the reason for filing and the portion of income to be allowed for taxation purposes. ITR-U is the new form and taxpayers can use it to file updated income tax returns for the […]
All employees are qualified to claim a specific number of paid leave every year. The paid leaves come under the incentives offered by the employers to join that company. The income tax laws permit the exemption for encashment of these paid leaves partly as well as fully. Leave and Encashment Sorts The leaves on which […]
The income tax portal 2.0 is a user-friendly model of the original website. The same has the advantageous upgrades concerned to the ITR filing and the management. The process is smoother to manage and the platform furnished various levels of services related to tax in the new version. The effective specification of the e-portal comprises: […]
