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Government sources anticipate that the current robust trend in direct tax and GST collections will likely persist, potentially surpassing the Budget Estimate by a significant margin in the fiscal year 2023-24. However, these projections stem from the initial evaluations conducted as part of the government’s pre-budget procedures. A more definitive outlook is contingent upon forthcoming […]
The Indian income tax system has provisions for individuals and businesses to claim relief when they have paid taxes in a foreign nation. This relaxation is given under Section 90 of the Income Tax Act. To seek this assistance, Form 67 is used. This article explains the concept of relief under Section 90, emphasises the […]
The Income Tax Department (ITD) uses various methods to assess income. Initially, taxpayers must declare their income, providing accurate and comprehensive information from different sources like salary, business, house property, capital gains, etc. This declaration facilitates the income tax assessment process. After the taxpayer completes and confirms their return, the Income Tax Department (ITD) takes […]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has invalidated the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, which was based on estimated quantum addition derived from information obtained from the Sales Tax Department. The case involved Jaisingh H. Solanki, an individual and proprietor of M/s. Blue Star International, […]
The Income Tax Department has announced a significant achievement with over 7.85 crore Income Tax Returns (ITRs) filed by the October 31 deadline, setting a new record. These ITRs were filed for various assessment years during the fiscal year 2023-24, surpassing the previous record of 7.78 crore filings in the fiscal year 2022-23. It is […]
The Union Finance Minister, Nirmala Sitharaman has proposed the Vivad Se Vishwas Scheme 2024 for settling disputes of income tax pending appeal. The Direct Tax Vivad se Viswas Scheme 2024 (VSV 2.0) is starting from 1st October for taxpayers who need to resolve their pending direct tax disputes. Read Notification The last date for filing […]
According to the latest data released by the income tax department, in the assessment year 2021-22 (FY 2020-21), there were 589 taxpayers who filed returns declaring a gross total income exceeding Rs. 500 crore. Additionally, the data reveals that approximately 2.1 crore taxpayers paid taxes in 2021-22 but did not IT file returns. This represents […]
The Gujarat High Court has granted the benefit of concessional tax under Section 115BAA of the Income Tax Act due to the inability to upload Form No.10-IC on the Income Tax Business Application (ITBA) portal owing to technical glitches. Justices Biren Vaishnav and Mauna M. Bhatt noted that the assessee provided Form 10-IC on January […]
The count of individuals reporting zero-tax liability for their income from the prior year continued to rise. According to data provided by the income tax department, 44.6 million tax returns, constituting two-thirds of all filings for the 2021-22 assessment year, made this declaration. This reflects a 4% increase in zero-tax returns compared to the previous […]
