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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, emphasizes the […]
The Delhi High Court has upheld the decision to remove the penalty imposed for the failure to specify the specific provision of Section 271(1)(c) of the Income Tax Act under which the penalty was imposed. In this case, the respondent/assessee, Modi Rubber Ltd, provided inaccurate details regarding the disallowance of various additions made by 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 top business and tax consultant associations from both the city and the state have come together to demand the provision of revised GST returns. They argue that this provision is their right similar to what exists in other tax systems, including income tax, earlier VAT, central excise, and service tax. In response to the […]
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 Finance Minister suggested that […]
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 […]
