Search results for: income tax department

As per the GCCI, a technical glitch in the Income Tax filing portal has led to the income tax department sending notices to taxpayers concerning discrepancies in their returns. This has resulted in unwanted inconvenience to taxpayers. Chartered accountants engaged with the Goa Chamber of Commerce and Industry have found some cases where partnership firms, […]

The government’s request to tax cash deposits made by a corporation during the demonetization era was denied by an income tax tribunal since the company had provided information about the source of the deposits. On account of cash deposited by the business in specific bank notes in its bank account between November 9 and December […]

The main purpose of this blog post is to explain how to easily use the Pay Income Tax Later option on the new ITR filing 2.0 portal. On the income tax e-filing website the income tax department would have incorporated a new feature that permits a person to file the income tax subsequently. It directed […]

The Commissioner of Income Tax (Appeals) erred in reclassifying the rental income as business income and unilaterally disallowing income tax deduction without any justification, according to the Delhi Bench of the Income Tax Appellate Tribunal. Hence restore the case to the file of the Assessing Officer for redetermination of taxable income under the proper head. […]

The income tax department has set its plan to reduce the processing time for tax refunds. An official report indicates that the tax department is considering a reduction from the current 16 days to a 10-day period for processing tax refunds. This proposed timeline is anticipated to take effect within the current fiscal year. A […]

It was determined that the Principal Commissioner of Income Tax (PCIT) did not have the authority to gather the revisionary requirements of Section 263 of the Income Tax Act, 1961, as determined by the Delhi Bench of the Income Tax Appellate Tribunal (ITAT). Therefore, the order for reassessment for the Assessment Year 2016-17 was overturned. […]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) ruled that the Income Tax Department does not have the authority to scrutinize Sales Tax Returns accepted by the commercial tax department. Therefore, the panel removed the addition added by the assessing officer concerning stock valuation. Aruljothi Exports Private Limited, a corporate resident involved in […]

The Allahabad High Court on Wednesday imposed a fine of Rs. 10,000 on an Income Tax Department officer for not adhering to the natural justice while terminating the previous Assessment Order and initiating fresh proceedings under Section 263 of the Income Tax Act, 1961. The petitioner’s assessment was conducted under Section 143(3) of the Income […]

According to those with knowledge of the situation, the income tax (I-T) department has concluded its investigation into suspected irregularities in the payment of commissions by insurance companies and discovered evasion of more than Rs 15,000 crores. They estimated that the tax on this will be over Rs 4,500 crore. The investigative wing of the […]