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Search results for: income tax department

More Days for Taxpayers to e-File SFT Returns

Income Tax Dept Gives More Time to File SFT Returns Smoothly

Income Tax SFT return filing 2023: Given that some filers experienced difficulties filing SFT due to heavy traffic on the reporting portal. So the Income Tax Department has given some relaxation and provided a couple of more days for filing SFT (Statement of Financial Transaction) returns. The Income Tax Department has tweeted regarding the same, […]

Mandatory to Select Tax Scrutiny Cases Under Guidelines

Income Tax Dept Orders for Mandatory Selection of Scrutiny Cases

Income tax authorities have been instructed to mandatorily find out the cases wherever they detect any suspicion of tax evasion on returns for thorough scrutiny during the current financial year, according to the instructions released by the Central Board of Direct Taxes (CBDT). Additionally, the board encouraged them to identify any cases that involved an […]

CBDT to Monitor Advance Tax Payments by Analysing Balance Sheets

CBDT to Keep Eyes on Advance Tax Payments by Balance Sheets

The Income Tax Department, taking a move to make sure companies do not adjourn their tax liabilities for the financial year, so it has been decided to monitor advance tax payments by assessing India Inc’s annual and quarterly balance sheets along with sectoral growth trends. As per the IT department’s central action plan for 2023-24, […]

Delhi ITAT's Order for M/s. Delhi State Taxi Operators’ Co-operative Thrift Credit & Services Society Ltd

ITAT Delhi Cancels Tax Penalty Order Over Unintentional Violation of Sections 269SS and 269T

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) agreed with the assessee’s arguments and came to the conclusion that there were relevant grounds for violating sections 269SS and 269T of the Income Tax Act, 1961. In rejecting the penalty order, the two-judge bench of Shamim Yahya and Asta Chandra noted that they did […]

Multiple Jan Dhan Yojana Under Income Tax Radar

Govt Eyes Tax Evasion in Jan Dhan Accounts on Deposits Via INR 2K Notes

The existing notes will remain legal tender, the RBI announced on Friday, and ₹2000 notes will be removed and added. According to sources aware of the move, sudden significant deposits in numerous Jan Dhan accounts may also be examined in an effort to uncover tax evaders using third-party bank accounts to hide their income while […]

Ahmedabad ITAT's Order for Sylvannus Builders and Developers Ltd.

ITAT Ahmedabad Removes Addition as Income Estimated Using Profit Margin Process

While upholding the addition, the Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) ruled that A.O. did not reject the books of accounts under Section 145 but instead assessed the income on the basis of the Profit Margin Method. While dismissing the department’s arguments, the T.R. Senthil Kumar (Judicial Member) and Waseem Ahmed (Accountant […]

A Smart Guide to Under-reporting & Misreporting Income

All Details About Under-reporting & Misreporting Income

For distinct defaults done by the assessee, the penalties would get imposed under the Income Tax Act. Beyond penalties on defaults such as doing payment of Self Assessment Tax, default in payment of taxes, default on filing income returns, and others, the Income Tax department charges penalties for underreporting and misreporting of income. When a […]

Delhi ITAT's Order for Mrs Nalini Mahajan

Delhi ITAT: Tax Can Be Applicable on Non-Compete Fee W.E.F. FY 2016-17

A non-compete fee related to a profession is only taxable with effect from the A.Y. 2017–18, according to a decision made by the Delhi Bench of the Income Tax Appellate Tribunal (ITAT). Moreover, a professional’s non-compete fee for periods prior to AY 2017–18 would be considered a capital receipt. The assessee-doctor won the case after […]

Kerala HC's Order for M/s US Technologies International Pvt Ltd

Kerala HC: No Tax Penalty U/S 271C On Delay of TDS, Already Deducted by Assessee

It was held by the Supreme Court that there will be no penalty imposed on a mere delay in the settlement of the TDS (tax deducted at source) after it has been deducted by the assessee under Section 271C of the Income Tax Act. The bench of two judges, Justices M.R. Shah and C.T. Ravikumar, […]

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